• Sunday, June 16, 2024
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Nigeria’s foreign reserves fall $1bn in 12 days

CBN’s new FX rules to shore-up dollar supply, stabilise naira

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Nigeria’s foreign reserves fell to $33.4 billion as at February 10, a drop of $1 billion over the previous 12 days as the Central Bank of Nigeria (CBN) sold hard currency to try to defend a plunging naira.

Read also: Association urges DISCOs to install smart meters to improve revenue generation

The Nigerian currency has been witnessing a plunge due to the continuous fall in global oil prices since June last year.

Oil accounts for more than 70 percent of Nigeria’s revenue.