Nigeria's foreign reserve is presently at its lowest level in the last 20 months data from CBN shows

• Nigeria’s foreign reserves reach their lowest level in 20 months as Muhammdu Buhari concludes his tenure
• The decline in foreign reserves could pose a concern as it is important in determining the stability of the Naira’s value
• Several external factors could have contributed to the decline in Nigeria’s foreign reserves

Nigeria’s new president Bola Ahmed’s tenure is kicking off with the country’s reserves at its lowest level in 20 months.

According to data obtained from the Central Bank of Nigeria as at Thursday, 25 May 2023, Nigeria’s foreign reserves stood at $35.15 billion.

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