External Reserves Fall To Lowest Level In Two Years

Nigeria’s external reserves fell to $33.9 billion on Wednesday, July 19th, 2023 its lowest level in two years.

This is according to data from the central bank obtained from its website. The apex bank regularly updates its external reserves data.

The last time the external reserve touched this level was in July/August 2021.

The country’s external reserve position has been on a downward trend in the last few months as demand pressure for forex spiked amidst lower forex earnings.

This is despite the introduction of the revised I&E Window on the 14th of July 2023.

The external reserve was $35 billion when Tinubu was sworn in as president and $34.6 billion on July 13th, the eve of the changes to the forex policy.

However, a lack of forex supply amidst foreign investment apathy appears to have exacerbated the decline in external reserves.