The amount released between 2022 and the first quarter of 2024 is against the backdrop of the significant energy crisis in Nigeria, fuel shortage, and the insistence of marketers to continue fuel import despite the availability of petrol from Dangote Refinery.
Fuel imports, a significant consumer of foreign exchange, impact the country’s foreign reserves and the naira to dollar rate.
On Thursday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the country now records about $2.35bn as net inflow into the Central Bank foreign reserves.
Nigeria’s external reserves currently stand at $37.24bn as of September 17, 2024.
A breakdown using the quarterly statistical bulletin for the first quarter of 2024 showed that the apex bank released $1.41bn in 2022 for fuel imports. The figure dropped to $1.03bn in 2023, representing a decline of 26.9 per cent.
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