The foreign reserves dropped by a stunning $222.3 million between May 31 and June 10 based on statistics from the Central Bank of Nigeria.
The Naira now trades for 505 per dollar on the black market from 502.00 while on the official market, it now trades at 411.75.
The World Bank also recently released a report stating that seven million Nigerians fell below the poverty line in 2020 due to rising inflation prices.
The press statement in line with the World Bank Nigeria Development revealed that Nigeria faces multi dimensional challenges linked to inflation, limited job opportunities and insecurity.