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NIGERIA EARNS $890M FROM NON-OIL EXPORT – CBN

The Central Bank of Nigeria (CBN) revealed that Nigeria has recorded an increase of $890 million in non-oil export proceeds in 2022.

The CBN Governor, Mr Godwin Emefiele stated this on the sidelines of the Nigeria International Economic Partnership Forum as part of activities lined up for the United Nations General Assembly (UNGA).

Emefiele said in the first quarter of 2022, export repatriation was about $64 million. The second quarter rose to $622 million and the third quarter increased to $959 million, adding that projections are that by the quarter, the figures would have increased further.

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Stating that low revenue inflow from oil sales was responsible for the current foreign exchange crises confronting the country, he regretted that Nigeria is highly dependent on oil revenue proceeds to support its import obligations.

Consequently, this led to the massive depreciation of the Naira with the exchange rate of the IE window crashing from  436 to $1.

The Apex Bank Governor said the CBN is addressing the situation with its RT 200 project which will help boost foreign exchange supply with non-oil export repatriation.

 

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