Nigeria: External Reserves Fall by $63.62m

By Joshua Samuel According to the latest numbers from the Central Bank of Nigeria, or CBN, foreign exchange reserves decreased by $63.62 million in January. In its statistics on the movement of foreign reserves, the CBN stated that the external reserves, which stood at $37.08 billion at the end of December 30, 2022, decreased to $37.01 billion at the end of January 30, 2023. Nigeria's foreign reserves dropped from $40.52 billion at the end of December 31, 2021, to $3.43 billion in 2022. Prior to this, Cordros Securities reported in January that the nation has continued to exclude international investors through policy at the expense of foreign earnings. Before the Covid-19 epidemic phase, "CBN's FX supply to the foreign currency market segments remained significantly below. As market participants continue to seek out foreign exchange to pay for and settle their outstanding commitments, the demand for the dollar has grown in the meantime, according to the research.