Foreign Reserves Fall to $30.349b

By Modupe Gbadeyanka

Nigeria’s foreign exchange reserves recorded a slight drop for the first time since December 2016 to $30.349 billion on Tuesday from $30.352 billion on Monday.

Data from the Central Bank of Nigeria (CBN) on Wednesday showed the decline after months of continuous rise.

On March 8, 2017, the reserves crossed the $30 billion mark when it closed at $30.014 billion from $29.967 billion on March 7.

It would be recall that on December 14, 2016, the foreign exchange reserves dropped to $25.041 billion from $25.048 billion the previous day but it increased to $25.043 billion the next day.

Also, the reserves, which rose 17.4 percent from last year when they closed at $25.843 billion, hit a low of $23.89 billion on October 19, 2016.

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foreign reserves

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.