External reserves down $3.22 billion in 2016-CBN

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The nation’s external reserves closed last year with a total balance of $25.84 billion 30 December showing a decline of $3.22 billion compared with $29.06 billion it stood as at December 31, 2015.

The figure from the Central Bank of Nigeria (CBN) indicates a 12.7 per cent decline year on year (y/y), but increased by 4.2 per cent month-on-month, up from $24.69 billion on November 28 to $25.781, due to a slight recovery in global oil prices.

Despite demand pressure, the nation’s external reserves and the volume of money or other assets held by the apex bank recorded an increase of $642 million in one month, after weeks of consistent and gradual gains.

These are in spite of a US$2.3 billion decline in average inflows of foreign exchange into the CBN every month over the last 26 months as revealed by the apex bank governor, Mr Godwin Emefiele.

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