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Nairaland Forum / Nairaland / General / Politics / Nigeria’s Foriegn Reserves Fall To 3-month Low (471 Views)
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Nigeria’s Foriegn Reserves Fall To 3-month Low by Okimski(m): 4:50pm On Nov 30, 2015 |
The Nigerian foreign exchange reserves fell to a three-
month-low of $30.04 billion on November 26, according to
the Central Bank of Nigeria (CBN).
The reserves, which fell by $60 million from $30.10 billion in
October is the lowest the country has experienced, since a
rise of $1.66 billion within June and July 2015 .
According to figures released by the CBN on Monday, the
reserves were down 18.6 percent on the year from $36.9
billion in the same period in 2014.
The country’s dollar reserves began to plunge with respect
to a fall in crude oil prices, and the apex bank’s initial
decision to defend the naira on and off the parallel market.
The apex bank’s decision to defend the naira through selling
dollar to the parallel market on a weekly basis made the
reserves fall to $30.69 billion in September – a short fall
from $31.63 billion on the figures from August – and 22.42
percent less than it was in September 2014.
In October however, the CBN shifted the naira peg from
197.96 to 197, following a fall of over a billion dollars in
reserves within the month.
Bureau de change operators who get a weekly sale of over
$80m from the CBN at interbank rate have said dollar
scarcity is weakening the naira at the parallel market, as the
apex bank withheld such sales. https://www.thecable.ng/nigerian-reserves-fall-to-3-month-low |
Re: Nigeria’s Foriegn Reserves Fall To 3-month Low by Okimski(m): 4:54pm On Nov 30, 2015 |
There is fire on the mountain and nobody seems to be on the run |
Re: Nigeria’s Foriegn Reserves Fall To 3-month Low by gabman700: 5:09pm On Nov 30, 2015 |
So the foreign could go southward after all talks from Emefiele. Funny dude |
Re: Nigeria’s Foriegn Reserves Fall To 3-month Low by Chidexter(m): 5:10pm On Nov 30, 2015 |
Thats no longer news which day e don ever increase. |
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