CBN says external reserves fell by $3.43bn in 2022
Figures obtained from the Central Bank of Nigeria said Nigeria’s external reserves fell by $3.43bn in 2022,.
The CBN disclosed in its movement on external reserves figures that the reserves which stood at $40.52bn as of the end of December 31, 2021, ended December 29, 2022, at $37.09bn
At the last Monetary Policy Committee meeting of the CBN in November, the Governor, of CBN, Godwin Emefiele, said, “The committee observed the decline in the external reserves position, as gross external reserves decreased by 1.34 per cent at end-October 2022 to $36.87bn, from $37.39bn at end-September 2022.
A member of the MPC, Robert Asogwa, said, “The recent drop in external reserves is, however, linked to the decline in oil exports even at a time of higher oil prices.
