Statistics by the Central Bank of Nigeria, CBN, have revealed that the national external reserves have continued to experience a decline capped at $40.39 billion over the last couple of days.
Why it matters?
Reports say the decline is the 11th week in a row that the national reserve has towed the downward trend since October 29th. This trend is following a successful 12 week run when there was an increase in the prices of crude oil and a $4 billion auction Eurobond.
The Central Bank of Nigeria says that since the start of 2022, the fall has continued following the downward drop from 2021, which was at $40.510 billion. This report further proves the 11 weeks downward trend. Analysts say that they tie the decline to an increase in foreign exchange supply by the Apex bank as a measure to salvage the exchange rates.