$2.1bn reserve depletion: CBN sold only $581m to market — Report - Daily Trust

Daily Trust

Lean Left

Mixed Factuality

$2.1bn reserve depletion: CBN sold only $581m to market — Report - Daily Trust

Nigeria’s external reserves shed $2.16 billion in the past month, falling to a seven-year low of $32.29 billion on April 15, 2024, from $34.45 billion on March 18, 2024, according to CBN data. A recent Bloomberg report suggested that Nigeria is burning through its foreign exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow t…