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Monday, November 3, 2014

NIGERIA'S FOREIGN EXCHANGE RESERVE DROPS TO $38.76BN

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The country's foreign exchange reserves fell 1.94 per cent month-on-month to stand at $38.76bn on October 29, the lowest level in more than three months, according to data from the Central Bank of Nigeria.

In recent times, there has been continued depletion of the nation's foreign reserves, occasioned by the CBN's determination to defend the naira by all means.

-Odunayo Dehinbo

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