By Alphonsus E.W
Nigeria’s external reserves have dropped to $44.84bn, according to a latest Central Bank of Nigeria’s report.
The reserves, which fell to the $44bn mark on November 8, had hovered on $44.9bn until November 15 when it recorded $44.89bn.
It, however, dropped to $44.84bn on Monday.
The reserves had fallen to a 10-month low at $44.9bn on November 8.
The last time the reserves dropped to $44.9bn was on January 17, 2013.
According to the data, the reserves dropped steadily from $45.9bn on September 20 to the $44.9bn on November 8. This means the reserves fell by $1bn within seven weeks.
The external reserves had fallen to a nine-month low at $45.083bn on October 14, about $83m above the $44bn mark.
Analysts had predicted that the reserves would fall to $44bn before the end of October 2013.
However, the reserves recorded $45.2bn on October 31.
The reserves fell to the $45bn mark on September 20, and had hovered around the $45bn until November 8 when it dropped to the $44bn mark.
Between September 20 and October 9, the foreign reserves fell from $45.9bn to $45.1bn.
According to financial analysts, the CBN’s stance to keep defending the value of the naira from the reserves might further deplete the amount in the reserves.
The Federal Government had targeted $50bn reserves by the end of 2012.
But the reserves closed the year at $44.26bn on December 24, 2012, finishing $6bn below the government’s target.
Between May 2 and August 5, 2013, the foreign reserves dropped by $1.8bn from the peak of $48.85bn to $46.98bn.