The Central Bank of Nigeria (CBN) has said the foreign reserves dropped to $43.79 billion, the first time since March 22, 2019.
The foreign exchange buffer of apex bank has continued on drastic decline in August amid dwindling global oil prices and uncertainty surrounding the global recession.
In August alone, the foreign reserves have depreciated by $1.12bn or 2.5 per cent from $44.9billion it opened to $43.79 billion as at August 27, 2019.
WESTERN POST can report that the nation’s foreign reserves so far this year appreciated by 1.6per cent or $669.6million when it opened $43.12 billion.
Our correspondent gathered that the global oil price has continued to depreciate, closing $58.98 a barrel on Tuesday, compared with $59.18 the previous day, according to Organization of Petroleum Exporting Countries (OPEC).