Despite the Central Bank of Nigeria (CBN)’s attempts to steady the value of the naira, Nigeria’s foreign exchange reserves has dropped by around $2.16 billion in just 29 days.
The CBN’s current statistics show that the foreign exchange reserves have decreased to $32.29 billion as of April 15, 2024, from $34.45 billion on March 18, 2024.
The reserves have demonstrated a persistent decline, losing roughly $2.16 billion between March 18, 2024, when they reached a high of $34.45 billion, and April 15, 2024, when they reached a notable low of $32.29 billion.
The amount was $33.57 billion at the beginning of the month and decreased over time, hitting $33.43 billion by April 4. With the amounts at $33.04 billion on April 8, $32.61 billion on April 12, and $32.29 billion on April 15, the decline of reserves continued.
The CBN’s aggressive interventions in the foreign exchange market to strengthen the naira caused the reserve’s earlier loss of almost $1.02 billion in 18 days.
The foreign exchange reserves fell to their lowest point since $32.28 billion on September 25, 2017.
This declining trend highlights the ongoing financial hardship experienced by the central bank as it works to keep the value of the naira stable in the face of challenging economic circumstances.
