The nation’s external reserves continued its downward slide for the 20th day as it fell to $30.52 billion Thursday.
Naira However, the Naira yesterday appreciated by N3 against the dollar to N376 per dollar in the parallel market.
Data posted by the Central Bank of Nigeria (CBN) on its website yesterday showed that the external reserve fell to $30.52 billion yesterday from $30.7 as at last week Thursday.
This implies week-on-week decline of $180 million. Survey revealed that the parallel market exchange rate, which had been stable at N379 per dollar since Monday, fell to N376 per dollar at the close of business yesterday, indicating N3 appreciation for the Naira.
Market operators who confirmed this development to Vanguard attributed the appreciation to yesterday’s dollar sale to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN).
Sourcev – Vanguard
