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Nigeria’s external reserves shed $167.2m as Naira slumps

Nigeria’s external reserves lost $167.2m in July as the Naira fell further to the dollar.

The Central Bank of Nigeria’s figures on the movement of external reserves showed that the reserves, which ended June 30, 2023, at $34.12bn, depreciated to $33.95bn as of July 28, 2023.

Since the floating of the Naira at the foreign exchange window on June 14, the country’s currency has continued to fluctuate due to market volatility.

In the past two weeks, the naira fell from 820/$ to 868/$ at the parallel market on Monday.

According to the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, the market’s confidence is depreciating.

He said Optimism is giving way to pessimism in the foreign exchange market, endangering leftover confidence in the sector.

But, at the end of its July Monetary Policy Meeting, the acting Governor of the Central Bank of Nigeria, Folashodun Shonubi promised policy intervention.

He said market volatility was caused by the increased demand for forex and the shortfall in supply.

He added that CBN have started intervening and will continue intervening until the market reaches optimal level.

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Comfort Samuel

I work with TV360 Nigeria, as a broadcast journalist, producer and reporter. I'm so passionate on what I do.

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