Sunday, February 5, 2023

Naira Slides On The Parallel Market To N460/$

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The Nigerian Naira crashes slightly at the parallel market on Monday, as it exchanged to the dollar for N460/$ as at the close of the market yesterday evening Monday 20. The naira had exchanged to the dollar on Friday for N458/$. Naira On the Parallel market

This is coming as the country’s external reserves continues to dwindle hitting a continuous downward trend. With figures obtained on the Central Bank of Nigeria, it disclosed that the country’s external reserves which stood at $35.75bn as of October 02 had lost $78.34m to close at $35.67bn as of October 16.
READ ALSO: Naira Plunges Further At The Parallel Market Exchanges To N460/$

The CBN had stated in its report on ‘Monetary, credit, foreign trade and exchange policy guidelines for fiscal years 2020/2021’ that external reserves were expected to lie between $29.9bn and $34.3bn by 2020 end.

It said, “Sequel to the COVID-19 pandemic, the viability of the external sector in 2020 is expected to deteriorate, given the present worsening current account balance and depletion of external reserves driven, largely, by decelerating export receipts, particularly oil.

“Specifically, the degree of external reserves accumulation is expected to decelerate, as outflows are expected to outweigh inflows.

“As a result, external reserves are expected to lie between $29.9bn and $34.3bn at end-December 2020 (predicated on current declining oil price between $20 and $40).”

Photo Credit: Getty

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