Nigeria’s external reserves drop to only $24 billion

Posted by News Express | 23 September 2016 | 1,513 times

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Nigeria’s external reserves declined to a record low of 24.8 billion dollars as at September 16, 2016, a report said yesterday.

The Channels TV report quoted the Central Bank of Nigeria (CBN) as explaining that the forex reserves shed 600 million dollars from 25.4 billion dollars recorded on August 31, 2016.

“This follows CBN’s frequent interventions at the inter bank official foreign exchange market in recent weeks, as severe dollar shortage continues to weigh on the economy,” the report said.

•Photo shows CBN Headquarters.

Source: News Express

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