- Nigeria’s foreign reserves have dropped to one of their lowest levels in recent years following recent reforms embarked on by the CBN
- The latest data from the CBN shows that Nigeria’s reserves are now at a 7-year low, with no increase recorded since the second week of March
- The foreign reserves are the Central Bank of Nigeria’s primary instrument to defend the naira value in the foreign exchange market
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s foreign reserves, which give the Central Bank of Nigeria (CBN) the firepower to defend the naira, have depleted to the lowest level in 7 years.
