The Central Bank of Nigeria has said the country’s foreign exchange reserves are no longer derived from the sale of crude oil.

Governor Godwin Emefiele made the announcement at the CIBN Annual Lecture, which outlines the policy direction for 2023.

Despite the fall in foreign exchange reserves, Emefiele expressed optimism that the near-term outlook for the Nigerian economy remains solid.

Foreign exchange reserve income fell from $3.0 billion a month to zero.

  • “The official currency receipt of…

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