Latest data by the Central Bank of Nigeria (CBN) shows that the nation’s external reserves continued to decline, amidst the spirited defence of the Naira.
The reserves closed at $30.155 billion on March 17, according to the CBN website monitored on Thursday, representing a $1.2 billion or 3.83 per cent depletion month-to-date, compared with $31.356 billion at the end of February.
Further analysis also showed that on a month-on-month basis, the nation’s foreign exchange reserves fell by $2.393 billion or 7.35 per cent compared to its $32.548 billion closing figure on February 17.
So far, the reserves have dropped by $4.313 billion year-to-date, representing a decline of about 12.51 per cent from $34.468 billion reported at the end of 2014, as the price of crude at the international market continued to drop sharply.
Brent crude sold at $54.53 per barrel, slightly above the $53 benchmark adopted for the 2015 Appropriation Bill now before the National Assembly. The current price, however, represents a $3.01 drop from the $57.53 it changed hands on December 31, last year.
The CBN, as part of duty to ensure exchange rate stability, which is one of its core mandates, has continued its spirited defence of the Naira against the US$ and other global currencies.
