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Nigeria’s dollar reserves plunge despite $77 oil price

Monday, July 05, 2021

Nigeria’s dollar reserves keep going down south, despite the increase in the international price of crude.

Published graph by the Central Bank of Nigeria best illustrated the fate of the country. The graph sharply cascaded downwards.

From $34.9 billion on 29 April, the reserve fell to $33.3 billion on 30 June.

Compared with 2017 level, the foreign reserve has fallen by $2.1 billion.

Nigeria had closed 2020 with $35.37 billion.

Current figures showed a decline of about 5.8% decline in six months, despite the rising prices of crude, Nigeria’s main foreign exchange earner.

The CBN quoted $77 as crude price as as last Friday.

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