According to data from the Central Bank of Nigeria (CBN), the country’s external reserves dropped by $1.46bn between January and March. The reserves were recorded at $36.99bn at the end of January 2023, but fell to $35.53bn by the end of March 2023. The Governor of CBN, Godwin Emefiele attributed the decline in external reserves to the fall in crude oil prices. “The committee, however, noted the marginal decline in the level of gross external reserves to $36.13bn in February 2023, from $36.4bn in January 2023, a decrease of 0.7 per cent, reflecting the downtrend in crude oil prices, as global uncertainties persist,” he said. In 2022, CBN launched the ‘RT200 FX Programme’ aimed at increasing forex supply through non-oil exports, with a target of achieving $200bn in FX repatriation over the next three to five years. The programme includes five key anchors: value-adding exports facility, non-oil commodities expansion facility, non-oil FX rebate scheme, dedicated non-oil export terminal, and biannual non-oil export summit.
