Nigeria’s foreign reserves has continued to dwindle with the 30-day moving average standing at $25.157 billion as at September 8, 2016 according to latest data on the website of the Central Bank of Nigeria, CBN.
According to the data, reserves have plunged by 13.5 per cent from $29.069 billion which it was as at December 31, 2015 as the CBN dips into it to shore up the value of the naira.
Meanwhile, the reserves had on August 29 jumped by $595 million to record $26.196 billion in just five days after a two-month steady plunge.
The marginal accretion represented a leap of 2.26 per cent, compared with $25.601 billion as of August 24.T This was largely buoyed by a single $270 million transaction at N345 per dollar by Citibank Nigeria which bought 11-months treasury bills on behalf of offshore investors.
Chief Executive Officer of FMDQ OTC Securities Exchange, Mr. Bola Onadele, had disclosed that the FX market registered $327 million worth of trades yesterday, about six times more than its usual volume.
Other transactions were carried out at between N314.50 to N317.34 to the dollar. Average trading is around $50 million a day on normal days, but might reach $100 million on days the Central Bank of Nigeria (CBN) intervenes in the currency market.
