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Nigeria’s foreign reserves nosedive to $33.2bn



CBN to take possession of all unclaimed funds in dormant accounts. NEC confirmed on Thursday that the Federal Government's $3 billion emergency loan for crude oil secured in August would be used to stabilize the naira.

Nigeria’s gross foreign reserves according to the Central Bank of Nigeria (CBN), dropped from $33.95 billion at the end of August to $33.2 billion on September 11.

The central bank revealed this in its most recent data on foreign reserves on its official website.

The value had climbed by roughly $2 million in August.

This fall occurs despite the Central Bank of Nigeria’s (CBN) continuous attempts to keep the naira’s value in the foreign currency market. The central bank has often stated its determination to defend the naira and keep its value stable at a specific exchange rate.

According to the most recent data from the Central Bank of Nigeria (CBN), Nigeria’s foreign reserves stand at $33.39 billion as of Wednesday, September 6, 2023, a $562.6 million decrease from the $33.95 billion closed in August.


According to the statistics provided on the CBN’s website on Wednesday, the $33.39 billion as of Wednesday reveals that the value has declined by $1.85 billion since President Bola Tinubu took office.

These statistics from the CBN showed that Nigeria’s reserves, which are at $33 billion, were the lowest since 2017.

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