LAGOS Aug 31 (Reuters) – Nigeria’s foreign exchange reserves fell to $25.45 billion by Aug. 29, down 2.86 percent from the previous month, central bank latest data showed on Wednesday as the bank stepped up support for its ailing currency.
Dollar reserves of Africa’s largest economy stood at $26.20 billion in end of July. The central bank data showed reserves had declined 18.9 percent from a year ago.
However, the naira hit a fresh all-time low of 420 per dollar on the black market on chronic dollar shortages on Wednesday, same day Africa’s most populous nation officially slid into a recession. (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and Toby Chopra)
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi
The economic crisis and hardship in Nigeria are parts of the discussion.
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