The drop was attributed to the lingering foreign exchange instability in the country.
According to the release, Nigeria’s external reserves stood at $ 32,912,429,900 as at December 29, 2023. The liquid portion was $ 32,185,371,731 while $727,058,169 was not available for use .
At the beginning of the last month of the year 2023, the external reserves figure was close to $33 billion at ($32,969,611,433) with $32,212,850,183 available for use while 756,761,250 was blocked. Nigeria’s foreign reserves stood at $33,004,054,737 as of November 30, 2023.
Foreign reserves are cash and other reserve assets such as gold held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and maintain confidence in financial markets.