Nigeria’s External Reserves Slip By $1.26bn In  4-Week

• Nigeria’s External Reserves Slip By $1.26bn In  4-Week

The nation’s external reserves continued its downward trend as it slipped by $1.26 billion within four weeks, according to the Central Bank of Nigeria (CBN)’s report.

The external reserve which currently stands at $40.5 billion as of October 30, fell from $41.76 billion it was on October 2.

As of July 8, 2019, the reserve was at N45.14 billion, before it suffered a major fall to $44.65 billion on August 8, 2019, indicating a decrease of $482.18 million.

“Gross external reserves were $40.9bn as at September 25, 2019. This indicated a decrease of 8.6 percent, compared with the level in the second quarter of 2019.

“The external reserves position would cover 5.2 months of import of goods and services or 9.2 months of import of goods only, based on the estimated value of import for the second quarter of 2019.

“A breakdown of the external reserves by ownership showed that the share of federation reserves was $0.27bn (0.7 per cent); Federal Government reserves, $7.0bn (17.1 per cent); and the CBN reserves, $33.62bn (82.2 per cent) of the total,” the CBN report stated.