External reserves fall by $196m in eight days

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 non-oil sector to reduce impact of volatile oil price on the country’s reserves.

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