Nigerian foreign exchange reserves dropped from $36,656,047,017 on March 1, 2023, to $36,077,699,485 by March 15, 2023, thus shedding $578.347 million amid the rising dollar scarcity which has deeply affected investments in the country.
According to a document which analysed the movement of reserves from the Central Bank of Nigeria, CBN, $992 million was lost in 71 days.
While speaking on the steady decline noticed over the years, the governor of the CBN, Godwin Emefiele had last year, noted that Nigeria’s foreign reserves no longer came from crude oil but from non-oil proceeds.
Emefiele also revealed that the massive struggle in the country's foreign reserves has been linked to the battle to grow the naira as well as the increase in the demand for forex.