External Reserves Swoop Low at $39.98bn

The Nigerian external reserves has witnessed the lowest point in three months according to a document released by Central Bank of Nigeria (CBN).

According to data, the reserves dropped to $39.82bn on February 2, 2022 from its $40.53 billion as of December 30, 2021.

The country’s external reserves had jumped from $39.82bn on October 15, 2021, to a high of $41.83bn 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 $5.12bn last year, 2021 from $35.37bn at the end of 2020.

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“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.” said the CBN Governor, Godwin Emefiele at the Monetary Policy Committee Meeting recently.

Emefiele believed insecurity had affected investments in the country and therefore made productivity low.

According to him, the productivity level must rise in the country before it can have a significant impact on the external reserves.