The Central Bank of Nigeria (CBN) has revealed that the nation's Net External Reserve had plunged to a mere $859 million as of the second quarter of 2023. This negative position was unprecedented in the history of the bank and was less than a month's imports bill. Under the current Governor, Mr. Olayemi Cardoso, the figure has grown back to $40 billion. The Deputy Governor in charge of Corporate Services, Dr. Muhammad Abdullahi, disclosed this at the opening of the 38th Seminar of the Finance Correspondents and Business Editors in Abuja.
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