The nation’s foreign exchange reserve has witnessed a further fall. According to the recent data released by the Central Bank of Nigeria on Wednesday, the external reserve lost $99m to close at $47.65bn on Monday.
The reserve has continued its weeklong downward slide since May10 from a decrease of $47.865bn to $47.65bn CBN report revealed.
Industry watchers ascribe the slump in the reserve to a number of factors: the recent circular issued by the CBN on Monday, stating its decision to increase the frequency of sales of forex to Bureau De Change, BDC, operators as well as the exit of foreign portfolio investors.
Meanwhile, Nigeria’s overnight and open buy back rates have each reduced by 1.92 per cent.
According to data from the FMDQ, the exchange rate at the investors and exporters’ foreign exchange window as of May 30 depreciated to N362/2$ from N361/25$.
The daily turnover remained constant, while the debt balance reduced by N43bn.
The official exchange rate of the naira to the US dollar remained constant at N305.95 to $1.