According to a document released by the Central Bank of Nigeria, Nigeria’s external reserves have reached their lowest level in three months (CBN).
According to data, reserves fell to $39.82 billion on February 2, 2022, from $40.53 billion on December 30, 2021.
The country’s external reserves increased from $39.82 billion on October 15, 2021, to $41.83 billion on October 29, owing to Eurobond inflows and the International Monetary Fund’s Special Drawing Right.
The country’s external reserves increased by $5.12 billion in 2021, from $35.37 billion at the end of 2020.
“Members also noted that, despite ongoing foreign exchange market pressures, the external reserves have continued to improve.” As of December 2021, the reserves stood at $40.2 billion.” Godwin Emefiele, Governor of the Central Bank of Nigeria, stated recently at the Monetary Policy Committee Meeting.
Emefiele believed that insecurity had hampered investment in the country, resulting in low productivity.
According to him, the country’s productivity level must rise before it can have a significant impact on its external reserves.
