There is no holding back the free fall of Nigeria’s foreign reserves which assumed alarming proportion with a total drop of $257 million in the first two business days of February, signalling that the days ahead could be worse.

According to the Central Bank Of Nigeria (CBN) statistics, Nigeria’s foreign reserves which stood at $434,280,682,292 on January 30, plummeted to $34,023,334,698 at the close of business on February 3, reflecting a fall of about 91 per cent during the period.

The unrestrained downward movement of the country’s reserves has been a major cause for concern in recent times.

Nigeria’s foreign reserves which showed signs of improvement earlier in January, later took a bashing, dropping by a total of $44 million during the month.

However, before then, the nation’s reserves had swelled from $34.491 billion in January 12 to $34.508 billion, $34.510 billion the following day.

Earlier in January this year, Nigeria’s foreign reserves, in a dramatic turn of event, rose by $44.7 million, the first in more than three months.

The country’s reserves which stood at $34.468 billion at the end of December 2014 increased to $34.513 billion as at January 6, this year.

This was not the first time Nigeria’s foreign exchange had risen this year, as it stood at $34.493 billion after increasing by $23 million from the end of year’s level.

However, last year, the country’s foreign reserves fell by a total of $2.186 billion as at December.

The nation’s foreign reserves which stood at $36,682,393,745 in December 1, had declined to $34,495,665,567 as at December 30, 2014.

A fortnight earlier, the nation’s foreign reserves fell by $500 million, as it tumbled from $35,740,495,640 in December 11, to $35,196,352,296 in December 18.

This came on the heels of the devaluation of the Naira by eight per cent by the apex bank which had been defending the currency, using the nation’s reserves.

From Daily Independent

*photo shows Jonathan

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