Nigeria’s external reserve declines by $1billion

Nigeria’s external reserves have been depleted by one billion dollars in the last five weeks, according to the latest statistics from the Central Bank.

The decline was attributed to the regulator’s almost daily sale of currencies or interventions at the new floating foreign exchange market.

Africa’s largest oil producer sees its external forex reserves down by 2.86 per cent to $25.45 billion on August 29 up from $26.2 billion position at July ending.

On a year-on-year basis, the reserves have fallen by 18.9 per cent.