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Nigeria’s external reserves fell slightly by $196m in eight days to $39.62bn as of April 28, according to figures obtained from the Central Bank of Nigeria.

todayMay 5, 2022 15

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Nigeria’s external reserves fell slightly by $196m in eight days to $39.62bn as of April 28, according to figures obtained from the Central Bank of Nigeria.

The CBN revealed that the reserves, which had earlier gained $243.83m in 19 days from $39.54bn as of April 1, 2022 and rose to $39.78bn as of April 19, 2022, returned to a downward path.

The external reserves fell by $313m in March, after starting the month at $39.86bn, before falling to $39.55bn on March 30.

The Bankers’ Committee has expressed the need for the country to boost revenue from the non-oil sector to reduce impact of volatile oil price on the country’s reserves.

Earlier, the Governor, Central Bank of Nigeria, Godwin Emefiele, and the Bankers’ Committee had launched a programme to boost forex supply in the country through the non-oil sector in the next three to five years.

Written by: EaglesFM

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todayMay 5, 2022 20

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