Naira Remains Stable As FX Reserves Shed $493.7million In 3 Weeks

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Naira To Appreciate As CBN Plans To Pump More Dollar Into Forex Market

The naira remained stabled at about 375 to 380 per United State dollar at the parallel market, as the country’s foreign exchange reserves shed a total of $493.72 million in the past 21 days.

Nigeria’s Economy Bleeds As CBN Pursues Elusive Naira Stability

TheCable reports that based on data issued from the Central Bank of Nigeria (CBN), the country’s reserves swung from $30,988,403,724 on May 4, 2017 to $30,494,680,050 as at the close of business on Thursday May 25, 2017.

It is also understood that within the same period, the CBN made numerous interventions in the foreign exchange market to keep the naira stable at about 375 to 380 per dollar at the parallel market.

At the current figures for the month of May, Nigeria’s reserves stays at its best in nearly 16 months, following a gradual depletion in 2016, one of the most difficult economic years for Nigeria in nearly three decades.

Speaking after the last meeting of the monetary policy committee, the governor of the apex bank, Godwin Emefiele, said that the bank’s forex policy actions have bolstered activities in the market, and brought an inflow of nearly $1.1 billion in four weeks via a single window.

How Naira Fared Against Dollar On Parallel Market (May 24)

He added that the bank will remain vigorous and intense in its current forex policy.

“I have said it and I will repeat myself that the interventions will be more vigorous and intense, to underscore the fact that we are determined to ensure that the Nigerian economy recovers, by making sure that foreign exchange is being made available to all sectors of the Nigerian economy to conduct their businesses,” the CBN governor had said.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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