• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Nigeria’s external reserves fall by $1.9bn in 3 months 

3 years ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
59
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s external reserves fall by $1.9bn in 3 months 

Nigeria’s gross external reserves closed the month of December with a net balance of $37.11 billion. This is the lowest balance since September 2021 when reserves fell to $36.7 billion.

A quick check on the external reserves data from the apex bank, reveal the balance as of December 2nd, 2022 is just $37.07 billion and could fall into the $36 billion range in the next few days.

The external reserve has now fallen by about $1.9 billion in 3 months since September 2022.

So why the drop: Nigeria’s external reserves are largely funded from export proceeds from the sale of oil and gas to other countries.

However, rising cases of crude oil theft have dented a blow on Nigeria’s export potential and thereafter the country’s external reserves.
Nigeria’s external reserves are also funded from foreign currency loans such as multilateral loans from the likes of the World Bank or IMF or from the sale of Eurobonds.

However, Nigeria has not tapped the Eurobond market in over a year meaning the central bank has had to rely mainly on crude oil sales.

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

Nairametrics opines the drop in external reserves is likely due to the central bank’s defense of the naira in recent weeks.

What this means: A drop in external reserves poses a challenge to the ability of the central bank to maintain some of the gains recorded against the dollar on the black market.

The lower the external reserves the higher the likelihood of the central bank considering a devaluation of the naira to stem the outflows.
The central bank is unlikely to devalue before the elections as it continues to pursue other means of stifling demand.

A recent measure was the introduction of new naira notes.

Silver lining: Nigeria’s daily crude oil production output rose above 1.59 million barrels per day according to the NNPC.

This could mean increased revenue for the country and might translate to higher external reserves.

Nigeria relies heavily on crude oil driven dollar proceeds for its forex liquidity management.

Latest actions: The central bank of Nigeria recently announced the introduction of new naira notes and a fixed date of December 15, 2022, to launch the new notes.

It also recently announced it was reducing withdrawal limits over the counter cash to just N100,000 and N500,000 for individuals and corporates respectively.

These initiatives among others are aimed at shoring up the country’s forex reserves as it battles currency depreciation and galloping inflation.

Tags: External reservesNigeriaNigeria's external reserves fall by $1.9bn in 3 months
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.