Nigeria’s external reserves dropped from $36.19bn as of February 1 to $35.09bn as of February 26.
This shows a $1.1 billion reduction by the end of February, Central Bank of Nigeria ( CBN) indicated.
The apex bank was optimistic that even at $35 billion the reserves is sufficient to finance the country’s seven months’ imports.
Nigeria has continued to experience a decline in its foreign exchange earnings, forcing a constant adjustment in its currency against the US dollar.
The bank said it would continue to conserve the external reserves through a demand management framework.
