Nigeria’s external reserves have dropped $157.7 million in five days.
This drop was recorded on the Central Bank of Nigeria’s (CBN) website.
Prior to this, New National Star reported that the reserves lost over a billion dollars in less than two months.
On June 10, the reserves gross amount was $34 billion while on June 11 it had moved to $33.97 million. And by June 15, the reserves were already down to $33.85 billion.
A nation’s foreign reserves usually serve as a source of confidence for investors, remain liquid in the case of a financial crisis and also pay external debts among other functions.
According to the Debt Management Office, Nigeria’s total public debt as at March 31 amounts to $87.2million.
On Friday, the naira exchanged to the dollar on the Lagos parallel market for N485 per dollar.Â