Nigeria External Reserve recorded a decline of 4.93% in April 2020 from $35.16 billion recorded in March 2020 to $33.43 billion. The downtrend which started in June 2019 continued into the month of April, indicating an 11-month persistent decline of $11.32 billion about 25.2% reduction.
According to the Central Bank of Nigeria, foreign reserves are assets held on reserve by a monetary authority in foreign currencies. These reserves are used to back up liabilities and influence monetary policies. They include foreign banknotes, deposits, bonds, treasury bills, and other government securities.
A further look into the data shows a cyclical trend in foreign reserve, attaining a 20-year low of $5.79 billion in January 2000 and a 20-year high of $62.08 billion in September 2008.
Data Source: Nigeria Bureau Statistics
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