Nigeria’s foreign reserve has depreciated by $544million 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 form the foreign reserves is being spent in defending the Naira from falling following its devaluation.
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