Notwithstanding the surge in oil price between January 22 and February 22, Nigerian foreign reserve has depreciated to $1.19billion.
The reserve rose to $36.5 billion on January 25, 2021 and fell to $35.3 billion on February 22, 2021.
This means that the reserves recorded a 3.27 percent fall within the period under review.
Before the reserve fell, it had rose to $36.5 billion from $35.4 billion at the start of the new year. The surge followed an upward trend in the reserve figures – a pattern that began mid December 2020 – buoyed by a steady rise in oil prices in the international market.
However, the main cause of the decrement is yet unknown at a time of upward change in crude oil prices; although similar declines in the past were attributed to the intervention of the Apex bank to stabilize the exchange rate.
Efforts to reach the Central Bank of Nigeria’s spokesperson Osita Nwasiniobi on Wednesday was unsuccessful, as his contact details failed to connect.
Last week, crude oil rose to its highest in 13 months due to increase intention in the middle east, and the easing of lockdown in the United States.
Brent crude was up 1.6 percent to $63.45 a barrel at 8:06 GMT, after climbing to a session high of $63.78, the highest since Jan 22, 2020.
Lolo Ijeoma Njoku reporting, Obinwannem News
