Nigerian foreign reserves decreased by $3.3 billion in 4 months – CBN

Nigerian foreign reserves decreased by $3.3 billion in the last 4 months, figures from the Central Bank of Nigeria indicate.

After peaking at $45.1 billion at the close of the month of May, it recorded a marginal decline to $45 billion and $44.9 billion in the months of June and July respectively.

It dropped heavily to $43.6  billion at the end of the Month of August.

It had the biggest decline for the year in September when it further reduced to $41.8 billion and has continued the downward trend till now to $41.7 billion as at 4th of October.

Under the President Buhari led administration the reserve’s highest monthly closing figure was recorded on the month of June 2018 at $47.789 billion, but had risen to peak at $47.865 billion on 10 May,  2018.

Photo: Godwin Emefiele Governor CBN

by Oshioke Audu of