Tag
EXTERNAL RESERVE
At the parallel market, naira fell against the US dollar to close at N505/$1.
Nigeria’s external reserve rose by $2 million on Wednesday to stand at $33.120 billion, the first increase in over 11 weeks.
Naira remained stable against the US dollar on Wednesday to close at N411.45/$1 at the I&E window.
Naira depreciated against the US dollar on Tuesday, having lost 32 kobo to close at N411.45/$1.
The local currency fell at the official market despite the dollar supply rising significantly by 128.2%.
Nigeria's external reserve continues to plunge, as it heads to its lowest position in four years and a year-to-date decline of over $2 billion.
The exchange rate also depreciated against the US dollar at the parallel market to close at N503/$1 compared to N502/$1 recorded on Tuesday.
The naira remained stable at the parallel market as it closed at N502 to a dollar on Tuesday.
The exchange rate at the parallel market depreciated by 0.4% to close at N502/$1 compared to N500/$1 recorded the previous day.
The local currency was down at the official window as forex liquidity dropped by 43.2%.
Naira depreciated on Wednesday against the US dollar to close at N411.50 to a dollar compared to N410/$1 recorded on Tuesday.
China, Netherlands, and the United States accounted for 48.8% of the total import bill in Q1 2021.