Nigeria’s external reserves drops by $1.46bn in two months — CBN

The Central Bank of Nigeria on Monday report that the country’s external reserves dropped by $1.46bn between January and March

It was gathered that the reserves ended February 27, 2023 at $36.67bn.

According to the fiigures obtained from the CBN’s data on movement of external reserves on Sunday showed that the reserves, which stood at $36.99bn as of the end of January, 1, 2023, fell to $35.53bn 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 $36.13bn in February 2023, from $36.4bn in January 2023, a decrease of 0.7 per cent, reflecting the downtrend in crude oil prices, as global uncertainties persist,” he said.

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