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Nigeria’s external reserves slide to $4b

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NIGERIA’S external reserves have fallen to $3.98 billion to mark the lowest point in over three months.

  Figures from Central Bank of Nigeria (CBN) showed that the reserves dropped to $39.82 billion on February 2, from $40.53 billion as of December 30, 2021.

  While the country’s external reserves had jumped from $39.82b 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 $5.12 billion last year from $35.37 billion at the end of 2020, according to CBN data.

  At first Monetary Policy Committee meeting this year, Governor of CBN, Godwin Emefiele, said “Members also noted the continued improvement in the external reserves despite ongoing foreign exchange market pressures. The reserves stood at $40.2b as at December 2021.”

  It will be recalled that Emefiele had earlier noted that the external reserves rose to over $41bn in October 2021, supported by demand management measures, Eurobond inflow of $4b and the IMF’s SDR.

  But a former President of Association of National Accountants of Nigeria, Dr. Sam Nzekwe, said a lot of money came from the diaspora by November and December.

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