25 Sep Nigeria Realises $890m from Non-oil Export in 2022
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emiefiele, says the bank recorded an increase of $890 million in non-oil export proceeds in 2022.
He spoke on the sidelines of the Nigeria International Economic Partnership Forum as part of the activities lined up for the United Nations General Assembly.
Giving a breakdown of the proceeds, he said in the first quarter of 2022, export repatriation was about $64 million, the second quarter rose to $622 million, third quarter increased to $959 million, adding that projections are that by the quarter, the figures would have increased further.
He added that low revenue inflow from oil sales was responsible for the current foreign exchange crises confronting the country.
The development, according to him, had led to the massive depreciation of the naira with an exchange rate of the IE window crashing from N436 to $1.
He said the CBN is addressing the situation with its RT 200 project, which will help boost foreign exchange supply with non-oil export repatriation.
He said Nigeria is aggressively looking at non-export for foreign exchange proceeds, saying he is certain this would yield the expected results in the months to come.
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