By Louis AchiĀ
Data from the Central Bank of Nigeria (CBN) has revealed that the country’s foreign reserves fell by $841.75 million between July and September, 2023.
The CBN revealed this in its report on the movement of external reserves, stating that the reserves, which stood at $34.07bn as of July 7, 2023, fell to $33.23bn as of October 5, 2023.
External reserves fell by $2.85 billion in the first half of 2023 due to external debt finance among other challenges, figures obtained from the CBN showed.
The CBN had earlier revealed that the reserves which commenced January 3, 2023, at $37.07 billion fell to $34.22 billion as of the end of June 26, 2023.
According to personal statements released by CBN’s Monetary Policy Committee members, as of July, accretion to external reserves remained weak while foreign exchange demand pressures persisted.
Former acting Governor, CBN, Folashodun Shonubi, had stated that, āEventual stability of the foreign exchange market over the medium-term, will further help to achieve price stability.
āBesides, 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.ā
