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- Nigeria’s external reserves have dropped to a record low of $24.8 billion as at September 16, 2016
- According to the Central Bank of Nigeria, $600 million was lost between August 31 when the reserves stood at $25.4 billion and September 16
- The Central Bank’s intermediations into the inter bank official foreign exchange market may have a lot to do with this development.
- The intermediation, however, is as a result of severe liquidity challenges faced in the forex market which is crippling the economy
- Source: Channels