Nigeria’s foreign exchange reserves has recorded a relative stability at $26 billion since May 2016, higher than at other months of the year.
The nation’s external reserves have seen marginal gains and losses, as a result of policy options, improved earnings and demand pressure on the other hand.
It lost $2.97 billion since this year from combined challenges of low earnings and interventions in defense of the local currency.
Starting from January, the reserves lost $810 million from $28.97 billion; $340 million to $27.82 in February; and gained $40 million in March.
In April, it resumed the sliding profile, losing $780 million; $700 million in May, to $26.38 billion; $20 million in June; and $160 million in July.
From June to date, reserves’ depletion has moderated due to the introduction of the flexible exchange rate policy, which reduced speculations and volume of spot dollar-purchase, through the foreign exchange forwards market.
