By Ngozi Onyeakusi—The Central Bank of Nigeria (CBN) has disclosed that country’s external reserves dip by $427.14m in one month.

This is as the crisis in the country’s currency worsened over the scarcity of the new naira notes. Figures obtained from the CBN on the movement of foreign reserves showed that the reserves, which stood at $37.21bn as of January 18, fell to $36.79bn as of the end of February 16, 2023. Last year, the CBN Governor, Godwin Emefiele, after announcing the plan to redesign the naira notes, said one of the objectives of the policy was to mop up currency outside the bank vaults. He urged Nigerians to make use of alternative payment channels that would drive the digital payment systems in the country. But due to the scarcity of the new naira notes after the deadline, the President, Major General Muhammadu Buhari (retd.), directed that the old N200 note should be re-circulated, adding that it would remain legal tender until April 10, 2023. The Deposit Money Banks also commenced the collection of old N500 and N1,000 on Friday, this was even without giving the depositors new naira notes in return.