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Nigeria’s foreign reserve declines by $2.2b

Nigeria’s foreign reserves fell by $2.202 billion to $38.318 billion at the end of September from $40.520 billion as of December 31, 2021.

Despite rising oil prices this year, Nigeria’s foreign exchange reserves has been depleted by billions of dollars. The country’s reserves fell by $706 million last month, down from $39.024 billion on September 1, 2022.

The economy at the moment is suffering from a lack of foreign exchange as currency traders continue to lament the shortage of forex liquidity, forcing the local currency to decline more in the Forex market.

The exchange rate at the investors and exporters window is trading at around N437.03/$1.

Writing by Tersoo Nicholas; Editing by Tina Oyinsan