Naira stable as forex reserves shed $493.7m in 21 days

Nigeria’s foreign exchange reserves has shed a total of $493.72 million in the past 21 days.

According to data from the Central Bank of Nigeria (CBN), the country’s reserves swung from $30,988,403,724 on May 4, 2017 to $30,494,680,050 as at the close of business on Thursday May 25.

Within the same period, the CBN made numerous interventions in the foreign exchange market to keep the naira stable at about 375 to 380 per dollar at the parallel market.

At the current figures for the month of May, Nigeria’s reserves stays at its best in nearly 16 months, following a gradual depletion in 2016, one of the most difficult economic years for Nigeria in nearly three decades.

Godwin Emefiele, governor of the CBN, said after the last meeting of monetary policy committee, that the bank’s forex policy actions have bolstered activities in the market, and brought an inflow of nearly $1.1 billion in four weeks via a single window.

He added that the bank will remain vigorous and intense of its current forex policy.

“I have said it and I will repeat myself that the interventions will be more vigorous and intense, to underscore the fact that we are determined to ensure that the Nigerian economy recovers, by making sure that foreign exchange is being made available to all sectors of the Nigerian economy to conduct their businesses,” Emefiele had said.