The gross component gained $83.3 million between July 12 and July 19 to close at $33.17 billion while the liquid part climbed from 32.85 billion to 32.92 billion.
While falling external reserves are seen as a falling knife for any economy, especially a highly import-dependent, the Chief Consultant of B. Adedipe Associates Limited, Biodun Adedipe, said Nigeria faces a major crisis any time its reserve falls below the estimated value of its six-month imports. David Adonri, an investment expert and economist, warned that Nigeria, like every other import-dependent country, needed a supportive foreign reserve to meet its needs.
The country’s reserves have been affected by its weakened foreign earning capacity and rising import bills. In Q1, the country’s total imports rose to about 70 per cent of its total external trade, which was N9.8 trillion.Its trade balance had been relatively good and positive until 2019 when the exports began to nosedive in relation to rising imports, increasing the pressure on the naira.
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