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Nigeria’s external reserves drop to $35.69b

Nigeria’s external reserves dropped by $50.84 million from $35.75billion as of October 2 to $35.69 billion as of October 12, according to the data obtained from the Central Bank of Nigeria (CBN).

The CBN disclosed that the reserves, which had continued to rise and fall in recent weeks, stood at $35.67billion as of September 1 and rose to $35.81billion as of September 17.

The reserves rose by $65million from $35.59billion as of August 20 to $35.66bn as of August 27.

It had earlier lost $278.91million from $35.87billion on July 29 to $35.59billion on August 19 after which it returned to a growth path.

The CBN stated in its monthly economic report for May that, “Nigeria’s international reserves decreased marginally from $36.43billion at end-April to $36.19billion at end-May 2020.

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“The net decrease in reserves was due to the sales of foreign exchange at the Secondary Market Intervention Sales and Investor and Exporter windows as well as payments to external creditors.

“Thus, the level of import cover for goods and services, decreased from 4.0 months in April to 3.9 months in May 2020, but remained above the IMF threshold of 3.0 months.

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