External reserves near $31bn as CBN interventions stabilises currency

The Nigeria’s external reserves which stood at $30.96 billion on August 4, 2017, near $31 billion as the Central Bank of Nigeria (CBN)’s continued interventions has stabilised the naira.

Naira traded stable at the inter-bank spot foreign exchange on Tuesday closing at N305.50k per U.S dollar, data from FMDQ revealed.

The local currency closed around N364 per dollar on Tuesday down from N363/$ traded last week at the black market, investigation show.

At the investors and exporters forex window, naira weakened by N0.79k to close at N368.17k per dollar as against N367.38k traded the previous day, FMDQ figures show.

The CBN on Monday, August 7, 2017, boosted the FOREX market by offering a total of $195m in three segments of the market. In the wholesale segment of the inter-bank Foreign Exchange market, it auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45million respectively.

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