Nigeria’s Foreign Reserves Gain By $203.2m

By Ikenga Chronicles June 15, 2018

The Central Bank of Nigeria (CBN) has disclosed that the nation’s foreign exchange reserves gained by $203.2m in six days.

The reserves stood at $47,425bn on June 7, 2018 and rose to $47.627bn on June 13, its first increase in more than two weeks.

The external reserves had been declining since May 21, when it stood at $47.754 bn, down from $47.799 bn on May 18.

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Head of Research, FSDH Merchant Bank, Mr. Ayodele Akinwunmi, said last week that the pressure on demand from foreign investors was mainly responsible for the low growth in the external reserves.

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He said, “Our analysis between August 2017 and May 2018 shows that Nigeria recorded the lowest foreign exchange inflows through the I& E Window in May 2018. FSDH Research expects the positive domestic and external environment to further lead to external reserves accretion in the short – term and this development should provide further stability for the foreign exchange rate. ”

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Meanwhile, the sum of $343.06m has been disbursed by the CBN to the retail Secondary Market Intervention Sales following its intervention in the foreign exchange market on Thursday.

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