Nigeria’s foreign exchange reserve has fallen to $27.499 billion, its worst showing this year.
Figures published by Central Bank of Nigeria showed the reserve standing at $27,858,054,241 at the beginning of April. But in 12 days, it rapidly collapsed to $27,499,002,593.
It is suspected that the close to $400 million gap must have been used to import petrol, to ease shortages that have seized the country since late February.
The reserves closed 2015 with $29,069,779,152. But in the first balance of the year published on 4 January, it fell to $28,978,207,412. And it kept falling needing the CBN to slam restrictions on foreign exchange and igniting a run on the Naira in the parallel market.
The Naira now exchanges for N320 in the unofficial market more than 60 per cent higher than the official rate.
Hope had arisen on 21 March when the reserve climbed to $27,888,285,805, its highest level since January. Since then, the figures have kept moving southwards.