External reserve drops to $30.5 billion as Naira gains
The nation’s external reserves continued its downward slide for the 20th day as it fell to $30.52 billion Thursday.
However, the Naira yesterday appreciated by ₦3 against the dollar to ₦376 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. Vanguard survey revealed that the parallel market exchange rate, which had been stable at ₦379 per dollar since Monday, fell to ₦376 per dollar at the close of business yesterday, indicating ₦3 appreciation for the Naira.
Market operators who confirmed this development to correspondent attributed the appreciation to yesterday’s dollar sale to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN).
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