Nigeria's external reserves fall by $915m after currency float
Nigeria's external reserves fell by $915 million after the Central Bank of Nigeria officially launched the Naira and liberalized the foreign exchange market.
CBN data obtained on Sunday showed that reserves, which stood at $34.66 billion on June 14, 2023, when the Naira was introduced, fell to $33.74 billion on June 24, 2023. August 2023.
The value of the naira had closed at $471.67 during the Investor & Exporter FX window on June 13, a day before the CBN announced the floating of the naira.
The local currency has fallen to over $700 following the development of the I&E window.
On Monday, the Naira was trading at N774.54/$1 at the official counter.
During this time, the Naira was between 900 and 918 naira in the parallel market against the dollar.
Recall that on June 14, the CBN introduced the Naira to the foreign exchange market.
Nigeria's external reserves fell by $915 million after the Central Bank of Nigeria officially launched the Naira and liberalized the foreign exchange market.
CBN data obtained on Sunday showed that reserves, which stood at $34.66 billion on June 14, 2023, when the Naira was introduced, fell to $33.74 billion on June 24, 2023. August 2023.
The value of the naira had closed at $471.67 during the Investor & Exporter FX window on June 13, a day before the CBN announced the floating of the naira.
The local currency has fallen to over $700 following the development of the I&E window.
On Monday, the Naira was trading at N774.54/$1 at the official counter.
During this time, the Naira was between 900 and 918 naira in the parallel market against the dollar.
Recall that on June 14, the CBN introduced the Naira to the foreign exchange market.
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