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Foreign debt accounts for more than 95% of Nigeria’s external reserves after falling behind $35 billion mark due to lack of external inflows arising from weak foreign investors sentiment analysts said in a report. While foreign debts level has increased further as a result of pandemic-induced fiscal stress, the Nigerian external reserve has plunged strongly to $34.7 billion as of May 2021 compared with $33.348 billion external debts. Tumbling gross foreign reserve has however weakened the Nigerian central bank market intervention amidst scarcity of foreign currencies inflow into the economy. Analysts told MarketForces Africa that CBN’s weekly intervention in the foreign exchange market has dropped, even after the economic lockdown has been lifted.

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