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Nigeria’s FX reserves dip by over $2bn in one month, lowest in 6 years

Nigeria’s foreign exchange (FX) reserve has plunged by approximately $2.16 billion in 29 days, amidst the Central Bank of Nigeria’s (CBN) robust efforts to stabilise…

Nigeria’s foreign exchange (FX) reserve has plunged by approximately $2.16 billion in 29 days, amidst the Central Bank of Nigeria’s (CBN) robust efforts to stabilise the naira.

Current figures from the CBN, as of April 15, 2024, reveal that the FX reserves are now at $32.29 billion, a decline from $34.45 billion recorded on March 18, 2024. 

The reserves have exhibited a consistent downward trajectory, shedding approximately $2.16 billion from a high of $34.45 billion logged on March 18, 2024, to a significant low of $32.29 billion by April 15, 2024.

By the start of the month, the figure stood at $33.57 billion and continued to wane, reaching $33.43 billion by April 4. The depletion of reserves pressed on, with the figures at $33.04 billion on April 8, $32.61 billion on April 12, and $32.29 billion on April 15. 

The reserve had previously shed about $1.02 billion in just 18 days, attributed to the CBN’s vigorous interventions in the FX market to support the naira. 

The foreign exchange reserves plummeted to the lowest level since September 25, 2017, when the reserves were $32.28 billion. 

This diminishing pattern underscores the prevailing financial strain as the apex bank strives to maintain the naira’s stability amid challenging economic conditions. 

 

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