Naira depreciated against the US Dollar on Friday as it closed at N411 to a dollar at the NAFEX window as oil price rallies to $69.36 per barrel
Increased oil prices seem not to have stopped the further slide in Nigeria's foreign reserves.
The CBN Governor has insisted that Nigeria’s current external reserves is sufficient to cover 7 months of imports of goods and services.
Forex turnover dropped from $90.88 million on Wednesday, June 24, 2020, to $14.68 million on Thursday, June 25, 2020, representing a decline of 83.8%
It should be noted that Nigeria’s external reserves went on a downward slide last year, having lost $11.75 billion within a space of 10 months.
Nigeria’s external reserves have continued to decline unabated as it shed $3.33 billion within the last 3 months.
Analysts have predicted the foreign reserves to fall below $30 billion if some measures are not taken.
Nigeria's external reserves have rallied and hit $45bn mark in May 2019, which represents 8months high. This is revealed in data obtained on the Central Bank of Nigeria (CBN) official webpage.
Nigeria's External Reserve was $43,084,864,561 as at December 20th, 2018.
the external reserves currently stands at $42.92 billion as at Tuesday, October 16,
The reserves, which stood at $47.79 billion as at July 5, dropped to $45.23 billion as at September 13.
Nigeria's external reserves suffered a major drop during the week as CBN data reveals the country's external reserve...
