Nigeria’s foreign reserves plummeted to $32.29 billion on April 15, marking the lowest level in over six years, according to the most recent data released by the Central Bank of Nigeria (CBN).
From the peak of $34.44 billion on March 18, as noted by TheCable Index, the reserves dwindled to $32.2 billion on April 15, reflecting a $2.15 billion decline or 6.26 percent drop.
This decline ends a period of consistent growth observed between February 5 and March 18, during which the FX reserves surged by $1.28 billion.
The CBN attributed this upswing to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.
The last instance when the foreign reserves stood at this level ($32.29 billion) was on September 9, 2017, as reported by the CBN.
The decline in foreign reserves coincides with CBN intervention in the parallel market aimed at stabilizing the FX rate.
On February 27, the apex bank allocated $20,000 to each bureau de change (BDC) operator at the rate of N1,301/$
