According to data from the Central Bank of Nigeria, CBN, Nigeria’s external reserves fell by $1.46 billion between January and March.
According to the figures shown by the apex bank, Nigeria’s reserves ended February 27, 2023, at $36.67 billion.
Figures obtained from the CBN’s data on the movement of external reserves on Sunday, April 2, 2023, showed that the reserves, which stood at $36.99 billion as of the end of January 1, 2023, fell to $35.53 billion at the end of March 30, 2023.
Godwin Emefiele, the governor of CBN, at the end of last Month’s Monetary Policy Committee Meeting in Abuja, had attributed the decline in external reserves to the fall in crude oil prices globally.
“The committee, however, noted the marginal decline in the level of gross external reserves to $36.13 billion in February 2023, from $36.4 billion in January 2023, a decrease of 0.7 percent which is a reflection of the downtrend in crude oil prices, as global uncertainties persist,” he said.
Nigeria’s external reserves declined by $3.43 billion in 2022, from $40.52 billion as of December 31, 2021, to $37.09 billion as of the end of December 29, 2022, according to CBN’s data.
External or international reserves are external assets readily available to and controlled by a country’s monetary authorities.
Source: Daily Post
