(CU)_In the first half of 2021, foreign currency reserves in Nigeria slumped by a staggering $2.1 billion, reaching its lowest level in almost four years. According to data issued by the Central Bank of Nigeria (CBN), as of 30 June, the country’s foreign reserve level reached $33.32 billion, amounting to a 5.8 per cent decline from $35.37 billion recorded six months earlier. As in many countries, foreign direct investment remains a top source of income for Africa’s largest economy, where the real estate industry has remained a major investment hub for Nigerian in Diaspora. However, this trend has been changing in the recent times.
Back in 2016, when the West African nation suffered a major currency crisis, the devaluation of the naira encouraged Nigerians living abroad to invest back home. Their motivation was to work hard and invest some of the savings in Nigeria. At the time, it came as no surprise that hotels and rented property attracted…
