CBN official reserves declined by US$280m to US$34.82bn in March 2021

CBN increases forex allocation to banks, assures liquidity for Invisibles

By FBNQuest Research     The Central Bank of Nigeria (CBN) data show that Nigeria’s gross official reserves declined by USD280m to USD34.82bn in March. In the name of accuracy, we should adjust this figure downwards to allow for the pipeline of delayed external payments, which the IMF estimated late last year at up to USD3bn and which the CBN has since indicated as substantially lower. We do not view the current level of reserves as a cause for alarm because of three areas where the CBN could reinforce its…

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