The country’s external reserves fell by $1.46bn between January and March, figures obtained from the Central Bank of Nigeria have revealed.

The reserves ended February 27, 2023 at $36.67bn.

Figures 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.

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.

https://punchng.com/external-reserves-fall-by-1-46bn-in-two-months-cbn/

Okay . Testing the mike, I'd call this. Everyone will get served. When other oil exporting nations are benefiting from the increase in crude price per barrel and heaping up their reserves, Nigeria's reserves keep depleting with nothing to show for the excess crude prices. When prices dropped to as low as 40usd a barrel, we no gree hear word but now that they're enjoying the increase, they're keeping quiet.

I'd advise any futuristic youths who wish to japa in search of greener pastures or further studies to not hesitate to do that. Save money and go. Though it's though out there but it's much better than when you're home, placing your hope in this failed government. Time waits for nobody. Add 10 years to your present age and you'd understand better. The time to act is now.

The UK government released over 36k list of UK companies who wanted to hire skilled workers on Feb 4th. You could benefit from this. Always read to tap information. Dont always waste your data insulting people on NL People are already taking advantage of this. Google it, its online. Don't mind them when they say there's employment reserved for the youths somewhere. You and I know it's their usual lies. None of their children is here and those who are here are the ones benefiting from their political influences while they give you crumbs, if at all you see that crumbs. Our jagaban son got the contracts of all his father's campaign billboards nationwide. Where were those killing themselves over him, calling people unprintable names? Don't they deserve to be considered too? Enough said.

No way.. at this rate, na to just sell the country remain

Buhari is a clueless fool, for leaving Emefiele the most incompetent CBN governor in history to continue destroying naira and our economy.

You will never hear any good news coming out of Nigeria

Finish Nigeria already...APC is indeed evil party..keep blaming and looking for who is not with them to attack. Instead of focusing on good governance!!!

Onefornaija2:
Emefiele doesn't know his job

is Emefiele the President ?

Buhari APC is to be blamed not Emefiele

Hopefully the Universe will direct the Renewed Hope government to appoint the right people for any appoint-able position.

Nigeria needs to be salvaged with immediate alacrity for the sake of the youths.

Emefiele at it again.
Monetary policy application has its own disadvantages if applied too much.

SpartaOfLagos:
is Emefiele the President ?

Buhari APC is to be blamed not Emefiele

Emeifele is Incharge of monetary policies..

Despite his Naira redesign bullshit you Obidients bought, the Nigerian economy is still crashing.

This Emifiele is really not helping this country with his everyday clueless way...


Through out the Cash crunch policy Dollar no gri carry reverse of ordinary 20naira May 29 should just come make he leave that place the damage is enough....

All of you here acting all surprised and sophisticated...

No be ona dey vote Dem ?

Tinubu should perform or else they won't be a Nigeria after 2027

Okay thanks for the update

Honor10:
Buhari is a clueless fool, for leaving Emefiele the most incompetent CBN governor in history to continue destroying naira and our economy.

Buhari doesn't exist the earlier you know this the better . Buhari is a senile man that doesn't understand simple thing . He's been controlled and told what to do at any point in time . someone the driver scammed #10bn what do you expect.

Na this one be home n abroad, nothing gum me..
Funny enough, we are yet to experience someone even weaker than Buhari. The next 4years with one without health is going to be a long one.

Wow

Iamgrey5:
Emeifele is Incharge of monetary policies..

Despite his Naira redesign bullshit you Obidients bought, the Nigerian economy is still crashing.

Buhari is the problem here, if Nigeria were to be his personal business would he allow failure Emefiele to continue wrecking havoc he is doing

treesun:
Election things, no surprise. We need to get a strong system, our systems are too weak allowing all these evil people to steal our common wealth!

Let them steal jare. We are used to it. Election just finish, nothing changed and we still complaining, no be juju be that.

All this igbese na the marry go carry am for head,they will remove it one way or the other

Immediately after election and APC wins, expect $1 = N700+ and a liter of PMS will go up

The real suffering is coming

Reserves rising or falling is not the main issue...


The issues are; are those funds appropriately channeled into projects that would impact the lives of the majority of Nigerians or do they get to the real business people who can drive the economy out of the doldrums it presently finds itself...


a couple of years ago, PT did an investigative piece on how the so called 'rice revolution' is a sham despite this government claiming to have spent over N60b in agric loans & other amenities to farmers.

if funds are not properly allocated & monitored, Nigeria will keep threading water until he is consumed by the ocean of ineptitude & deceit...

Nigerians won't react to this that concerns their future but will be reacting to nonsense or anything thrown at obi

The lifeless disaster and emeFAILURE... What a CATASTROPHIC COMBO

Buhari is not good person at all

APC is like cancer destroying Nigeria with reckless abandone

inoki247:
This Emifiele is really not helping this country with his everyday clueless way...


Through out the Cash crunch policy Dollar no gri carry reverse of ordinary 20naira May 29 should just come make he leave that place the damage is enough....

But Buhari gave him second tenure

Eriokanmi:
Okay . Testing the mike, I'd call this. Everyone will get served. When other oil exporting nations are benefiting from the increase in crude price per barrel and heaping up their reserves, Nigeria's reserves keep depleting with nothing to show for the excess crude prices. When prices dropped to as low as 40usd a barrel, we no gree hear word but now that they're enjoying the increase, they're keeping quiet.

I'd advise any futuristic youths who wish to japa in search of greener pastures or further studies to not hesitate to do that. Save money and go. Though it's though out there but it's much better than when you're home, placing your hope in this failed government. Time waits for nobody. Add 10 years to your present age and you'd understand better. The time to act is now.

The UK government released over 36k list of UK companies who wanted to hire skilled workers on Feb 4th. You could benefit from this. Always read to tap information. Dont always waste your data insulting people on NL People are already taking advantage of this. Google it, its online. Don't mind them when they say there's employment reserved for the youths somewhere. You and I know it's their usual lies. None of their children is here and those who are here are the ones benefiting from their political influences while they give you crumbs, if at all you see that crumbs. Our jagaban son got the contracts of all his father's campaign billboards nationwide. Where were those killing themselves over him, calling people unprintable names? Don't they deserve to be considered too? Enough said.

Thanks for sharing.

If you have the time, pls could you get me link to the publication. I'm interested in japaing by any legit means.

Searching google is pretty exhausting with little real result.

Is CBN itself not part of the almost $2 billion scam on our external reserves?

Especially that thief called Emefiele

Buhari still bulldozing the finance of the Nigeria.