Nigeria’S foreign reserves have dropped to $38.59 billion as the Central Bank of Nigeria (CBN) continued its currency float management that had seen the apex bank pumping $3.36 billion into the foreign exchange (forex) market over a two-month period.
Latest figures from the apex bank indicated that the forex reserves depreciated $125.53 million to close weekend at $38.63 billion.
The decline in the foreign reserves can be attributed to the continuous intervention by the Central Bank in the forex market in order to ensure the stability of the local currency.
Despite the interventions, the naira has continued to depreciate closing last week at N610 per dollar at the parallel market, a decline of 0.7 per cent. At the official Investors and Exporters (I & E) Window, the naira fell by 0.1 per cent to N419.50 per dollar.
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