Nigeria’s foreign reserves down to $35.69bn in October




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The country’s reserves fell $35.689bn as of the end of October, according figures obtained from the Central Bank of .

 

The CBN disclosed the reserves which $35.72bn as of the end of September lost $49.29m in four weeks.

 

According the CBN, the reserves, which had continued rise and fall in recent weeks stood at $35.67bn as of September 1 and rose $35.81bn as of September 17.

The reserves rose by $65m from $35.59bn as of August 20 $35.66bn as of August 27.

had earlier lost $278.91m from $35.87bn on July 29 to $35.59bn on August 19 after which returned to a growth path.

The CBN had stated external reserves were expected to lie between $29.9bn and $34.3bn by 2020 ending.

said, “Sequel to the -19 pandemic, the viability of the external sector in 2020 is expected to deteriorate, given the present worsening current account balance and depletion of external reserves driven, largely, by decelerating receipts, .

“Specifically, the degree of external reserves accumulation is expected to decelerate, as outflows are expected to outweigh inflows.”

As a result, said, external reserves were expected to lie between $29.9bn and $34.3bn at end-December 2020 (predicated on current declining between $20 and $40).

 

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