- The Central bank of Nigeria shows that Nigeria’s foreign reserve is presently at its lowest level in the last 14 months
- CBN has been pulling from the foreign reserve to meet the economy’s foreign exchange demands and to safeguard the Naira’s value.
- Checks show that the CBN was forced to withdraw from foreign reserves due to low oil revenue, Nigeria’s major foreign exchange source.
The Central Bank of Nigeria has revealed that Nigeria’s foreign reserves have dropped to $37.2 billion as at Friday, November 11, 2022.
This is the lowest level Nigeria’s reserves have been in 2022 and also since 30th September 2021, when the reserves were at $36 billion.
