External reserves fall to $37.1bn

 

A new report from the Central Bank of Nigeria has shown that the nation’s external reserves have fallen to $37.1bn.

The report, posted on the central bank’s website, showed that the reserves depleted by $2bn within one month. Specifically, the foreign reserves depleted from $39.1bn as of October 21 to $37.1bn on November 21, 2014.

The external reserves have been falling fast again, no thanks to the falling oil price and high demand for dollars from portfolio investors.

It had fallen by $1.6bn within three weeks, dropping from $39.5bn on October 14 to $37.9bn as of November 7, 2014.

The CBN has been selling huge amount of dollars to prop up the value of the naira.