The country’s foreign reserves fell by $454.05m from $36.57bn on June 1 to $36.12bn on July 15, the latest figures from the Central Bank of Nigeria showed on Thursday.
The CBN, in its February monthly report, entitled ‘Gross external reserves,’ said the reserves stood at $36.6bn at the end of February 2020, indicating a decline of 0.4 per cent from $36.73bn at the end of January 2020.
It said the decline was due mainly to foreign exchange market interventions and direct payments.
After getting this update, Nigerians didn't take too long to share their reactions on their various social media platforms. Check them out below:
The same foreign reserve that APC touted as one of their major achievements because of a minimal increment then?
As usual, anything built on false foundation never lasts.
Everything about this government seems to be built on falsehood and deceit!
May God help the masses.
Every indices keep pointing towards negativity in this Buhari led APC clueless, directionless, incompetent and corrupt administration.
Nigeria is going down at the speed of light. Where did we get the impression that this country is rich?
How can a country of 200 million people depend solely on oil for her upkeep and we still believe the Nigeria is a rich country?
With or without corruption in the oil and gas industry, Nigeria is nowhere rich.
The government needs to diversify its sources of revenue generation, so the country will be like a family with multiple streams of income.
Nigeria is shamefully poor. GDP is $400billion and that’s for 200 million people.
Foreign Reserves (total savings) is $36 billion for 200 million people.
And who is surprised by this news?
Buhari’s destiny is to loot the county dry. Make sure the future is bleak by borrowing with reckless abandon, while Yoruba Muslims continue to chant Sai Baba.
A government that uses 600 million naira daily to feed school children who are all at home.
Such brazen wickedness.
Buhari has been bereft of ideas since his military days.
Tunde Idiagbon was the President when the Dull impostor first took power from a democratic government.
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