Nigeria’s Foreign Reserve Drops By $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.

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Kemi-Adeosun out

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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Daniel Enisan is a content writer at With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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