Nigeria’s foreign exchange reserves fall by $1billion

Nigeria’s foreign exchange reserves fell 3.14 percent to $30.48 billion by Sept. 23 from $31.47 billion a month ago,  data published by Central Bank of Nigeria showed on Wednesday.

The reserves  were down 23.03 percent from a year ago.

To reduce the deterioration of the reserves, the Central Bank of Nigeria has been implementing a dose of restrictions on imports of non-essentials.