Nigeria's Foreign Reserve Drops By $500million In One Week

Nigeria’s foreign reserve has depreciated in the last one week. According to Daily Independent, figures posted on the website of the Central Bank of Nigeria CBN shows the nation’s foreign reserves stood at $35,740,495,640 as at December 11, but fell to $35,196,352,296 as at last week, December 18.

This fall in foreign reserves is coming despite the devaluation of Nigeria's Naira. According to the Central Bank Governor, Godwin Emefiele, a large sum from the foreign reserves is being spent in defending the Naira from falling following its devaluation.