Nigeria’s external reserve declined by 0.08% on Friday to close at $41.085 billion implying a decrease of $33 million compared to $41.118 billion recorded as of the previous day.
The steady drop that had been experienced in the country’s reserve level could be as a result of the continuous intervention of the apex bank in ensuring the stability of the exchange rate.
Recall that the nation’s foreign reserve had gained $5.99 billion in the month of October, as a result of the $4 billion raised by the federal government from the issuance of Eurobond in the international debt market.
In the month of November, Nigeria’s external reserve lost $633.47 million in value as against a gain of $5.99 million recorded in the previous month and $2.76 million gain in September 2021. On a year-to-date basis, the reserve gain has reduced to $5.74 billion.
