Nigeria: CBN’s Naira Support Dips Foreign Reserves Despite Rising Oil Prices - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (A.M)
February 9, 2022
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.