External Reserves Slides To Four Months Low At $39.98bn
The external reserves have fallen below the $40 billion mark to the lowest point in over three months, figures from the Central Bank of Nigeria have revealed.
The reserves dropped to $39.82 billion on February 2, 2022 from $40.53 billion as of December 30, 2021.
The country’s external reserves had jumped from $39.82 billion on October 15, 2021, to a high of $41.83 billion on October 29, on the back of Eurobond inflow and the International Monetary Fund’s Special Drawing Right.
The country’s external reserves rose by $5.12 billion last year from $35.37 billion at the end of 2020, according to CBN data.
At the first Monetary Policy Committee meeting this year, 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 $40.2 billion as at December 2021.”
Emefiele had earlier 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 IMF’s SDR.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said a lot of money came from the diaspora by November and December.
According to him, the productivity level must rise in the country before it can have a significant impact on the external reserves.(Punch)
The reserves dropped to $39.82 billion on February 2, 2022 from $40.53 billion as of December 30, 2021.
The country’s external reserves had jumped from $39.82 billion on October 15, 2021, to a high of $41.83 billion on October 29, on the back of Eurobond inflow and the International Monetary Fund’s Special Drawing Right.
The country’s external reserves rose by $5.12 billion last year from $35.37 billion at the end of 2020, according to CBN data.
At the first Monetary Policy Committee meeting this year, 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 $40.2 billion as at December 2021.”
Emefiele had earlier 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 IMF’s SDR.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said a lot of money came from the diaspora by November and December.
According to him, the productivity level must rise in the country before it can have a significant impact on the external reserves.(Punch)
