Nigeria’s xternal reserves down by $1.46bn between January and February ending -CBN data

Figures obtained from the Central Bank of Nigeria (CBN) have revealed that the country’s external reserves fell by $1.46 billion between January and February, 2023. The value stood at $36.67bn February 27, 2023.

According the CBN data, the figures which stood at $36.99 billion on January, 1, 2023, fell to $35.53 billion as of the end of March, 30, 2023.

At the last Monetary Policy Committee in Abuja in March, the Governor, CBN, attributed the decline in the external reserves to the fall in crude oil price.

“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 per cent, reflecting the downtrend in crude oil prices, as global uncertainties persist,” he said.

CBN data also revealed that Nigeria’s external reserves fell by $3.43 billion in 2022, from $40.52 billion as of the end of December 31, 2021, to $37.09 billion as of the end of December 29, 2022.

Earlier in 2022, the CBN launched a programme tagged ‘RT200 FX Programme’ to boost forex supply in the country through the non-oil sector in the next three to five years.

Emefiele, while unveiling the programme, said, the RT200 FX Programme was a set of policies, plans and programmes for non-oil exports that would enable Nigeria to attain $200bn in FX repatriation, exclusively from non-oil exports, over the next three to five years.

He said the programme’s five key anchors were value-adding exports facility; non-oil commodities expansion facility; non-oil FX rebate scheme; dedicated non-oil export terminal; and biannual non-oil export summit.