Nigeria’s external reserves recorded a decline of $4.47bn from $42.54bn as of the beginning of 2019 to $38.07bn as of the end of December. The $4.
47bn, according to data obtained from the Central Bank of Nigeria, represents a decline of 10.5 per cent.
They include foreign banknotes, deposits, bonds, treasury bills and other foreign government securities. In recent times, the nation’s external reserves been on a decline owing to the drop in oil receipts and the intervention of the CBN in the foreign exchange market. In the fourth quarter the reserve continued to show signs of weakness as it dropped further by $2.82bn from the third quarter figure of $40.89bn to $38.07bn.The CBN Governor, Mr Godwin Emefiele, had last week when asked to speak on the decline in the foreign exchange reserves to less than $40bn, said the drop should not call for panic.
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