Nigeria’s foreign reserves continued their decline in March, losing $178m in March, data obtained from the Central Bank of Nigeria showed on Thursday.
The reserves which stood at $34.99bn as of the end of March 1, dropped to $34.82bn as of the end of March 31.
In February, the reserves dropped by $1.1bn, after falling from $36.19bn as of February 1 to $35.09bn as of February 26.
According to the fourth quarter economic report of the CBN, the performance of the external sector improved in Q4, 2020 despite the challenges of sluggish global recovery, weakened global demand, soaring the second wave of the COVID-19 pandemic and tense political environment in the United States.
It stated that an estimated overall balance of payments surplus of $0.79bn was recorded in the fourth quarter of 2020, from the $0.14bn recorded in the third quarter of 2020.
Meanwhile, the naira exchanged to a dollar for N485 at the parallel market on Thursday.
At the Investors and Exporters forex window, the naira improved slightly from its performance in recent weeks.
It hit a high of N413/$ to close at N409.30/$, Checkout Magazine learnt.
