Nigeria’s Foreign Reserves Drop By $658.3million In First 3 Weeks Of Tinubu
Nigeria’s foreign reserves has continued dropping sharply since after May 29 hand over of power by former President Muhammadu Buhari to President Bola Tinubu.
The reserves lost a whopping $658.3 million within the first 3 weeks of President Bola Tinubu. This has reduced the fund in the external reserves, to $34.6 billion, from $35.25 billion on may 28.
The reserve has been recording a steady drop last May, shortly before Buhari left office on May 29.
For instance, the external reserves which stood at $35.27 billion as at May 1, dropped to $35.09 billion at the end of the month. The external reserve was $37.08 billion as at December 31, 2022.
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Aliko Dangote loses over N1.4trn in hours after CBN naira decision
Meanwhile, in another report, Nigerian billionaire Aliko Dangote’s wealth has experienced a significant decline of N1.4 trillion following the devaluation of the naira The devaluation was triggered by CBN’s move to unify the country’s multiple exchange rate system.
Most of Dangote’s investments, which are linked to his wealth, are based in Nigeria, and the performance of the naira directly affects his wealth.
