The external reserves have fallen below the $40bn mark to the lowest point in over three months, according to figures from the Central Bank of Nigeria (CBN).
The reserves dropped to $39.82bn on February 2, 2022 from $40.53bn as of December 30, 2021.
The country’s external reserves had jumped from $39.82bn on October 15, 2021, to a high of $41.83bn on October 29, on the back of Eurobond inflow and the International Monetary Fund’s Special Drawing Right. The country’s external reserves rose by $5.12bn last year from $35.37bn at the end of 2020, according to CBN data.
At the first Monetary Policy Committee meeting this year, the CBN Governor, Godwin Emefiele, said: “Members also noted the continued improvement in the external reserves despite ongoing foreign exchange market pressures. The reserves stood at $40.2bn as at December 2021.”
Emefiele had earlier noted that the external reserves rose to over $41bn in October 2021, supported by demand management measures, Eurobond inflow of $4bn and the IMF’s SDR.
THE PUNCH