CBN: Nigeria’s foreign reserves have decreased to $33.2 billion

Nigeria’s gross foreign reserves decreased from $33.95 billion at the end of August to $33.2 billion on September 11.

The apex bank made this disclosure in its most recent foreign exchange data on its website.

The reserves had marginally increased by roughly $2 million in August.

The increase is the first since the gross official reserves increased by $64 million in July 2022.

In contrast to the CBN’s estimate of $37.09 billion, JP Morgan claimed that Nigeria’s foreign reserves will be $3.7 billion at the end of 2022, according to OBASANJO NEWS24.

Jim Obazee is a special investigator that President Bola Ahmed Tinubu has hired to look into CBN since July.

The nation has nonetheless remained plagued by problems with the foreign exchange market.

Folashodun Adebisi Shonubi, the acting governor of the CBN, promised to engage with commercial banks to resolve the backlog in foreign exchange in two weeks just one week ago.