Nigeria’s external reserve dipped $24.3 million in the first week of the year to close at $40.49 billion as of 7th January 2021.
This represents a 0.06% decline when compared to $40.42 billion recorded as of the start of the week.This is according to data from the Central Bank of Nigeria (CBN) on the daily reserve movement.
The nation’s foreign reserve had gained $5.99 billion in October, following a $2.76 million gain recorded in September 2021 as a result of the $4 billion Eurobond secured by the federal government and the $3.35 billion IMF Special Drawing Rights facility.
- FCT minister commiserates with Abuja business community over Next Supermarket fire
- Ghana: Shea butter business booms despite COVID-19 woes
However, the reserve started a downward movement in November after it has crossed the $41 billion mark. Nigeria’s external reserve lost $611.01 million in November, which was followed with a $666.17 million decline in December.
According to statistics from Nairametrics Research on the I&E Window, at least $337.7 million was traded on the exchange in the review week, while the official exchange rate rose by 4.3 per cent to close at N416.25/$1, up from N435/$1 at the conclusion of the previous week., the annual gain for 2021 was $5.15 billion. (Nairametrics)
