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Nigeria’s Foreign Reserves Decline To $39.72 Billion

Channels Television is reporting that Nigeria’s Foreign reserve have declined by 3 billion dollars to 39.72 billion dollars in the last 30days.

Data from the Central Bank of Nigeria, CBN, shows that the reserves, which were 42.77 billion dollars on February 3, dropped to 39.72 billion dollars on March 3.

The report says, this is the lowest level since November 2012.

Analysts attribute the depletion of the reserves to the continuous use of the external buffers to support the value of the Naira.

They also say a large part of the reserves were utilized in the importation of oil, industrial, and manufactured products.

Data from the CBN website showed that as at October 10, the reserves were at $45.3 billion, as against $46 billion in September 19, and $47 billion in August 19.

Further findings showed that the reserves were at $47.7 billion on July 1, and dropped to $47 billion on July 15. They also entered August 1 at $47 billion.

The foreign currency reserves had five year ago, in August 2008, peaked at $68 billion before the global financial crises impacted negatively on it.

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