Report from the Central Bank of Nigeria shows the nation’s external reserves drop by 1.4% in July.
The reserves which stood at $47.7 billion as at June ending, dropped by 1.4 per cent to $47.1 billion on July 31st.
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The reserves further depreciated by $184 million from $47.3billion, is contrary to the Monetary Policy Committee’s prediction of an increase in the level of reserves.
The Managing Director of Blackbit Limited, Wale Ajibade believes that continuous decline in reserves, is due to government’s action in supporting the exchange rate.
