Nigeria's foreign reserve falls by over $500m in just 6 days as CBN's battle to defend Naira's value

The latest data from the Central Bank of Nigeria shows that Nigeria's foreign reserve is at $33.39 billion as at Wednesday, September 6 2023.

This represents a $562.6 million drop when compared to $33.95 billion the reserves closed in the month of August.

The CBN gave the figures in its reserve management data released on its website and obtained by Legit.ng.

Further analysis of CBN figures shows that the $33.39 billion reserve as of Wednesday indicates that, since President Bola Tinubu came into power, the reserve has dropped by $1.85 billion.

When Tinubu assumed office, CBN reported that Nigeria's foreign reserve was at $35.25 billion on May 28, 2023.

The reserve in the coming days is also expected to go lower as CBN moves to clear outstanding dollar debts to banks.

Legit.ng, in an earlier report, revealed that Folashodun Shonubi, Acting Governor of the Central Bank of Nigeria, promised that the apex bank will repay banks all outstanding forward contract debts in the next one to two weeks.

While the CBN did not reveal the actual amount, a recent report by JP Morgan put the total amount of forward contract debt owed by the CBN at $6.84 billion, Punch reports.