The latest data on the Central Bank of Nigeria (CBN) shows that the nation’s external reserves pool dropped by $1.351bn or 3.23%, from $41.852bn between September 30 and October 30, 2019, when it closed at $40.5bn.
A review of the data showed that the reserves level did not record any gain throughout the month.
Before then it rose between May 2, from $44.792bn, first to $44.803bn and sustained a gradual growth until May 22m when it peaked at $45.073bn, after chalking $270.811m or 0.6%. It then commenced a gradual descent until May 27, when it made a pseudo rebound from $45.068bn to $45.087bn and closed the month at $45.122bn. For the month of June, it peaked at $45.175bn on the 10th. The following month, it peaked at $45.149bn on July 5, 2019.
However, year to date, the nation’s reserves have dropped by $2.616bn or 6.07%, from $43.116bn.