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Home Business Nigeria’s External Reserves Fall By $915m After Currency Float

Nigeria’s External Reserves Fall By $915m After Currency Float

Nigeria’s external reserves dropped by $915 million after the Central Bank of Nigeria officially floated the Naira and liberalised the foreign exchange market.

Report from CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of June 14, 2023, when the Naira was floated, fell to $33.74bn as of August 24, 2023.

The naira value had closed at 471.67/$ at the Investor & Exporter forex window on June 13, a day before the CBN announced the naira float.

The local currency fell to over 700/$ following the development at the I&E window.

As of Monday, the Naira exchanged at N774.54/$1 at the official window.

Meanwhile, Naira stood between N900-918 at the parallel market against the Dollar.

It would be recalled that on June 14, the CBN floated the Naira at the forex market.

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