Nigeria’s foreign reserves shed $1.2b in October

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.

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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.”

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