Nigeria’s standing external reserve falls by $841m in 3 months

Nigeria’s external reserve fell by $841.75 million between July and September, 2023

Figures obtained from the Central Bank of Nigeria CBN report on the movement of external reserve, shows that the reserves, stood at $34.07bn as of July 7, 2023, but fell to $33.23bn as of October 5, 2023.

External reserves fell by $2.85bn in the first half of 2023 due to external debt finance among other challenges.

The CBN had earlier revealed that the reserves which commenced January 3, 2023, at $37.07bn fell to $34.22bn as of the end of June 26, 2023.

Also a statements released by the CBN Monetary Policy Committee members, says as of July, accretion to external reserves remained weak while foreign exchange demand pressures persisted.

Former acting Governor, CBN, Folashodun Shonubi, had stated that, “Eventual stability of the foreign exchange market over the medium-term, will further help to achieve price stability.

“Besides, the recent removal of subsidy could have a favourable effect on price stability as increased crude oil receipts by the government will bolster reserves, engender exchange rate stability, and help to moderate inflation.”