By Ngozi Onyeakusi — The Central Bank of Nigeria has disclosed that the nation’s foreign reserves has recorded depreciation by $1.76bn or 96 per cent in September to $41.85bn, from the $43.61bn at the beginning of the month.
According to the apex Bank, the foreign reserves dropped significantly in September despite the global oil prices closing stronger at $61.09 per barrel.
Organisation of Petroleum Exporting Countries basket of 14 crudes, noted that the global oil prices were between $58.76 and $65.30 per barrel. The foreign exchange buffer in nine months depreciated by $1.26bn from $43.12bn to $41.85bn as of September 30, 2019. Further findings revealed that the nation’s foreign reserves reached the $45bn mark in June when the global oil prices were around $70-$61 per barrel. The CBN’s Monetary Policy Committee at the last meeting noted the unstable oil prices, lamenting its implications on the accretion of foreign reserves.