Nigeria’s Dollar Reserves Drop By $102 Million In 6 Days
Nigeria’s dollar reserves shed over 100 million dollars in less than a week.
Available data obtained from the Central Bank of Nigeria, CBN on Thursday showed that the reserves stood at $47.697 billion on July 11, down from $47.799 billion on July 5.
The reserves rose to $47.789 billion on June 29 from $47.605 billion on May 31, according to the CBN data.
Apparently, the CBN had been using the reserves to defend the naira by propping its value, through its periodic interventions in the foreign exchange market.
Such interventions include the $210 million that the apex said it injected into the interbank foreign exchange market on Tuesday to meet customers’ requests in various segments of the market.
It said it also offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium-Scale Enterprises segment got the sum of $55 million.
It said customers needing forex for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, were also allocated the sum of $55 million.
It is due to these interventions that had helped the naira to remain largely stable at the parallel market, as it trades between 360 naira to 361 naira per dollar.
Traders say they expect the naira to be stable next week, which is driven by exporters selling dollars on the interbank currency market.
Did you find this story useful? Spread the love by sharing with your friends
Also Watch: CJ Obasi | How 'Mami Wata' Almost Drove Investors Away From Me