Nigeria's Foreign Reserve Slump By $169m
Photo: Medium

Nigeria’s foreign exchange reserves slumped by $169m to $47.436bn, according to data released by the Central Bank of Nigeria (CBN).

Concise News gathered that the reserves had hit $47.605bn in May but fell further to $47.793bn on May 14 from $47.865bn on May 10.

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According to the CBN, the external reserves, which fell further to $47.784bn on May 16, rose to $47.799bn on May 18, but dropped to $47.754bn on May 21 and $47.655bn on May 28.

The Head of Research, FSDH Merchant Bank Ayodele Akinwunmi said “The 30-day moving average external reserves increased by 0.36 per cent, up from $47.49bn at end-April to $47.66bn at May 28, 2018.

“The total turnover at the Investors’ and Exporters’ FX Window between April 2017 and May 2018 stood at $50.73bn. The highest amount was recorded in January 2018.

“Our analysis between August 2017 and May 2018 shows that Nigeria recorded the lowest foreign exchange inflows through the I&E Window in May 2018.

“FSDH Research expects the positive domestic and external environment to further lead to external reserves accretion in the short-term and this development should provide further stability for the foreign exchange rate.”