External reserves declines further to $40.39bn

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Our land soaked in blood, gloom, South-East Bishops wail

•Sheds $1.43bn in 11wks

By Babajide Komolafe

The nation’s external reserves declined for the eleventh consecutive week to   $40.39 billion   last week.

The reserves had been on the downward trend since October 29th, when it peaked at $41.828 billion, after 12 weeks accretion courtesy of the $4 billion Eurobond auction proceeds last September and surge in price of crude oil.    

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Data from the Central Bank of Nigeria, CBN, showed that this trend persisted in the first three weeks of the year, falling to $40.376 billion on Wednesday last week from $40.510 billion at the end of December last year. This indicates a year-to-date decline of   $144 million as at Wednesday January 19th.  

This also indicates that the reserves have fallen by $1.45 billion in 11 weeks since October 29th.

The trend, according to analysts, is fuelled by increased foreign exchange supply by the CBN, in its bid to…



Source: Vanguard Newspaper