Nigeria’s external reserves drop to $35.69bn

Data obtained from the Central Bank of Nigeria revealed that Nigeria’s external reserves dropped by $50.84m from $35.75bn as of October 2 to $35.69bn as of October 12.

The CBN disclosed that the reserves, which had continued to rise and fall in recent weeks, stood at $35.67bn as of September 1 and rose to $35.81bn as of September 17.

The reserves rose by $65m from $35.59bn as of August 20 to $35.66bn as of August 27.

It had earlier lost $278.91m from $35.87bn on July 29 to $35.59bn on August 19 after which it returned to a growth path.

The CBN stated in its monthly economic report for May that, “Nigeria’s international reserves decreased marginally from $36.43bn at end-April to $36.19bn at end-May 2020.

“The net decrease in reserves was due to the sales of foreign exchange at the Secondary Market Intervention Sales and Investor and Exporter windows as well as payments to external creditors.

“Thus, the level of import cover for goods and services, decreased from 4.0 months in April to 3.9 months in May 2020, but remained above the IMF threshold of 3.0 months.

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