Nigeria's External Reserves Drop $520 Million in 5 Weeks Due to Oil Woes
- External reserves fell by $520m in 5 weeks to $33.004bn
- Reserves had already fallen from $37.07bn at the start of 2023 to $33.237bn by September
- Decline attributed to lower oil production and economic diversification challenges
- Falling reserves contributing to exchange rate instability
- Government policies like subsidy removal expected to have positive effects in medium-term