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Home Markets Currencies

This Chart Shows How Quickly Nigeria’s External Reserve Has Depleted Over The Last 12 Months

Nairametrics by Nairametrics
August 1, 2015
in Currencies, Politics, Spotlight
This Chart Shows How Quickly Nigeria’s External Reserve Has Depleted Over The Last 12 Months
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The Nigerian external reserves has witnessed a massive decline over the last 12 months. Back in April 2013 it was at a year high of about $48billion compared to $40.6billion recorded in January 2014. This is mostly as a result of the Forex sales by the CBN as it continues to defend the Naira from massive depreciation against the dollar.

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Tags: Black MarketCapital controlsCBN Forex PolicyNaira DevaluationNews ReviewNigeria

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