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External reserve drops to $30.78bn as naira remain N385/$

By Babajide Komolafe
The nation’s external  reserve  dropped $30.78 billion on Monday, the lowest in ten days, even as the naira remain stable at N385 per dollar in the parallel market exchange rate.

The external reserve data released today by the Central Bank of Nigeria (CBN) showed that external reserve continued its downward trend to $30.78 billion as at end of Monday. This represents decline of $100 million when compared with the closing level of $30.88 billion Friday last week.

The reserve has been on the downward trend since May 4th 2017, when it reached a peak of $30.99 billion. Since then the reserve has fallen by $210 million.

Meanwhile the naira remained stable in the parallel market segment yesterday, as the parallel market exchange rate maintained Monday’s closing rate of N385 per dollar.

 


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