As the Nigerian naira steadily fall against the United States dollar especially in 2023, Nigeria foreign reserves declined by $4.2 billion.
Financial indicators from the Central Bank of Nigeria showed that foreign reserves declined in 2023 as a result of the fall in the value of naira.
External financial instruments in the custody of the Celestial Bank of Nigeria declined to $33.78 billion as at December, 2023, from $37.06 billion recorded previously in January 2023.
In recent times especially in 2023, the supply United States dollars have always fall short demand thereby escalating the value of the dollar against the naira.
The low revenue from proceeds of crude oil have also contributed and exports of of agricultural produce is nothing to write home about.
Nigeria depends on oil revenue for survival and shortage of dollar supply in the will continue to affect the value of the naira.
