Nigerian Foreign Reserves Depreciates By $673.13m In Two Months

The Federal Government of Nigeria is facing major economic setback as its foreign reserves drop by six hundred and seventy-three million dollars in just two months.

According to the report gathered from the website of Central Bank of Nigeria reveals that the country’s external reserve stood at $35.89bn on June 28 from $36.57bn on June 1.

The apex bank also said the gross external reserves fell in the first quarter of 2020 to $33.69bn at the end of March 2020, indicating a net decrease of 11.6 per cent, compared with the level in the fourth quarter of 2019.

The external reserves position would cover 4.5 months of import of goods and services or 7.3 months of import of goods only, based on the estimated value of imports for the first quarter of 2020.

A breakdown of the external reserves by ownership showed that the share of federation reserves was $0.32bn (0.9 per cent); Federal Government reserves, $5.85bn (17.4 per cent); and the CBN reserves, $27.52bn (81.7 per cent) of the total figure.

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