Nigeria's Foreign Reserve Drops by Almost $2bn

Nigeria's Minister of Budget and National Planning, Sen. Udoma Udo Udoma, on Tuesday announced that the country's foreign reserves have reduced from $26.51 billion in the second quarter of 2016 to $24.74 billion in September.

The Minister said Nigeria had revenue and foreign currency concentration problems, adding that diversification was the only solution.

He spoke during the 57th annual conference of Nigerian Economic Society with the theme “the developmental state and diversification of the Nigerian economy”.
 
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