Nigeria’s foreign exchange reserves have dropped to a five-month low of forty-three-point-six-seven billion dollars, putting the country at a loss of one-point-two-three billion dollars in twenty-nine days.
The latest data obtained from the Central Bank of Nigeria, CBN showed the external reserves, which rose to a high of forty-five-point-one-eight billion dollars on June ten, 2019 from forty-three-point-one-seven billion dollars on January first, 2019 dropped to forty-four-point-nine-zero billion dollars on July thirty-first.
The CBN which has the management of the country’s Forex reserves as one of its core mandates stated that as of August twenty-nine, the reserves stood at forty-three-point-six-seven billion dollars, the lowest level it has been since March twenty-two, 2019.
The central bank receives foreign exchange inflows from crude oil sales and other sources of revenue on behalf of the Federal Government. These inflows are then purchased by the CBN and its naira equivalent credited to the account of the federation.
Meanwhile, as part of efforts to conserve the nation’s foreign reserves, the CBN recently moved to intensify restrictions on Forex access for imports that were imposed in 2015.
The apex bank in July disclosed that it had restricted the sale of Forex for the importation of milk. Also in August, President Muhammadu Buhari gave directives to the CBN to stop providing Forex for importation of food into the country.