Nigeria’s foreign exchange reserves have decreased to $32.29 billion due to the Central Bank of Nigeria’s efforts to defend the Naira and declining crude oil revenue.
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Data from the CBN’s website shows that Nigeria’s FX has fallen by $2.16 billion in the last 29 days.
The country’s foreign exchange reserves were at $34.45 billion on March 18 but have now dropped to $32.29 billion on April 15, which is the lowest it has been since September 25, 2017.
In recent months, the Naira has appreciated against the Dollar due to sustained policy efforts by the CBN to defend the country’s currency.
The CBN had sold USD to the Bureau De Change operators at a benchmarked rate on two occasions, which closed the gap between the official and parallel market rates.
This led to a prolonged appreciation of the Naira against the Dollar in the FX market.
However, the Naira has recorded a marginal loss against the Dollar for the first time since March, as crude oil revenue declined in March.
Data from the Organization of Petroleum Exporting Countries shows that Nigeria’s crude oil production dropped to 1.23 million barrels per day in March from 1.32 bpd in February.
