External reserves drop by N.7b

Nigeria’s total external reserves as at the close of business of September 30 stood at N4.142 billion.
This shows a decline of N.7302 billion when compared with the nation’s foreign reserve position of N4.8722 billion in August this year.
Financial experts attribute the decline in foreign reserve to the fall in export figures in the third quarters of this year.
According to Nigeria Port Authority Tin Can Port sources, the country’s export during the 2nd quarter of the year recorded 30,600 metric tonnes of assorted commodities as having left the country’s share while the figures plummeted to about 17,400 metric tonnes in the third quarter.
This shows a record decrease of 13,188 metric tonnes of 1.71% when compared with those of the second quarter (April – June).
Financial experts also attribute the fall in foreign reserve to the marginal increase in imports during the period of July to September.
Financial sources increased from 351,853 metric tonnes in the 2nd quarter of the year to 358,495 metric tonnes in the third quarter showing an increase of 6,642 metric tonnes or 1.88%.
A breakdown of the foreign reserve shows that assets in gold term were valued at N19,000 million. Convertible currencies in foreign government securities and balances with foreign banks were worth N4.1217 billion. The International Monetary Fund gold tranch component of the foreign reserve was scored at N3,830.
The Special Drawing Rights, SDR, of the country as at September was N1,390,827.
This brings the total foreign reserve to N4.142 billion for the month of September.
However, the federal government securities as at the date September 30 were valued at N15.07 billion while other securities were valued at N404,533,971.
Rediscounts and advances were valued at N2.261 billion. Other assets had a value tag of N6.308 billion bringing the total internal assets value of CBN holding to N24.043 billion.
Financial experts are worried about the continuous decline in the country’s foreign reserve position.
They fear that the present trend negate Nigerians are going through.