Nigeria’s external reserves have sunk below $40bn, which is the lowest point in recent months.
Figures from the Central Bank of Nigeria show that the reserves fell from $40.53bn, as at December 30, 2021, to $39.82bn on February 2, 2022. It was $35.37bn as at the end of 2020.
The reserves peaked at $41.83bn on October 29, but later dipped to $39.82bn on October 15, 2021.
The previous increase was attributed to inflow from Eurobond and the International Monetary Fund’s Special Drawing Right.
Prior to the latest fall in the external reserves, CBN Governor Godwin Emefiele mentioned the improvement during a meeting on the country’s monetary policy.
“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 said.