CBN’s data on movement of foreign reserves showed that on January, 1, 2023, the $36.99 billion in the reserve fell to $35.53 billion by the end of March 2023.
The Governor of the CBN, Godwin Emefiele, had during the just concluded Monetary Policy Committee in Abuja in March, attributed the fate of the foreign reserves to the fall of crude oil prices.
According to the CBN data, Nigeria’s foreign reserves fell by $3.43bn in 2022, from $40.52bn as of the end of December 31, 2021, to $37.09bn as of the end of December 29, 2022.
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Earlier in 2022, the CBN launched a programme tagged ‘RT200 FX Programme’ to boost forex supply in Nigeria through the non-oil sector in the next three to five years.
Emefiele, while unveiling the programme, said, the RT200 FX Programme was a set of policies, plans and programmes for non-oil exports that would enable Nigeria to attain $200bn in FX repatriation, exclusively from non-oil exports, over the next three to five years.
He said the programme’s five key anchors were 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.
