Nigeria’s foreign exchange (FX) reserves have witnessed a significant downturn, plunging by approximately $1.84 billion in 26 days, amidst the Central Bank of Nigeria’s (CBN) robust efforts to stabilise the naira.
Current figures from the CBN, as of April 12, 2024, reveal that the FX reserves are now positioned at $32.61 billion, a stark decline from $34.45 billion recorded on March 18, 2024.
Previously, Nairametrics reported a substantial depletion in the reserves, shedding about $1.02 billion in just 18 days, attributed to the CBN’s vigorous interventions in the FX market to support the naira.
This continued trend highlights the persistent pressures facing Nigeria’s currency and underscores the central bank’s proactive measures to manage market dynamics and bolster economic stability.
Lowest reserves in over six years
Nigeria’s foreign exchange reserves plummeted to the lowest level since September 29, 2017, when the reserves were $32.49 billion.
This lowest level in six years and six months marks a decisive end to a period of steady accrual, during which the reserves witnessed a 43-day surge, accruing $1.28 billion between February 5 and March 18, 2024.
The CBN earlier attributed the rise to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities. The apex bank also noted that the increase was due to reforms in the foreign exchange market and an increase in oil production amongst others.
Nigeria’s foreign exchange reserves have exhibited a consistent downward trajectory, shedding approximately $1.84 billion from a high of $34.45 billion logged on March 18, 2024, to a significant low of $32.61 billion by April 12, 2024.
The reserves experienced a marginal drop to $34.39 billion the next day and continued to fall steadily through April. By the start of the month, the figure stood at $33.57 billion and continued to wane, reaching $33.43 billion by April 4.
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