Nigeria’s foreign exchange reserves stood at $34.53 billion as of Nov. 24, up nearly 3 percent from a month earlier, central bank data showed on Thursday.
The bank did not provide a reason for the increase in reserves, which stood at $33.58 billion at the same date last month.
Nigeria’s forex buffer has climbed 40.5 percent this year from a year ago but is still far off a peak of $64 billion hit in August 2008.
Meanwhile, The naira is seen stable on the spot market, supported by investor inflows and almost daily interventions by the central bank, traders said Volumes on the investor window, Nigeria’s main tradable market traded $218.66 million on Wednesday.
Trades have been consistent on the market for months, helping the currency hold up at around 360 naira per dollar.
Nigeria has at least six exchange rates which it has used to mask pressure on the currency. Traders expect the naira to hold up across its other exchange rates next week hovering at around 305 naira on the interbank market supported by the central bank.
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