DAILY POST
Nigeria’s external reserves fell by $520.22 million in five weeks, figures from the Central Bank of Nigeria revealed.
According to CBN’s data on movement in reserves, the figures which was $33.396 billion as of October 31, 2023, fell to $33.004 billion as of December 7, 2023.
The CBN had earlier revealed that the reserves, which commenced January 3, 2023, at $37.07bn, fell to $33.237bn as of September 29, 2023.
Recall that speaking recently at the Chartered Institute of Bankers of Nigeria’s 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th anniversary in Lagos, the Governor, CBN, Olayemi Cardoso, said, in recent years, the continuous decline in Nigeria’s crude oil production had further weakened the already inadequate economic diversification.
He said that high inflation had affected asset quality and solvency ratios within the banking system.
