Nigeria’s external reserve has dropped $24.3 million in the first week of the year to close at $40.49 billion as of January 7, 2021.
This is according to the latest data on the daily reserve movement from the Central Bank of Nigeria (CBN).
This represents a 0.06 percent decline compared to $40.42 billion recorded as of the start of the week.
In October, the nation’s foreign reserve gained $5.99 billion 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.
However, by November, it started to slide after crossing the $41 billion mark and eventually lost $611.01 million in November and $666.17 million in December, while total annual gain for 2021 was $5.15 billion.
