Report Shows External Reserves Decline by $1.8 Billion Over 10-Week Period

Report Shows External Reserves Decline by $1.8 Billion Over 10-Week Period

Nigeria’s foreign exchange reserves have dwindled by $1.8 billion within a span of 10 weeks, as per data released by the Central Bank of Nigeria……….. CONTINUE READING

The reserves, which stood at $34.44 billion on March 18, 2024, dropped to $32.69 billion by May 29, 2024, marking a significant decrease from the $36.1 billion recorded in May 2023.

This downward trend has been attributed to various factors including debt repayment, a notable decrease in oil exports, reduced foreign investment, and an increase in imports.

The decline in reserves has also exerted pressure on the Nigerian currency, the naira, which has experienced a substantial depreciation against the US dollar, losing over 100 per cent of its value since the start of 2024.

This situation underscores the urgent need for the Nigerian government to address economic challenges, diversify revenue sources, and bolster investor confidence to mitigate further declines in foreign exchange reserves.