Nigeria’s foreign currency reserves dropped to one-year low of $37.8bn in the middle of October 2022.
The latest drop is the lowest since October 2021.
The last time the foreign currency reserves fell this low was on October 4, 2021 when it was $37.5bn.
Between January 4 to October 14 this year, the reserves have shed $2.63bn from $40.5bn which it was during the opening of the year’s market.
The development is against the CBN governor, Godwin Emefiele’s claim that the RT200 forex programme would turn the fortune of the reserves and help the ailing currency.
In February 2022, Emefiele introduced another policy which targeted $200bn in non-oil export proceeds over the next five years.
Since the policy was launched, it has generated $1.6bn as of early September, according to the CBN governor.