The Central Bank of Nigeria (CBN) revealed on Wednesday that the country’s external reserves dropped by $523 million to $34.475 billion as of March 16.
The country’s external reserves was at $34.998 billion as of March 1, 2021.
The CBN’s report shows $1.1 billion was lost in February, after the reserves dropped from $36.19billion as of February 1, to $35.09 billionn as of February 26.
Recall that the apex bank had recently stated that the country’s external reserves at $35 billion was enough to finance the country’s seven months’ imports.
Also, when the reserves had experienced gains in the last quarter of 2020, the CBN disclosed that at $36.46 billion, it could finance 8.4 months of import of goods or 6.3 months of import of goods and services.
