External reserves drop by $1.45bn in one month

The nation’s foreign exchange reserves fell by $1.457bn in September, the latest data from the Central Bank of Nigeria showed on Monday. The external reserves, which stood at $45.838bn at the end of August, declined to $44.380bn on September 27, 2018. Figures from the CBN had earlier revealed that the reserves, which had continued to go down in recent months, fell by $990.98m from $47.11bn in July to $46.128bn on August 23, 2018. The CBN noted that the evolution of the forex market in the country had been influenced by a number of factors such as the changing pattern of international trade, institutional changes in the economy and structural shift in production. Read More: