Home Business Nigeria’s external reserves fall below $47bn – CBN
Nigeria’s external reserves fall below $47bn  – CBN
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Nigeria’s external reserves fall below $47bn – CBN

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Data from the CBN shows foreign exchange reserves have dropped below $47billion, losing $251million in the first six days of the month.

The reserves which stood at $47.1billion as of July the 31st, fell to $46.8billion on August the 6th and this is the lowest level in nearly four months.

Meanwhile, analysts say the reserves recorded persistent draw-down in July due to foreign investors’ pull-back from the Nigerian market and the increase in demand at the foreign exchange market.

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