Sunday, May 16, 2021

Nigeria’s external reserve loses $350m in two weeks

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Nigeria’s external reserves lost $350m in two weeks, falling to $34.9bn on April 29 from a high of $35.25bn as of April 16.

The Central Bank of Nigeria said that the reserves, which had been fluctuating, rose from $34.85bn as of April 1 before returning to a downward path in the middle of the month.

The CBN attributed earlier improvement in the level of external reserves to the recent upsurge in crude oil prices on the backdrop of the renewed optimism on successful deployment of COVID-19 vaccines across the globe.