External reserve depreciates further to $30.5bn
Nigeria’s external dropped downward to $30.52 billion as at yesterday despite the continued appreciation of Naira to dollar.
Naira gained N3 against the dollar exchanging for N376 per dollar in the parallel market.
Data posted by the Central Bank of Nigeria (CBN) on its website yesterday showed that the external reserve fell to $30.52 billion yesterday from $30.7 as at last week Thursday.
This implies week-on-week decline of $180 million. This was even as the parallel market exchange rate, which had been stable at N379 per dollar since Monday, further appreciated to N376 per dollar at the close of business yesterday.
Market operators who confirmed this development to attributed the appreciation to yesterday’s dollar sale to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN).