The quantity of foreign exchange used for the importation of petroleum products into Nigeria fell to $1.04bn last year from $1.32bn in 2020, according to data obtained from the Central Bank of Nigeria, CBN.

As the country’s refineries continue to sit idle, fuel imports remain a
major user of foreign exchange, even as many businesses still lament the
inability to access forex at the official rate.

The nation’s forex reserves have been on a downward trend in recent
months, falling to a low of $39.77bn on February 15, 2022 from
$40.54bn at the end of last year.

The CBN’s data on sectoral utilisation for transactions valid for forex
revealed that $45.76m was utilised in January 2021 for fuel imports;
$64.67m in February, and $142.31m in March.

Forex for fuel import transactions fell to $77.96m in April and $85.64m
in May but rose to $86.42m in June.

The country utilised $83.73m in July and $103.70m in August for
petroleum products importation.

The apex bank said $66.66m was used for fuel imports in September,
$74.01m in October, $82.65m in November and $131.25m in December.