Finance

Nigeria’s foreign reserves fall by $170 million in 6 days

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Foreign reserves of Africa’s largest economy fell in six days by $170 million to $47,42 billion as of Thursday, June 7, 2018.
The nation’s foreign reserve is gradually depleting against $50 billion projection by the Central Bank of Nigeria (CBN)

Analysts said the pressure on demand from foreign investors was mainly responsible for the low growth in the external reserves.

Foreign reserves of Africa’s largest economy fell in six days by $170 million to $47,42 billion as of Thursday, June 7, 2018, the latest data from the Central Bank of Nigeria seen Business Insider Sub-Saharan Africa showed.

The nation’s foreign reserve is gradually depleting against $50 billion projection by the Central Bank of Nigeria (CBN) to be achieved before the end of 2018.

The reserves, which recorded the highest mark in 2018 on May 10 at $47,86 billion, made its first decline in eight months on May 14 slipping to $47.79 billion.

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