NNPC NO LONGER SENDS ANY MONEY TO CBN, DOWN FROM $3 BILLION EVERY MONTH UNDER JONATHAN, SAYS EMEFIELE

The official foreign exchange reception from crude oil sales into Nigeria's official reserves has decreased from over $3 billion a month in 2014 to zero dollars today, according to Godwin Emefiele, the governor of the Central Bank of Nigeria, who made the statement over the weekend.

At the 57th annual bankers' lecture, held on Saturday in Lagos and sponsored by the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Emefiele stated that the naira's struggles and the increase in demand for forex had resulted in a significant loss in foreign reserves.

According to him, the Nigerian foreign currency market is experiencing a severe crisis that is straining the nation's reserves and depressing the value of the naira.

"The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3.0 billion monthly in 2014 to an absolute zero dollar today," he said

The apex bank governor lamented that "increasing instances of crude oil theft have hurt Nigeria's ability to export enough crude oil and "consequently, its foreign exchange reserves are falling."

According to Mr. Emefiele, the inflation rate would remain high and go above the 12.5% mark that promotes growth. However, he asserted that the CBN would continue to pursue a tight monetary policy in the short term despite challenges from the exchange market and rising inflation expectations.

in the face of a decreasing foreign money supply. Market demand for goods and covert transactions has increased across a range of applications.

The governor of the Central Bank of Nigeria (CBN) asserted that the number of student visas issued to Nigerians by the UK alone increased from an average of about 8,000 per year in 2020 to almost 66,000 in 2022, representing an eight-fold increase to an annual outflow of $2.5 billion in foreign currency linked to the UK alone.