Naira appreciates against Dollar as external reserve slides to $30.5billion


The nation’s external reserves continued its downward slide as it fell to $30.52 billion on Thursday.
Naira

However, the Naira on Wednesday appreciated by N3 against the dollar to N376 per dollar in the parallel market.

Data posted by the Central Bank of Nigeria (CBN) on its website showed that the external reserve fell to $30.52 billion yesterday from $30.7 as at Thursday. This implies week-on-week decline of $180 million.

The parallel market exchange rate, which had been stable at N379 per dollar since Monday, fell to N376 per dollar at the close of business on Wednesday, indicating N3 appreciation for the Naira.

Market operators who confirmed this development attributed the appreciation to the dollar sale to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s