Nigeria's external reserves have made a comeback on progressive path gaining $449.5m in one week, after 10 months of consistent downturn. The International Monetary Fund had stated that the sharp fall in international oil prices, together with reduced global demand for oil, was worsening Nigeria’s fiscal and external positions. The economy which remained highly reliant on foreign exchange proceeds and the recycling of petrodollars is expected to contract by about 3.4 per cent this year, a six percentage point drop compared to pre-COVID-19 projections.
