Nigeria’s External Reserves Suffers First Drop Since Nov. 22

For the first time since November 22, 2018 (five weeks), Nigeria’s external reserve suffered the first decline, when it dropped by $59.05m or 0.14% to $43.226bn, as at December 27, from $43.285bn on December 24.
According to data on the Central Bank of Nigeria (CBN) website on Friday, December 28, Nigeria’s reserves was on the ascent after hitting a low of $41.523bn on November 22, after falling from its May 10, 2018 peak of $47.865bn. This represented a loss of $6.342bn, or 13.25% over the seven months and 17 days.
Before bottoming out on November 11, the nation’s reserves, helped by the rising oil prices had accumulated $1.719bn or 4.14% at $43.242bn.
Meanwhile, at the time Nigeria’s reserves level fell, oil prices dropped 4% amidst concerns over the weakening global economy and a glut in crude oil supply, after rebounding 8% in the previous session.
Brent crude oil was down $2.45, or 4.5%, at $52.02 per barrel, below the Federal Government’s $60 per barrel oil benchmark used to calculate the 2019 revenue plan.