ENUGU, Nigeria (VOICE OF NAIJA)- Between July and September, the Nigeria’s external reserves fell by $841.75m, according to figures obtained from the Central Bank of Nigeria revealed.
The apex bank revealed in its report on the movement of external reserves that the reserves, which stood at $34.07bn as of 7 July, 2023, fell to $33.23bn as of 5 October, 2023.
Due to external debt finance among other challenges, figures obtained from the CBN showed, the external reserves fell by $2.85bn in the first half of 2023 due.
READ ALSO: In 8 Years, I Will Shoot GDP To $1trn – New CBN Gov Cardoso Pledges
Earlier, the CBN has revealed that the reserves which commenced 3 January, 2023, at $37.07bn fell to $34.22bn as of the end of 26 June, 2023.
According to a statements released by the CBN by Monetary Policy Committee members, as of July, accretion to external reserves remained weak while foreign exchange demand pressures persisted, Channels TV reports.
Former acting Governor, CBN, Folashodun Shonubi, said, “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.”