Nigeria’s external reserves have gained way back to upward journey with an increase of $280m in two weeks.
Techeconomy.ng obtained this from the Central Bank of Nigeria (CBN’s) latest report released on Sunday, August 1.
The figures obtained from the report showed that the reserves rose to $33.38bn on July 29 from $33.1bn on July 14.
Recall that the country’s external reserves 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.
The country’s external reserves, according to the figures obtained from the CBN on Sunday, July 18, lost $180m in two weeks.
The figures stated that the reserves, which stood at $33.28bn on July 1, dropped to $33.09bn as of July 12 before gaining slightly to rise to $33.1bn on July 15.
Meanwhile, the CBN Governor, Godwin Emefiele, while speaking on the decline in external reserves, said: “This reflects sales to the foreign exchange market and third-party payments.”
“As a consequence of the lower foreign exchange receipts, the official external reserves declined.
This medium previously reported that the external reserves dropped by $523m to $34.475bn in 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.