Nigeria’s foreign exchange (FX) reserves have dipped by about $505.68 million (1.37%) in August 2024.
This is according to the latest data on the reserves from the Central Bank of Nigeria (CBN).
The marginal decline in the country’s external reserves coincided with the Nigerian government’s issuance of a $500 million domestic dollar bond, which is expected to provide much-needed support to the external reserves.
The CBN reported a reduction of $505.68 million, bringing the reserves down from $36.827 billion on August 1 to $36.321 billion by August 29, 2024.
Data from the CBN indicate a consistent decline throughout August, with a notable dip in the final week.
The reserves, which stood at $36.827 billion at the beginning of the month, gradually decreased as the weeks progressed.
By August 8th, the reserves had decreased to $36.848 billion, and by mid-month, they had further dropped to $36.529 billion on August 15th.
The decline continued steadily, reaching $36.444 billion by August 22nd and then $36.321 billion by the month’s end.
