The naira last week, depreciated in both the parallel market and the Investors and Exporters (I&E) window, due to the weight of increased dollar demand, even as the nation’s external reserves declined further to $36.12 billion last week.
Data from the Central Bank of Nigeria (CBN), showed that the external reserves fell to $36.116 billion on Wednesday last week from $36.395 billion on Wednesday the previous week. This translated to a $279 million week-on-week (w/w) decline and it represents the second weekly decline in the reserves since December 17th. The decline according to analysts at Lagos based Afrinvest Securities Limited might not be unconnected to the recent repayment of a $500 million Eurobond instrument by the Federal Government.
Got gist? SMS:08029976464 WhatsApp:08029976464 Email:inkubwa@gmail.com
No comments:
Post a Comment