Central Bank of Nigeria’s reserves data shows that the country’s external reserves have dropped by $1.51 billion within 45 days.
The data was analysed based on the movement of the country’s external reserves between January 6 to February 18, 2020, as contained in the CBN data on the ‘movement in reserves’
According to the data, Nigeria’s reserves as of January 1, 2020, were $38,366,096,032 billion, while the external reserves as of February 18, 2020, had dropped to $36,852,999,825 billion.
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The $1.51 billion drop represents a 3.9% decline in the figure contained in the CBN data, from January 6 to 18 February 2020.
In February alone, the external reserves fell ,by $1.03 billion (2.7% drop), in a 12-day period from $37,878,679,405 on February 6 and $36,852,999,825 on February 18, 2020.
Meanwhile, the country’s debt would hit over N27trillion ($87.6 billion) after the World Bank approved federal government’s $2.2 billion loan request.
According to the Debt Management Office (DMO), Nigeria’s foreign debt is $26.9 billion, while domestic debt is $58.4 billion.
The website had earlier reported that the Chief Executive Officer of Economic Associates, Ayo Teriba, said that the country’s increasing debt profile was alarming and would tell on the country’s economy.
Teriba, however, urged the government to securitise its 49% equities in the Nigerian LNG Ltd. and other shares it has in its Oil Joint Ventures, as the country could raise over $50 billion to save the economy and ease the pressure of devaluing the Naira due to the fall in the country’s reserves.
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