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By Ibrahim Apekhade Yusuf The strength of Nigeria’s external reserves may have further weakened as it plunged to $35.633 billion despite strong run of oil price, with the country shedding $565 million. Lamentably, the country’s external reserves not nosedived but also queued behind Egypt, South Africa, Ghana in reserves per capita. For two weeks, the external reserves fell from $36.198 billion reported on February 1, 2020, to $35.633 billion as of February 15, plunging beyond the $36.34 billion of January 26, which was when the decline started. From available figures from the Central Bank of Nigeria (CBN), the country’s external reserves had begun the year at $35.65 billion, appreciating to $36.52 billion as of January 25, 2020.

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