The Governor of the Central Bank of Nigeria, Godwin Emefiele, at the last Monetary Policy Committee meeting disclosed that Nigeria’s external reserves gained $242.83 million.
Driving the news
Nigeria’s foreign reserve rose from the $39.54 billion it was on April 1 2022 to $39.78bn as of April 19, 2022, the CBN data show.
Current situation
Nigeria’s external reserves fell by $313 million in March 2022 after beginning the month at $39.86 billion, before falling to $39.55 billion at the end of the month.
- The decline in March represented the fifth consecutive month Nigeria’s reserve dropped regardless of the global increasing crude oil prices amidst Russia’s invasion of Ukraine.
- The downtrend was due to the CBN’s forex market intervention to ensure the stability of Nigeria’s currency, naira.
What they are saying
According to the CBN Governor, Godwin Emefiele, the ability of Nigeria’s reserve to show significant progress is due to the country’s position as both an oil exporter and importer of refined petroleum products.
- A member of the Monetary Policy Committee, Prof. Mike Obadan, in his speech urged the federal government to deal extensively with the issues fighting the growth of Nigeria’s external reserve, such as oil theft.