EXTERNAL RESERVES RECORD LOWEST WEEKLY DECLINE IN FOUR MONTHS

The weekly depletion of the nation’s external reserves slowed down last week to the lowest in four months. 

Data by the CBN showed that the external reserve fell to $41.756 billion last week Thursday from $41.946 billion previous week Thursday, translating to week-on-week (w/w) decline of $190 million. 

The $190 million w/w decline, however, represents the lowest in four months, specifically since July 5 when the reserves peaked at $47.798 billion. 

This represents 52 percent decline when compared with the w/w decline of $397 million recorded the previous week. 

It also represents 50 percent and 67 percent decline when compared with average weekly decline of $383.25 million and $577.5 million in September and October respectively.


(Vanguard)