Chinese Yuan component of Nigeria’s external reserves falls to 2-year low

Nigeria’s external reserves is made up of several basket of foreign currency holdings including the US dollars, Chinese Yuan, British Pounds, Japanese Yen, Euro and the Swiss Francs.

Nigeria’s external reserve have fallen from the high of $41.5 billion in the third quarter of 2021 but fell to $37.3 billion at the end of the third quarter of the same year. The current external reserve balance is $36.7 billion as of February16 2023.

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