External Reserves Drop to $32.66billion, Down 30% From February 2014

Latest data on the central bank website on Tuesday showed that reserves fell to $32,661,641,916 as at Feb. 16, down 1.2 percent from $33,041, 539,588 billion by Feb. 13. Foreign reserves have therefore fallen by 5.3 percent from a month ago. External reserves have also dropped by whopping 30% in under one year presenting a net decline of $14.2billion.

However, a further look at CBN’s data suggest the last time the CBN had foreign reserves below $33billion was as far back as December 2013 when it closed the month with $32.6billion.