The central bank of Nigeria has revealed that the nation’s foreign exchange reserves has fallen by $1.457 billion in September.
The nation’s foreign reserves have seen a drop in the past months as it fell from $47.11 billion in July, to $45.838 billion in August and $44.380 bn on September 27, 2018.
The CBN has however noted that the rise of the forex market in the country had been influenced by changes in the pattern of international trade, structural shift in production and institutional changes.
Speaking on the drop in foreign reserve was the former President, Association of National Accountants of Nigeria, Dr. Sam Nzekwe who attributed it to political uncertainty which has made investors take their funds out of the country.
