Nigeria’s external reserves drop by $990m in 3 weeks

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The nation’s foreign exchange reserves have fallen by $990.98m this month, latest data from the Central Bank of Nigeria showed on Sunday.

The external reserves, which stood at $47.11bn at the end of last month, declined to $46.128bn on August 23, 2018.

The CBN noted that the evolution of the forex market in the country had been influenced by a number of factors such as the changing pattern of international trade, institutional changes in the economy and structural shifts in production.

Source: The Punch

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