Nigeria's foreign exchange reserves dipped 0.55 percent to $42.86 billion by February 14, down to thier lowest level since November last year, data from the Central Bank of Nigeria (CBN) has shown.
The external forex reserves of the West African country stood at $43.10 billion naira a month earlier, came down $242 million month-on-month.
However, the forex buffer was better than they were a year ago when they stood at $41.53 billion by February 14, 2018.
The reserves have grown 3.2 percent in the last one year, even though between then the forex buffer has peaked at $47.86 billion by May 10, last year before declining gradually due to the central bank funding of the domestic forex market.
PwC Nigeria said in a new report that the CBN increased dollar injections into the forex market by 87 per cent to $40 billion in 2018 in a bid to sustain its policy of exchange rate stability amid sustained demand pressures.
The local currency opened at the parallel market at 363 to the dollar on Monday, at 361.75 a dollar on the Investor's window while it closed at 306.75 per dollar on the central bank window.
PwC Nigeria said in a new report that the CBN increased dollar injections into the forex market by 87 per cent to $40 billion in 2018 in a bid to sustain its policy of exchange rate stability amid sustained demand pressures.
The local currency opened at the parallel market at 363 to the dollar on Monday, at 361.75 a dollar on the Investor's window while it closed at 306.75 per dollar on the central bank window.
Analysts said the local currency has remained stable on all segments of the foreign exchange market in spite of the tension ahead of the country's general election as a result increase dollar supply by the regulatory bank into the forex market.
Nigeria postponed the critical presidential election from February 16 to 23 early on Saturday morning blaming logistic and sabotage by unnamed elements.
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