A report released by the Central Bank of Nigeria on Thursday showed that Nigeria’s External Reserves lost over $600 million in November 2021.
Why it matters?
Nigeria’s external reserve, which had been slowly gaining momentum, has suffered a blow as it dropped to $41.22 billion from $41.83 billion it was at in October.
The Central Bank Governor, Godwin Emefiele, revealed these figures at the Chartered Institute of Bankers of Nigeria’s dinner in Lagos. He said that the $41.4 billion that the reserve is at is just enough to 9 months of imports.
He added that, “This is not just a morale booster for both foreign direct and portfolio investors willing to invest in the economy, but it provides significant fire power to support our domestic industries that need to import critical machines and equipment for domestic production and exports.”