By G9ija
According to the Central Bank of Nigeria, the sale of crude oil is no longer the source of the nation’s foreign reserves.
This was revealed by Governor Godwin Emefiele during the CIBN Annual Lecture, which also defines the policy focus for 2023.
Emefiele expressed confidence that the Nigerian economy’s short-term outlook is still strong despite the drop in foreign reserves.
Foreign reserve receipts decreased from $3,000,000,000 per month to $0 per month.
“The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above US$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.
