By Chima Nwokoji | Lagos
The country’s 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.
In the oil market last week, oil price oscillation was non-stop as it traded at above $80 per barrel despite the outcome from the January 2023 Fed meeting where it hiked interest rates by 25 basis points from 50bps in December.
On the home front, Bonny light crude price reacted to factors playing in the oil market by 6.4 percent or ($5.6) week-on-week to close at $82.12 per barrel from $87.69 per barrel.
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 fulfill and clear their outstanding obligations,” the report said.
READ FROM ALSO NIGERIAN TRIBUNE
