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- Nigeria's foreign exchange reserves decreased by $ 196.31 million $ 42.86 billion as at February 14, 2019.
- The highest foreign profit of $ 43.18 billion was recorded on January 30, 2019.
Nigeria's foreign currency reserve has decreased by $ 196.31 million since the beginning of 2019, according to data collected by Business Insider Sub-Saharan Africa by Pulse from the Central Bank of Nigeria (CBN).
The country 's reserve amounted to $ 42.86 billion as of February 14, 2019, its lowest level since the beginning of the year.
In 2019, Nigeria's foreign exchange reserves peaked at $ 43.18 billion on Jan. 30, after shattering the record $ 47.80 billion recorded on May 7, 2018, beating the US dollar. South Africa and other major African economies.
But as of January 31, South Africa's foreign exchange reserves were $ 42.99 billion.
Nigerian President Muhammadu Buhari and CBN Governor Godwin Emefiele
Foreign exchange reserves help countries to intervene in foreign exchange markets by protecting the country's badets.
In Nigeria, this helped the central bank maintain its forex interventions and reduce the pressure on the local currency against major international currencies, including the dollar.
Godwin EmefieleThe governor of the CBN said earlier that the country's goal was to ensure a stable exchange rate in order to prevent the Naira from depreciating.
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