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.

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.

Recall that on June 14, the CBN floated the Naira at the forex market.