Nigeria’s external reserves, according to the Central Bank of Nigeria (CBN’s) latest report, lost $350m in two weeks, falling to $34.9bn on April 29 from a high of $35.25bn as of April 16.
The figures obtained from the CBN’s report released on Monday, May 3, read that the reserves, which had been fluctuating, rose from $34.85bn as of April 1 before returning to a downward path in the middle of the month.
Recall that the central bank had attributed improvement in the level of external reserves to the recent upsurge in crude oil prices on the backdrop of the renewed optimism on the successful deployment of COVID-19 vaccines across the globe.
This medium previously reported that in March, the external reserves dropped by $523m to $34.475bn as of March 16 from $34.998bn as of March 1.
The reserves, which had continued a downward trend of recent, lost $1.1bn in February, after it dropped from $36.19bn as of February 1 fell to $35.09bn as of February 26.
Also, in February, the country’s external reserves dropped by $565m from $36.198bn as of February 1, to $35.633bn as of February 15, latest figures from the
According to CBN’s report, reserves that had gained in recent weeks started a downward trend on January 26 on which date it declined to $36.34bn.
The CBN said: “As a consequence of the lower foreign exchange receipts, the official external reserves declined.
“External reserves stood at $35.44bn at end-January 2021, a decrease of 2.8 per cent and 3.5 per cent from $36.46bn in December 2020 and $36.73bn in January 2020.
“At that level, the external reserves position could cover 6.1 months of import for goods and services and 8.2 months of import for goods only.”
The apex bank maintained that available data showed that Nigeria’s reserves per capita decreased to $171.88, compared with $176.89 at end-December 2020.