04 October 2018 : According to CBN data, Nigeria witnessed a $1.32 billion decline in its foreign exchange reserves in September 2018, mainly caused by the surge in the US interest rate. The drop from $45.62 billion to $44.31 billions a span of less than a month is mind boggling. The reserves have hit its lowest since March 14, 2018. Unfortunately this spills water on CBN’s dream of reaching the $50 billion mark by the end of 2018.

According to a CBN spokesperson Isaac Okorafor, this decline is mainly fueled by the US interest rate hike which is affecting the emerging markets and frontier economies in a major way. He also believes that Naira will appreciate, thanks to the of positive trend in the oil market.

Reporting for EasyKobo on Thursday , 04 October 2018 in Lagos, Nigeria