The institute seeks to intervene FG in the mass importation of polymers

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By Ashemiriogwa Emmanuel

For the second week, the foreign exchange reserves (FX) of Nigeria, Africa’s largest economy, declined last week and this time it was $ 192.1 million or 0.5%.

A week earlier, the country’s external reserves fell for the first time in eight weeks, precisely since August 2021 and last week the decline continued.

Data collected by Business post from the Central Bank of Nigeria (CBN) showed that the country’s dollar savings account plunged to $ 41.5 billion on Thursday, November 11, from $ 41.7 billion reported a week earlier.

On Thursday, November 4, foreign exchange reserves left in the country’s coffers stood at $ 41,726,778,269, after which they fell by $ 24.3 million to $ 41,702,436,750 the next day.

On the first trading day of last week, it fell further to 41,598,746,121, losing significantly around $ 103.6 million before falling back to 41,579,301,125 on Tuesday.

The losing streak persisted in midweek as it declined to $ 41,557,045,589, after which it finally settled down to $ 41,534,671,963 on Thursday, November 11.

Despite the recent performance of crude oil prices in the international market, which has a significant influence, the sustained weekly depreciation could mean subtle issues lurking around the ability of the umbrella bank to control the stability of the Naira in the market in the United States. official changes.

Meanwhile, despite the latest headwinds, CBN Governor Godwin Emiefele expressed confidence in the continued recovery of the economy.

Speaking earlier last week at the France-Nigeria Security and Economy Summit in Paris, Emiefele said the country’s external reserve would reach $ 42 billion in the middle of the crisis. next year.

“Nigeria’s external reserve is expected to exceed $ 42 billion by mid-2022. This is due to the sustained increase in the price of crude oil, the impact of the issuance of Eurobonds and the stability of the exchange rate, ”he said.

The CBN boss also acknowledged that the economy was not completely out of the COVID-19 strain and other structural challenges, but noted that the country had seen the worst with a brighter future.

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