External reserve falls by 0.35% to close at $33.8 billion

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External reserve falls by 0.35% to close at $33.8 billion

Nigeria’s external reserve dipped further on Tuesday by $120.2 million to close at $33.8 billion representing the highest single-day loss in almost four months, since February 2021.

This fall according to variables also represents a 0.35% reduction in Nigeria’s external reserve position and the lowest level since April 2020.

A total of $1.5 billion has been lost in reserves year-to-date, while month-to-date loss stands at $380.1 million.

The decline has persisted despite the gains recorded in the global crude oil price. Oil prices are already trading over $74 per barrel.

This is largely attributed to the decline in crude oil sales, due to the effect of the Covid-19 pandemic on the buying capacity of India, which is one of the world’s largest importers of oil.

Reports however say good times are around the corner for Nigeria’s crude as India, which is one of the country’s top clients is having a gradual rebound in their oil imports.

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