Nigeria’s external reserves continued its depletion as the Central Bank of Nigerian, CBN, maintained its support for the Naira, dropping by $537.45 million between January 4 and February 4, 2022 according to latest data on the website of the apex bank.
The external reserves which stood at $40.518 billion at the beginning of
the year had declined to $39.98 billion as of February 4, 2022.
The dip in the reserves is a reflection of the CBN’s meeting of foreign
exchange demands from manufacturers, importers, travelers, and
students studying abroad.
Nigeria’s external reserves hit a three-year high of $42 billion in October
last year. The reserves had since dropped by 7.14 percent, or $3 billion.
The IMF is projecting that the reserves of the country will continue to
dip this year on continued support for the foreign exchange, dropping to
$35 billion by the end of 2022.
