External reserves drop for first time in eight months - News Summed Up

External reserves drop for first time in eight months


Femi AsuThe nation’s foreign exchange reserves have declined for the first time in eight months, slipping to $47.793bn, according to the latest data from the Central Bank of Nigeria. The reserves, which have risen by over $9bn this year, fell by $72m from $47.865bn on Thursday, May 10. The significant increase in the reserves was largely driven by the rebound in oil prices and production, government’s external borrowing (Eurobonds) and the resumption of foreign capital inflows. The foreign exchange reserves recorded a four-year high at $47bn last month from $38.765bn on December 29, 2017. The CBN Governor, Mr. Godwin Emefiele, had projected that the reserves might hit $60bn in 2019, if the trend persisted.


Source: Punch May 16, 2018 23:15 UTC


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