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Nigeria’s external reserve plunged further by $74.9 million

Nigeria’s external reserve plunged further by $74.9 million on Monday, 17th May 2021 to stand at $34.43 billion.

The nation’s foreign reserve declined from $34.51 billion recorded as of Friday, 14th May 2021 to $34.43 billion on Monday, representing a 0.22% decline.

Nigeria’s foreign reserve has dipped by $823.93 million since 16th April 2021 to date, while year-to-date, the country’s reserve has dipped by about $942.89 million.

The recurrent decline in external reserve continues despite the recent increases recorded in the crude oil market and the continued effort by the apex bank to increase dollar inflow into the country.

Notably, earlier in May, the Central Bank declared the indefinite continuation of the “Naira4dollar” scheme, which was originally set to end on 8th May 2021.

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