Nigeria records first external reserves drop since December

According to latest datforeign reservesa from the Central Bank of Nigeria, the nation’s foreign exchange reserves, which had increased significantly in recent months to hit the $30bn mark, fell for the first time in 2017 on Tuesday.

Punch newspaper reported on Wednesday that the external reserves dropped to $30.349bn on Tuesday  from $30.352bn on Monday.

The reserves rose 17.4 per cent from last year when they closed at $25.843bn, but hit a low of $23.89bn on October 19, 2016.

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