Latest data released by the Central Bank of Nigeria (CBN) on Sunday has revealed a marginal increase of 0.16 percent or $58.464 million in the nation’s foreign reserves between August 29 and September 29.
The reserves which stood at $35.665 billion as of August 29, edged up to $35.724 billion as of September 29.
Recently, there has been irregular growth in the reserves as it had declined to $35.67 billion as of 1st September and again climbed to $35.81 billion as of 17th September.
Earlier, the reserves rose by $65m from $35.59bn as of August 20 to $35.66bn as of August 27.
The reserves had lost $278.91m from $35.87bn on July 29 to $35.59bn on August 19 before it upturned.
The apex bank had declared in its report on ‘Monetary, credit, foreign trade and exchange policy guidelines for fiscal years 2020/2021’ that external reserves were expected to stay between $29.9bn and $34.3bn by the end of this year.
“Sequel to the COVID-19 pandemic, the viability of the external sector in 2020 is expected to deteriorate, given the present worsening current account balance and depletion of external reserves driven, largely, by decelerating export receipts, particularly oil.
“Specifically, the degree of external reserves accumulation is expected to decelerate, as outflows are expected to outweigh inflows,” It said.