CEM REPORT, FINANCE | Nigeria’s External reserve currently stands at 33.116 billion dollars as at 8th of February, 2024 according to the data obtained from the Central Bank of Nigeria
The external reserve peaked at 33.374 billion dollars as shown by the data on January 29 when compared to the 32.786 billion dollars it recorded on December 20, 2023 which represents an addition of 588.630 million dollars within 3 weeks.
Between January 29 and February 8, the nation’s external reserve has lost the sum of 258.216 million dollars.
Nigeria’s external reserves has remained within the threshold of 33 billion and 32 billion dollars since September 2023 when it fell from 34.039 billion dollars, the figure as at September 14, 2023. Prior to this reduction, the figure recorded its all-time high in January 2023 when it stood at 37.200 billion dollars.
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This period coincided with the period when oil prices stayed above 80 dollars per barrel and the naira exchanged below N1,000 per dollar. While crude oil sells at the same price range this period, the high exchange rate against the dollar continues to weigh heavily on the reserve.
Today, while the Central Bank of Nigeria exchange 1,515.592 Naira to 1 dollar, alternative market exchange 1,546 Naira to the dollar.
