Nigeria’s external reserves drop to N40.496bn

Figures obtained from the reserve movement of the Central Bank of Nigeria shows that Nigeria’s external reserve stands at N40.496 billion as at 7th of January 2022.

This represents a decline of about $24 million in the first week of the year, compared to $40.52 billion recorded as at 31st of December 2021.

The nation’s foreign reserve had gained $5.99 billion in October, following a $2.76 million gain recorded in September 2021 as a result of the $4 billion Eurobond secured by the federal government and the $3.35 billion IMF Special Drawing Rights facility.

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