NIGERIAN FOREIGN RESERVE FIGURE NO MORE FOR DAILY PUBLIC CONSUMPTION?

For three days now, Henates has visited the site of the Central Bank Of Nigeria for daily updates on Nigeria's foreign reserves without success.

The figures are stuck at May 21 2018 when interestingly the reserves dropped once again. 

It eased by 0.09% or $45.4m to $47754.41m from $47799.65m it clocked on Friday May 18, when it recovered a second time from two consecutive days of decline on May 15 and 16.

Like Henates pointed then, the May 15 decline by 0.01% to $47787.08m from $47793m was historic because it marked the first in months of daily increase on the back of rising crude oil prices, mainly.

This had been followed by another decline on May 16 before two days of recovery on May 17 and 18.

Hence the May 21 resumed decline punctuates hopes that the new upwards movement will be sustained since crude oil prices continue to rise.

Thus, it was important to be on the look out for what follows next: Will it continue to decline or simply just rally once again.

However, we visited on May 22; then May 23 and twice on May 24 without success. The last published figure remained that for May 21, 2018 all through and our last visit was by 6.45 pm Nigerian time May 24, 2018.

It will be recalled too that when the historic May 15 drop occurred, May 16 figure did not follow immediately, it surfaced alongsige May 17 that finally showed a rally.

Can it then be that no figures have so far been published for May 22, 23 and perhaps even 24 because the May 21 renewed decline is yet to reverse? Or perhaps, because there will be  no more daily figures for Nigerian reserves till further notice?

Curiously though, through the rallies and renewed drops in gross foreign reserve, the portion of the reserves blocked and so not available for trade payments, continued to rise.

It stood at $732.97m by May 21 2018 after climbing daily from $729.15m on May 15, the first day of decline in recent times.

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