According to the Central Bank of Nigeria (CBN) Nigeria’s external reserves have risen to $31.43 billion.
On Monday, August 31, the reserves rose by 1.12% to $31.43billion from $31.08billion on August 27.
The source explains that the decline from $31.63billion on August 14 reflects consistent dollar sales by the CBN to bureau de change operators in order to narrow the margin between the naira’s official and black market rates.
Experts linked the huge drop in the stock of external reserves to political spending, falling oil prices, which have put pressure on the local currency, and speculative demand for the dollar by foreign exchange dealers.
Reuters estimated that year-on-year, the external reserves were down by 20.65 % from $39.61 billion recorded a year ago.
However, analysts expect that national reserves will rise further.
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