Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Economy Macro-Economic News

Crude oil sales proceeds into Nigeria’s foreign reserves is down to zero – Emefiele

Foreign reserve receipts declined from $3.0 billion monthly to zero

Ubah Jeremiah IfeanyibyUbah Jeremiah Ifeanyi
2 months ago
in Macro-Economic News
crude oil, has become a source of worry as the industry crisis continues to overwhelm the players, adding to the country's economic woes.
Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria said the country’s foreign reserves no longer come from selling crude oil.

Governor Godwin Emefiele disclosed this at the CIBN Annual Lecture, which outlined the policy thrust for 2023.

Despite the decline in foreign reserves, Emefiele expressed optimism that the short-term outlook of the Nigerian economy remains sound.

Importance of diversification: According to Emefiele, Nigeria’s foreign reserves receipts declined from US$3.0 billion monthly to zero. 

  • “The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3.0 billion monthly in 2014 to an absolute zero dollars today,” said Emefiele.

He emphasised how important it is to increase non-oil proceeds to Nigeria’s inflow of foreign currency. Emefiele insists there is a good reason behind the CBN’s redesign of three different denominations of Nigerian banknotes. 

CBN’s inflation projection: Governor, Emefiele projects that the inflation rate will remain elevated and above the 12.5% growth-aiding threshold.

  • “We will maintain the current tight monetary policy stance in the near term, especially in view of rising inflation expectations and exchange market pressures,” said Emefiele.

He projected that the GDP growth rate will remain positive in the remaining quarter of 2022 and during 2023. Emefiele said the monetary policy will remain focused on the objectives of price, monetary, and exchange rate stability.

Credit to the private sector: The CBN governor said credit to the core private sector of the economy has more than doubled from N13.2 trillion at the end of 2018, to N27.7 trillion as of September 2022.

He said the National Domestic Card Scheme will start on January 16, 2023, 

Emefiele also said that the apex bank’s efforts to revive the Nigerian textile and healthcare industries.

For the record: Before now, the bulk of the money in Nigeria’s foreign reserves comes from the export of gas and oil to other nations. But increasing instances of crude oil theft have hurt Nigeria’s ability to export enough crude oil. Consequently, its foreign exchange reserves are falling.

Nigeria’s external reserves fell to $37.17 billion as of 15th of November 2022, data from the CBN confirms. This is the lowest level of the external reserves this year and the lowest level since September 30th, 2021 when the country faced a barrage of currency depreciation.

 

Related

Tags: CBNGodwin EmefieleNigeria Foreign reserves

Comments 1

  1. Clara Njwi Ebai Selaboy says:
    November 26, 2022 at 11:24 am

    This policy of redisigning the nairais good.
    But after the elections in feb, can you allow another grace period for people to take old notes to the bank?
    Dont allow any extensions now, so politicians dont use it to buy votes.
    Thank you

    Reply

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Guinness Nigeria appoints Grainne Wafer as Non-Executive Director
  • Sterling Bank Plc reports 39% increase in pre-tax profits for full year 2022
  • Conoil Plc reports N6.22 billion profit for FY 2022

Follow us on social media:

Recent News

Guinness Nigeria appoints Grainne Wafer as non-executive director

Guinness Nigeria appoints Grainne Wafer as Non-Executive Director

January 31, 2023
Sterling Bank Plc reports 39% increase in pre-tax profits for full year 2022

Sterling Bank Plc reports 39% increase in pre-tax profits for full year 2022

January 31, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics