Nigeria’s External Reserves Depreciate by $1.37bn
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Nigeria’ s external reserves have depreciated by $1.37billion or 3.37 per cent in the first six months of the year.
It stood at $39.16billion as at June 30 from $40.52 billion in 2021, according to data obtained from the Central Bank of Nigeria (CBN) daily reserves’ movement, according to Thisday Newspaper report.
Date from CBN showed that it remained flat at $38billion in June and eventually closed at $39.16billion on June 30, 2022.
Experts explain that foreign reserves are assets held on reserve by a monetary authority in foreign currencies.
According to the experts, “these reserves are used to back up liabilities and influence monetary policies. They include foreign banknotes, deposits, bonds, treasury bills, and other government securities”.
It stood at $39.16billion as at June 30 from $40.52 billion in 2021, according to data obtained from the Central Bank of Nigeria (CBN) daily reserves’ movement, according to Thisday Newspaper report.
Date from CBN showed that it remained flat at $38billion in June and eventually closed at $39.16billion on June 30, 2022.
Experts explain that foreign reserves are assets held on reserve by a monetary authority in foreign currencies.
According to the experts, “these reserves are used to back up liabilities and influence monetary policies. They include foreign banknotes, deposits, bonds, treasury bills, and other government securities”.
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