Nigerian Foreign Exchange Reserves Drop Around $1 Billion in a Week

Posted on 07/28/2011

High world oil prices greatly contribute to Nigeria’s currency reserves. Nigeria’s foreign exchange reserves slightly moved down from $34.57 billion on July 13, 2011, to $33.54 billion on July 22. This amounts to around a $1 billion drop. At the same time last year reserves were at $37.86 billion. Even though the United States is […]