Connect with us

Business

Nigeria’s foreign reserves shed $1.2b in October

Published

on

Forex dealers get $4.47bn from CBN in two months

A report by the Central Bank of Nigeria (CBN) on Thursday revealed that Nigeria’s foreign reserves fell by $1.26 billion from $41.76 billion in October 2 to $40.5 billion as of October 30 2019.

The reserves had continued to fall in recent months, dropping by $482.18m from N45.14bn as of July 8 to $44.65bn as of August 8 2019.

This was contained in CBN’s economic report for third quarter of 2019, indicating that the gross external reserves fell in the period under review.

Read also: Forte oil records N5.3bn in profit for Q3 2019; revenue from fuels up by 30.9%

The report reads in part: “Gross external reserves were $40.9bn as at September 25, 2019. This indicated a decrease of 8.6 per cent, compared with the level in the second quarter of 2019. The external reserves position would cover 5.2 months of import of goods and services or 9.2 months of import of goods only, based on the estimated value of import for the second quarter of 2019.

“A breakdown of the external reserves by ownership showed that the share of federation reserves was $0.27bn (0.7 per cent); Federal Government reserves, $7.0bn (17.1 per cent); and the CBN reserves, $33.62bn (82.2 per cent) of the total.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations