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Nigeria’s external reserves down by $520m in five weeks

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Nigeria's external reserves down by $520m in five weeks

Data from the Central Bank of Nigeria (CBN) show that the country’s external reserves fell by $520.22 in five weeks.

The apex bank’s data on movement in reserves show that the reserves which stood at $33.396bn as of October 31, 2023 fell to $33.004bn as of December 7, 2023.

The CBN had earlier noted that the reserves which commenced January 3, 2023, at $37.07bn fell to $33.237bn as of September 29, 2023.

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Speaking recently at the Chartered Institute of Bankers of Nigeria’s 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th anniversary in Lagos, the Governor, CBN, Olayemi Cardoso, said, in recent years, the continuous decline in Nigeria’s crude oil production had further weakened the already inadequate economic diversification.

He said, “This has led to a decline in government revenue and foreign exchange inflows, while simultaneously witnessing a growth in public expenditures and a deterioration in macroeconomic indicators, which has constrained our policy options. Consequently, we have seen the fiscal deficit and public debt increase, placing additional strain on external reserves and contributing to exchange rate instability.”

 

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