Nigeria external reserves dropped again by $63.62m in January

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External reserves fell by $63.62 million in January, latest figures from the Central Bank of Nigeria, CBN, have revealed.

The CBN revealed in its data on the movement of foreign reserves that the external reserves, which ended December 30, 2022, at $37.08 billion, fell to $37.01 billion at the end of January 30, 2023.

Nigeria’s external reserves fell by $3.43 billion in 2022 after dropping from $40.52 billion at the end of December 31, 2021.

Earlier, Cordros Securities, in its January report, stated that the country, through its policy, has continued to sideline foreign investors at the expense of foreign earnings.

“CBN’s FX supply to the foreign exchange market segments remained significantly below before the Covid-19 pandemic period. Meanwhile, the demand for the greenback has increased as market players continue to source for FX to fulfil and clear their outstanding obligations,” the report said.