Nigeria’s foreign reserves down by $4.47bn

It has been revealed that Nigeria’s external reserves recorded a decline of $4.47bn from $42.54bn as of the beginning of 2019 to $38.07bn as of the end of December representing a decline of 10.5 per cent.

Data obtained from the CBN showed that the country’s external reserves recorded a marginal increase from $42.54bn to $44.79bn in the first quarter.

However, in the second quarter, it dropped marginally by $50m from $44.79bn to $44.74bn.

During the third quarter, the country’s reserve dipped further by $3.85bn from $44.74bn to $40.89bn.

In the fourth quarter the reserve continued to show signs of weakness as it dropped further by $2.82bn from the third quarter figure of $40.89bn to $38.07bn.

However, the CBN Governor, Godwin Emefiele, had last week when asked to speak on the decline in the foreign exchange reserves said the drop should not call for panic.

He said the reserve was being used by the apex bank to meet the country’s obligations adding that the level of fluctuations was not unusual.

He declared that there was no possibility that the apex bank would devalue the naira with crude oil selling at a price of about $63 to a per barrel.