CBN reveals external reserves drop by $317m in February

According to figures that were  obtained from the Central Bank of Nigeria, (CBN) it has been revealed that the nation’s external reserves dropped by $317 million in February.

Its latest data on the movement of external reserves indicated that the figure, which stood at $36.99 billion as of January 31, 2023, fell to $36.67 billion as of February 27, 2023.

It fell by $63.62 million from $37.08 billion at the end of December 30, 2022, CBN had said in January, after dropping from $40.52 billion as of December 31, 2021.

At the last Monetary Policy Committee (MPC) meeting in January, the Governor of CBN, Godwin Emefiele, said the committee noted the marginal decline in the external reserves in December.

He said, “This reflects the foreign exchange rate pressure accentuated by heightened demand and slow accretion to reserves.”