Nigeria’s foreign reserves crash by $1billion

The Central Bank of Nigeria has revealed in its data for the month of September that there has been a fall in Nigeria’s foreign reserves.

Foreign exchange reserves fell by 3.14 per cent to $30.48 billion by September 23 from $31.47 billion a month ago, central bank data showed on Wednesday.

The reserves of Africa’s top oil producer is now down 23.03 per cent from a year ago.

In August, the CBN indicated that foreign exchange reserves rose by $350 million to 31.43 billion. The reserves increase crossed $30 billion in July, rising by 5.6 per cent from 29.03 billion in June to N30.69 billion.