Nigeria’s foreign reserves fell $3.43 billion in 2022, according to figures obtained from the Central Bank of Nigeria.

The CBN revealed in its movement on the figures of external reserves that the reserves that amounted to $40,520 million at the end of December 31, 2021, ended on December 29, 2022 at $37,090 million.

At the last CBN Monetary Policy Committee meeting in November, CBN Governor Godwin Emefiele said: “The committee noted the decline in the external reserve position as gross external reserves declined by 1.34 percent at the end of October 2022 to $36.87 billion, from $37.39 billion at the end of September 2022.

“With signs of lower crude oil prices in the futures market, members urged the Bank to maintain its current policies to boost non-oil exports to shore up foreign reserves.”

A member of the MPC, Robert Asogwa, said: “However, the recent fall in external reserves is linked to the decline in oil exports, even at a time of higher oil prices.

“Interestingly, the publicized reduction in oil thefts in the Niger Delta and rising prospects for rising remittances from abroad would likely boost gross foreign reserves a lot in early 2023.”

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without the prior written permission of PUNCH.

Contact: [email protected]