Russia-Ukraine Crisis: Nigeria’s External Reserves Loses $313m As Oil Price Fluctuates - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (A.M)
April 1, 2022
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.