According to information collected from the Central Bank of Nigeria, between January and March, the nation’s foreign reserves decreased by $1.46 billion. The reserves stood at $36.67 billion as of February 27, 2023.
According to statistics on the movement of foreign reserves released by the CBN on Sunday, the reserves declined from $36.99 billion at the end of January 1, 2023, to $35.53 billion at the end of March 30, 2023.
The Governor of the Central Bank of Nigeria (CBN) blamed the loss in foreign reserves on the decline in crude oil price during the most recent Monetary Policy Committee in Abuja in March.
Nonetheless, the committee took notice of the slight reduction in the level of gross external reserves, which fell by 0.7% to $36.13 billion in February 2023 from $36.4 billion in January 2023.