Stella Dimoko Korkus.com: Naira Is Stable But Forex Reserves Continue 5-day Free Fall

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Tuesday, 16 May 2017

Naira Is Stable But Forex Reserves Continue 5-day Free Fall

The Nigerian naira remained stable at the parallel market on Monday, despite a continuous fall in the country’s foreign exchange reserves.





Foreign exchange reserves which has seen a boost in 2017, due to the rise in crude oil prices, has been on a free-fall for five consecutive days.

According to CBN figures available on Monday, the reserves stood at $30,911,121,646, falling from $30,988,403,724, only five days earlier.

Despite these fall, the naira has consistently traded around 386 to the greenback at the parallel market. The British pound and euro also traded at N495 and N420 respectively.

Speaking on the activities ahead for the Nigerian naira, Jameel Ahmad, FXTM vice-president of market research, said the local currency will be affected by OPEC decisions and GDP numbers later this week.

“It’s going to be a busy period for the Nigerian naira, with the OPEC meeting just two weeks away and important economic releases scheduled for next week,” Ahmad said.

“The latest inflation data is scheduled for release on Tuesday, where participants will be hoping that inflation readings have now reached the ‘higher level’ after the cost of living has increased in recent times following the prolonged depression in the naira.

“The main event however, will most probably be the GDP release scheduled for the end of the week.”

--from cable news


7 comments:

  1. Gradually things will improve

    ReplyDelete
  2. Queen of the coast😗👸16 May 2017 at 12:49

    May God save us in this country.

    ReplyDelete
  3. Na dem sabi. Until Naira manage enter N200 then i will know they are trying, for now it is a failed cbn plus a failed APC government. Yeye

    ReplyDelete
  4. I love Economics. Some people cant comprehend. Lol

    ReplyDelete
  5. This people and their abracadabra.........don't gerrit

    ReplyDelete
  6. Please I need an explanation o

    ReplyDelete
  7. Cool! Make my daddy hustle my school fees fast. Glad the dollar is down for now

    ReplyDelete

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