Nigeria’s external reserves fell by $313m in March, according to figures obtained from the Central Bank of Nigeria, CBN, on Thursday.
The CBN’s figures showed that the foreign exchange reserves, which
commenced March 1, 2022, at $39.86bn, fell to $39.55bn as of March
30, 2022.
Following the invasion of Ukraine by Russian forces, crude oil prices
have continued to fluctuate as the global energy sector continues to
experience disruptions.
The CBN had expressed worries over the effects of massive oil theft on
the oil sector and the external reserves.
Also, the Nigerian National Petroleum Company Limited said Nigeria
was not meeting its OPEC crude oil production quota lately.
The Governor, CBN, Godwin Emefiele, had at the last Monetary Policy
Committee meeting expressed concerns over oil production and external
reserves.
