Friday, April 16, 2021

Nigerian foreign reserves fall to $30.49 billion


Jaafar Jaafar
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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By Ibrahim Sulaiman

Nigeria’s foreign exchange reserves have fallen to $30.49 billion as of May 25.

Data released by the Central Bank of Nigeria, CBN, showed it is the lowest dip since April 18, and down by 0.87 percent from a month ago.

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The forex reserves were up 15.27 percent year-on-year, the data showed.

Africa’s biggest economy shrank by 1.5 percent in 2016 in its first annual recession in 25 years, hit by a shortage of hard currency and lower revenue from its dominant oil sector as world crude prices remained under pressure.

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The CBN has been intervening on the official market to try to narrow the spread between the official interbank and black markets. It has sold over $4 billion since February, but analysts doubt that this pace can be sustained.

The reserves of the OPEC member country have grown by $4.4 billion year to date due to recovery in global oil prices and increased production. The reserves stood at $26.09 billion at the beginning of the year and $26.45 billion a year ago.

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