Nigeria’s external reserve fell by $1.37billion or 3.37 per cent in the first quarter of 2022 to $39.16billion as of June 30 from the $40.52 billion it closed in 2021.
This is contained in the Central Bank of Nigeria’s daily reserve movement data.
The foreign exchange buffer of the CBN in January was hovering at an average of $40 billion and later slide to $39 billion in three months (February- April) consecutive before reaching $38 billion in May 2022.
The CBN data revealed that it remained flat at $38billion in June and eventually closed at $39.16billion on June 30, 2022.
In January, the external reserves dropped by $481.4million or 1.19per cent to $40.04billion, while in February, they declined by $121.4million or 0.30 per cent to $39.86billion.
The external reserves in March were down by $317.8 million or 0.79 per cent to $39.55 billion and in April, the external reserves gained $41.5million or 0.1 per cent to $39.58 billion from $39.54 billion it commenced the month under review.
In June 2022, the external reserves were down by $943.07million or 2.39 per cent to $38.48billion, the highest decline in 2022, and eventually appreciated by $674.4million or 1.75 per cent to close at $39.16billion.
According to the CBN, the daily crude oil price in six months of 2022 appreciated by 70.3 per cent or $53.62 per barrel to $129.87 from $76.25 per barrel reported on December 31, 2021.
