Despite recent clarification by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, numbers from the CBN has revealed a concerning trend in the country’s external reserves, which have continued to decline, reaching a new low of $32.1 billion as of April 18, 2024.This marks a significant decrease from previous levels, with the reserves standing at $32.29 billion on April 15, $32.20 billion on April 16, and $32.12 billion on April 17 before hitting the new low.

Analysis of CBN data indicates that the last time reserves reached such levels was on September 29, 2017, when it stood at $32.49 billion.Speaking at the just concluded IMF/World Bank spring meetings in Washington DC, United States, Cardoso, addressed concerns over the drop in reserves, attributing it to typical fluctuations related to debt obligations and incoming funds.