• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

Nigeria’s external reserves fall to lowest level in 2022

Nairametrics by Nairametrics
October 20, 2022
in Currencies, Economy, Markets
How the naira is affecting Nigeria’s stocks market
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s external reserves fell to $37.7 billion as of October 18, 2022, according to data from the Central Bank of Nigeria (CBN). This is the lowest level recorded this year. 

The country’s forex market is facing demand pressure at the black market where forex is trading unofficially, with the naira falling to as low as N745/$1 on Thursday.

However, the exchange rate at the investors and exporters window where forex is traded officially, closed at N441.5/$1 on Wednesday, 19th October 2022, indicating a slight fall of 0.06% from N441.25/$1 recorded in the previous trading session. 

RelatedStories

Naira , dollar, exchange rate

Official exchange rate crashes to 6-day low as reserves fall 

April 20, 2024
Meet Dahiru Mangal, a Nigerian billionaire businessman who started out as a truck driver

Meet Dahiru Mangal, a Nigerian billionaire businessman who started out as a truck driver

June 3, 2023

External Reserve pressure

Nigeria’s external reserve stood at $37.76 billion as of 18th October 2022, a decline of 0.1% when compared to $37.96 billion recorded the previous day. 

  • The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain the stability of the local currency.
  • CBN’s external reserve position is mostly funded via a combination of the government’s share of crude oil exports, foreign loans or grants, and capital importation.
  • However, it also uses the reserve to augment forex demand at the I&E window even though the greenback is sold at official rates, rather than the going rate at the black market.
  • The current level of below $38 billion is the lowest we have seen this year and is likely to keep trending downward due to flooding and oil theft.

Latest – A recent report indicates us based Bank of America projected that the official exchange rate could likely be devalued to N520/$ in 2023 because it is well above fair value.  

  • This was disclosed by Bank of America Economist Tatonga Rusike, in a note to clients seen by Bloomberg.   
  • The exchange rate is currently adjusted via the I&E window and has done so severally this year. However, it has turned out to be inconsequential due to the disparity between the official rates and black market rates.
  • The wider the rates the less important the official rate becomes.

Nigeria's external reserves fall to lowest level in 2022


Follow us for Breaking News and Market Intelligence.
Tags: external reservesFeatured
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

Naira , dollar, exchange rate
Currencies

Official exchange rate crashes to 6-day low as reserves fall 

April 20, 2024
Meet Dahiru Mangal, a Nigerian billionaire businessman who started out as a truck driver
Profiles

Meet Dahiru Mangal, a Nigerian billionaire businessman who started out as a truck driver

June 3, 2023
How Deola Sagoe left her father's company, Elizade Motors, to build a global fashion brand
Profiles

How Deola Sagoe left her father’s company, Elizade Motors, to build a global fashion brand

May 20, 2023
Nigerian weddings
Lifestyle

The economics of Nigerian weddings

April 30, 2023
CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies
Currencies

Updated: Tracker of CBN’s monetary policy announcements since 2020

December 10, 2022
Redesigning or sensitizing; what's the way to go?
Economy

CBN’s Intervention Funds to private sector rises to N4.8 trillion as of November 2022

November 28, 2022
Next Post
Resignation of Liz Truss

UK's Labour Party calls for general election

Comments 2

  1. bajiddah ajayi says:
    October 20, 2022 at 5:06 pm

    Just wondering why the naira keeps sliding, foreign reserves keep depleting,loans portfolio getting higher and higher and the consequences on the economy,and indeed the common man taking it’s toil.
    In view of the above 9ne has no option than to question the managers of our economy What’s the matter???. Why is our future getting more and more uncertain? What future are they intent on bequeathing to the next generations?…

    Reply
  2. Infotopedia says:
    October 20, 2022 at 5:39 pm

    Great article

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Toyin Abraham’s Iyalode nears N300 million at Nigeria box office 
  • GTCO CEO Segun Agbaje: Banks had ample notice on forbearance loans – CBN’s action no surprise
  • Hollywood’s “Jurassic World: Rebirth” debuts N52.5 million in Nigerian cinemas

Follow us on social media:

Recent News

Toyin Abraham’s Iyalode nears N300 million at Nigeria box office 

Toyin Abraham’s Iyalode nears N300 million at Nigeria box office 

July 12, 2025
Top 5 highest paid bank CEOs of 2022 

GTCO CEO Segun Agbaje: Banks had ample notice on forbearance loans – CBN’s action no surprise

July 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics