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20 20 25 2011 NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 30 45 50 US$ billion 55 FX RESERVES KEPT DECLINING, DESPITE HIGHER OIL PRICES As well as the negative impact of previous FX policies, the petrol subsidy also reduced net FX inflows 40 Oil price shock Reserves 35 2012 2013 2017 Sources: CBN US$/bbl Crude oil price (rhs) 140 COVID-19 and oil price shocks 120 I&E window created 2018 2019 2020 100 Additional SDR allocation 80 2021 60 Declining reserves despite high oil 40 prices 2022 2023 12 0 20

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