Nigeria’s external reserve has dropped from $40.53 billion as of December 30, 2021 to $39.82 billion as of February 2, 2022
This was disclosed by the Central Bank of Nigeria (CBN).
The country’s external reserves had jumped from $39.82 billion on October 15, 2021 to $41.83 billion on October 29, on the back of Eurobond inflow and the International Monetary Fund’s Special Drawing Right.
It also rose by $5.12 billion in 2021 from $35.37 billion at the end of 2020, according to CBN data.
Recall that at the maiden monetary policy committee meeting this year, the CBN governor, Mr. 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.”
Earlier, he had also noted that the external reserves rose to over $41 billion in October 2021, supported by demand management measures, Eurobond inflow of $4 billion and the special drawing rights of the International Monetary Fund (IMF).
