It was earlier reported  last  year that Nigeria’s external reserve received a boost of $5.15 billion in 2021, bolstered by the $4 billion Eurobond secured by the federal government in September 2021 and the $3.35 billion IMF facility under the Special Drawing Rights.

The nation’s foreign reserve had gained $5.99 billion in October, however, in November, the reserve lost $611.01 million in value as against the previous month’s gain and a $2.76 million gain in September 2021. In December 2021, the reserve dipped by $66.17 million, putting the annual gain at $5.15 billion.

The  foreign exchange reserve  lately recorded a $481.4 million decline in the month of January 2022 to close at $40.04 billion, following the $66.17 million decline recorded in the previous month.

This is according to data obtained from the Central Bank of Nigeria (CBN). Notably, foreign reserve fell by 1.2% in January 2022 compared to $40.52 billion recorded as of 31st December 2021.

The decline in the country’s external reserve can be attributed to the continuous intervention by the Central Bank in the FX market to ensure stability of the currency. According to data from the CBN statistical bulletin for Q3 2021, the apex bank supplied a sum of $8.97 billion in the FX market through the I&E, SME, and invisible.