CBN
Nigeria’s external reserves decline
Nigeria’s external reserves have declined to $39.991 billion from $40.035 billion between 20 and 23 January, 2025.
The Central Bank of Nigeria’s data on external reserves indicated this on Sunday.
Only weeks ago, the governor of the Central Bank had announced that the country’s external reserves rose to over $40 billion.
Nigeria’s external reserves remain a major determinant of the country’s foreign exchange market. It had, however, been stable until the latest decline.
This is the first time since June 06, 2024 to date that Nigeria’s external reserves declined below the $40 billion dollar mark.
Experts blamed Nigeria’s rising foreign debt for the country’s recent external reserves decline.
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