External reserves drop by $180m in two weeks

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Nigeria’s external reserves have dropped by $180m since the beginning of July 2021.

The latest figures from the Central Bank of Nigeria (CBM) showed that the reserves, which stood at $33.28bn on July 1, dropped to $33.09bn as of July 12 before gaining slightly to rise to $33.1bn on July 15.

In June 2021, the reserves lost $905.5m after falling to $33.32bn on June 30, 2021, from $34.23bn it was on May 31, 2021.

The country’s reserves are largely from its foreign exchange from crude oil sales.

The CBN report at the end of its Monetary Policy Committee (MPC) meeting showed that the share of fossil fuels was set to decline from the current 85 per cent of total primary energy demand in 2018 to between 20 and 65 per cent by 2050.

It said as such, crude oil demand was forecast to decline, led by the evolution of electric, hydrogen and biofuel-powered means of transport.

It stressed the need to diversify the Nigerian economy.

It said in addition to adopting new technologies that supported the agenda of the green economy, Nigeria’s developmental objectives should also focus on encouraging non-oil export promotion to improve the country’s trade balance and increase the accretion to external reserves.

TNA Niyi-Akinmade

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