@POLITICSNGR

Nigeria's Foreign Exchange reserves have dropped by $2.15 billion in the last 30 days, PoliticsNGR has gathered.

This development occurred due to CBN's defense of the Naira. Since the United States Federal Reserves raised interest rates on September 26, 2018, the Nigerian reserves have dropped by $1,541,891,539, as investors continue voting their monies out of the Nigerian economy.

The reserves moved from $44,458,822,331 on September 26, 2018 to $42,916,930,792 as at October 16, 2018.

In a statement issued by the American central bank in September, the Fed decided to lift the benchmark overnight lending rate by a quarter of a percentage point to a range of two percent to 2.25 percent.

Explaining the effects of this on the Nigerian economy and reserves, Isaac Okorafor, spokesperson of the Central Bank of Nigeria (CBN), said the fall in reserves is due to a hike in interest rates by US Federal Reserve and the CBN’s interventions in the forex market.

He explained that investors who had left the world’s biggest economy for emerging markets like Nigeria, Brazil, China, due to low-interest rates are returning to the US, following the increase in rates.

“You can see that the reversal of capital flows which is eating most economies and bringing about depreciation in their currency,” Okorafor had said.

As at Tuesday, October 16, Nigeria’s foreign reserves stood at $42,916,930,792.

https://politicsngr.com/breaking-nigerias-foreign-reserves-decline-2-15-billion-30-days/

APC's pen robbers at work.

Nigeria,before you is President Buhari and former Vice-President, Atiku Abubakar...........The choice is yours,Nigerians......but:

"Pick a leader who will keep jobs in your country by offering companies incentives to hire only within their borders, not one who allows corporations to outsource jobs for cheaper labor when there is a national employment crisis. Choose a leader who will invest in building bridges, not walls. Books, not weapons. Morality, not corruption. Intellectualism and wisdom, not ignorance. Stability, not fear and terror. Peace, not chaos. Love, not hate. Convergence, not segregation. Tolerance, not discrimination. Fairness, not hypocrisy. Substance, not superficiality. Character, not immaturity. Transparency, not secrecy. Justice, not lawlessness. Environmental improvement and preservation, not destruction. Truth, not lies."(S.K)

God Bless Nigeria.....