Nigeria’s external reserves fell by $610 million in November 2021, figures obtained from the Central Bank of Nigeria on Thursday revealed.
The reserves dropped to N$41.22 billion as of November 29 from $41.83 billion on October 29. The CBN also disclosed that at the present level, the external reserves could meet the country’s nine-month import demand.
Figures obtained from the apex bank showed that the reserves, which had gained $5 billion in October, returned to a downward path in November.
The reserves increased from $36.78 billion on September 30 to $41.83 billion as of October 29. The Governor, CBN, Godwin Emefiele, said at the Chartered Institute of Bankers of Nigeria’s dinner in Lagos:
“Supported by our demand management policy, in addition to support from the successful issuance of the $4 billion Eurobond and the IMF SDR, our external reserves today stands at over $41.4 billion, which is enough to support nine months of imports” he said.
According to him, “this is not just a morale booster for both foreign direct and portfolio investors willing to invest in the economy, but it provides significant fire power to support our domestic industries that need to import critical machines and equipment for domestic production and exports.”