According to data reports from the central bank of Nigeria, the Country’s foreign reserves have dropped to 7 months low, losing $1.02 Billion in 13 days.
This was revealed by the apex bank on Wednesday. The external reserves which stood at $44.30bn on September 28, fell to $44.02bn on October 2 and it fell further to $43bn on October 15.
This comes a week after the International Monetary Fund cautioned Nigeria regarding its foreign exchange use, saying oil prices could decline at any time.
However, the director, corporate communications, CBN, Isaac Okorafor had earlier in the month attributed the decline to higher yields in the United States and said the reserves were sufficient for the nation’s import bill for 17 to 20 months.