• 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 a year

Cees Harmon by Cees Harmon
March 9, 2023
in Currencies, Markets
Inflation would have hit 30.43% in April except for 18% rate —Emefiele
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s external reserves have fallen to their lowest level in a year, raising concerns about the country’s ability to weather external shocks and maintain economic stability.

According to data from the Central Bank of Nigeria (CBN), Nigeria’s external reserves stood at $36.6 billion as of March 7, 2023, down from $37 billion at the start of the year. This marks a decline of 1.1% over the first two months of the year.

This is a worrying trend for Nigeria, which relies heavily on its external reserves to buffer its economy against external shocks such as fluctuations in oil prices, a major source of the country’s foreign exchange earnings.

RelatedStories

IGP prosecutes Nigerian businessmen over alleged N13.5 billion forex fraud dispute  

IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document

July 9, 2025
Nigeria’s gas flare commercialisation programme could unlock $2.5 billion investment – NUPRC 

Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC

July 9, 2025

Furthermore, this decline is even more significant when compared to the same period last year, when external reserves stood at $39.5 billion at the end of Q1 2022, having opened the year at $40.5 billion.

We also observed the spate of a quarterly drop in the external reserve is yet to fall when compared to the last two quarters of 2022. In the second half of last year, the external reserves recorded a net drop of $1 billion in the last two quarters respectively. However, this year, reserves have fallen by $611 million with three weeks still to go.

Why the drop: The decline in external reserves can be attributed to several factors, including a drop in oil prices and a slowdown in foreign investment inflows. This has led to a decline in the country’s foreign exchange earnings and increased pressure on the country’s currency, the naira.

In response to this trend, the CBN has taken several measures to bolster Nigeria’s external reserves, including tightening restrictions on foreign exchange transactions and increasing interest rates. However, these measures have yet to show significant results.

Experts have expressed concern about the sustainability of Nigeria’s current economic trajectory, particularly in light of the country’s high debt levels and dependence on oil revenues. They have called for urgent action to diversify the country’s economy and reduce its dependence on oil.

Optics: The drop is especially poignant as Nigerians await a change of government on May 29th, marking an end to one of the most challenging economic periods of any regime since 1999. Questions are also likely to be asked regarding the tenure of the current CBN Governor who was reappointed for a second term by the Buhari administration in 2019. His term ends next year.

The new government will have to work with the CBN r to implement policies that will promote economic diversification and sustainable growth.


Follow us for Breaking News and Market Intelligence.
Cees Harmon

Cees Harmon

Related Posts

IGP prosecutes Nigerian businessmen over alleged N13.5 billion forex fraud dispute  
Business News

IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document

July 9, 2025
Nigeria’s gas flare commercialisation programme could unlock $2.5 billion investment – NUPRC 
Energy

Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC

July 9, 2025
LASG gives 4-day relocation deadline to squatters in Lagos coastal road, Lekki 
Business News

Oyo State approves N7.7 billion for two surveillance aircraft to combat insecurity 

July 9, 2025
DLM Capital’s sovereign-Backed Composite Notes promise high Returns with low risk – Sonnie Ayere  
Companies

DLM Capital’s sovereign-Backed Composite Notes promise high Returns with low risk – Sonnie Ayere  

July 9, 2025
FG ramps up cybersecurity measures to protect Nigeria’s digital infrastructure 
Crime and Insecurity

FG ramps up cybersecurity measures to protect Nigeria’s digital infrastructure 

July 9, 2025
Africa Film Finance Forum eyes $20 billion Pan-African film economy 
Business News

Africa Film Finance Forum eyes $20 billion Pan-African film economy 

July 9, 2025
Next Post
Andela

Andela acquires Qualified, a technical skills assessment platform 

Leave a Reply Cancel reply

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

Emple
nlng
first bank








DUNS

Recent News

  • IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document
  • Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC
  • Oyo State approves N7.7 billion for two surveillance aircraft to combat insecurity 

Follow us on social media:

Recent News

IGP prosecutes Nigerian businessmen over alleged N13.5 billion forex fraud dispute  

IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document

July 9, 2025
Nigeria’s gas flare commercialisation programme could unlock $2.5 billion investment – NUPRC 

Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC

July 9, 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