Foreign reserves dip by $1.43bn in 10 weeks

Official forex reserves status data report obtained from the Central Bank of Nigeria (CBN) indicated that forex reserves declined by $163.67 million last week.

It capped a 10-week consecutive fall.

The data showed that forex reserves depleted from $37.211 billion by January 16, 2023, to $35.78 billion at the weekend.

Nigeria’s external reserves, which closed in 2022 at about $37.08 billion, had picked at $37.211 billion on January 16, 2023. 

It has since been on the decline, dropping to a lower level every week over the past 10 weeks.

By Taofik Salako.

Full story at The Nation Online.