Nigeria’s external reserves fell by a whopping $520.22 million in five weeks, figures from the Central Bank of Nigeria (CBN) has revealed.
According to CBN’s data on movement in reserves, the figures which was $33.396 billion as of October 31, 2023, fell to $33.004 billion as of December 7, 2023.
CBN had earlier revealed that the reserves, which commenced January 3, 2023, at $37.07bn, fell to $33.237bn as of September 29, 2023.
Recall CBN Governor, Olayemi Cardoso recently said the continuous decline in Nigeria’s crude oil production had further weakened the already inadequate economic diversification.
He was speaking recently at the Chartered Institute of Bankers of Nigeria’s 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th anniversary in Lagos State.
Cardoso said that high inflation had affected asset quality and solvency ratios within the banking system.
