The external reserves, according to the Central Bank of Nigeria (CBN), have fallen below the $40bn, making it the lowest point in over three months.
Recall, reserves dropped to $39.82bn on February 2, 2022, from $40.53bn as of December 30, 2021.
Prime Business Africa gathered that 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.
According to CBN data, the country’s external reserves rose by $5.12bn last year from $35.37bn at the end of 2020.
The Governor, Central Bank of Nigeria, 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 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.
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