External reserves gained $5.12bn in 2021

 External reserves gained $5.12bn in 2021

According to the data obtained from the Central Bank of Nigeria, the country’s external reserves rose by $5.12bn in 2021.

CBN revealed that the reserves, which ended December 2020 at $35.37bn, rose to $40.53bn as of December 30, 2021.

The data showed that the external reserves, which fluctuated during the period under review, received boosts from Eurobond inflow and the International Monetary Fund’s Special Drawing Right.

The Governor, CBN, Godwin Emefiele, had recently said, “Our external reserves rose to over $41.5bn in October 2021, supported by demand management measures, the Eurobond inflow of $4bn and the IMF’s SDR.”

The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.

The CBN also revealed in its August month report that “aggregate foreign exchange inflow into the economy increased by 48.2 per cent to $9.85bn in August, relative to the $6.98bn in July.

“The increase reflected higher inflow through the CBN, due to the additional SDR allocation of $3.34bn from the IMF.”

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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