Finance & Economy

External reserve Plunges

Nigeria’s external reserve plunged further by $26 million on Thursday, 20th May 2021, to close at $34.352 billion. The nation’s foreign reserve declined from $34.379 billion recorded as of Wednesday, 19th May 2021 to $34.352 billion on Thursday, representing a 0.08% drop. Nigeria’s foreign reserve has dipped by $902.1 million since 16th April 2021 when the decline started, while year-to-date, the country’s reserve has dipped by about $1.021 billion. The decline in external reserve continues despite recent increases recorded in the crude oil market and the various policies by the apex bank aimed at boosting dollar inflow and remittances into the country.The decline could be attributed to reports of a drop in crude oil exports from the country which has been exacerbated by the decline in crude oil import by India, the biggest buyer of Nigeria’s crude oil and a nation still heavily hit by the Covid-19 pandemic

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