External Reserves Drop to $44.84Bn- CBN

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By Alphonsus E.W

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Nigeria’s external reserves have dropped to $44.84bn, according to a latest Central Bank of Nigeria’s report.

The reserves, which fell to the $44bn mark on November 8, had hovered on $44.9bn until November 15 when it recorded $44.89bn.

It, however, dropped to $44.84bn on Monday.

The reserves had fallen to a 10-month low at $44.9bn on November 8.

The last time the reserves dropped to $44.9bn was on January 17, 2013.

According to the data, the reserves dropped steadily from $45.9bn on September 20 to the $44.9bn on November 8. This means the reserves fell by $1bn within seven weeks.

The external reserves had fallen to a nine-month low at $45.083bn on October 14, about $83m above the $44bn mark.

Analysts had predicted that the reserves would fall to $44bn before the end of October 2013.

However, the reserves recorded $45.2bn on October 31.

The reserves fell to the $45bn mark on September 20, and had hovered around the $45bn until November 8 when it dropped to the $44bn mark.

Between September 20 and October 9, the foreign reserves fell from $45.9bn to $45.1bn.

According to financial analysts, the CBN’s stance to keep defending the value of the naira from the reserves might further deplete the amount in the reserves.

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The Federal Government had targeted $50bn reserves by the end of 2012.

But the reserves closed the year at $44.26bn on December 24, 2012, finishing $6bn below the government’s target.

Between May 2 and August 5, 2013, the foreign reserves dropped by $1.8bn from the peak of $48.85bn to $46.98bn.