Friday, August 12, 2022

Nigerian foreign reserves fall to $30.49 billion

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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.

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.

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.

READ ALSO:   COVID-19: CBN injects N3.5trn into Nigerian economy

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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