Nigeria’s external reserve on Monday dropped by $21 million to close at $34.170 billion.
This represents a 0.06% decline when compared to $34.191 billion recorded on Friday.
Recall that Nigeria’s foreign reserve had lost about $1.199 billion year-to-date with a 31-day straight decline.
At the moment, the status represents the lowest level in over one year. The last time Nigeria’s foreign reserve position was this low was 7th May 2021, when it stood at $31.19 billion.
Despite the increase in global crude oil prices, the decline had persisted and can be attributed to a drop in crude oil export arising from the reduction in the purchase of Nigeria’s crude oil by India, a major importer of Nigerian crude.
This is also as the country grapples with the harsh impact of the Covid-19 pandemic on the economy.
