The Central Bank of Nigeria (CBN) has stated that Nigeria’s external reserves has dropped to $30.04 billion. The apex bank further stated that the figure was the lowest recorded since July 2015.
The latest figure by the CBN shows that external reserves dropped from $31.3 billion it recorded in the previous month of September, resulting in a $1.3 billion crash.
CBN under the leadership of Godwin Emefiele has instituted several policies to defend the local currency and reduce demand for the dollar in the economy.
In a bid to protect Nigeria’s falling reserves which have been badly affected by the drop in global oil prices, the CBN has limited foreign exchange transactions, banning 41 items from trading forex.
There have been criticisms from the market players and financial analysts for a weakening of the hold on local currency to ensure market forces determine valuation.
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