By: Babajide Okeowo
Following the resumption of sales of dollars to Bureau De Change (BDCs) operators in a bid to defend the domestic currency against the dollar, Nigeria’s foreign exchange (FX) reserve has experienced a sharp decline of about $1.02 billion within 18 days, as the Central Bank of Nigeria (CBN) continues its aggressive defence of the naira.
As of April 4, 2024, the FX reserves stood at $33.43 billion, down from $34.45 billion on March 18, 2024, according to the latest Movement In Reserves data released by the Apex bank.
