By Modupe Gbadeyanka
The dollar reserves of Nigeria have dropped to an all-time low of $24.21 billion, the Central Bank of Nigeria (CBN) has disclosed.
This is coming when the apex bank is making frantic efforts to revive the country’s economy, which is deeply snoring in recession.
In its latest report, the CBN said Nigeria’s foreign reserves lost $1 billion in four weeks, making it fall to $24.21 billion in October from $25.8 billion it recorded in September 2016.
The country’s reserves had its worst fall within two weeks ending Friday October 16 2016, shedding more than $600 million within the period, making the country to lose a total of $1 billion in four weeks, and described by analysts as unprecedented in the country’s history.
“The reserves fell from $25.8 billion on August 16 to $24.8 billion on September 16, and decreased by $600 million from the $25.4 billion recorded on August 31 to $24.8 billion on September 16,” the apex bank said.
According to analysts, this development could lead to another round of fall of the Naira in the foreign exchange market.
Adedapo Adesanya