Wednesday, June 16, 2021

    Nigeria’s fx reserves surged to $34.88bln in April despite decline in Bonny…

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    Godwin Okafor
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    Nigeria’s foreign exchange reserves rose m-o-m by 0.2% to USD34.88 billion at the end of April despite decline in average price of Bonny Light crude oil over the same period (Bonny Light softened m-o-m by 2.06% to USD64.27 a barrel).

    However, Naira depreciated, on average, against the greenback in most forex market segments in April – Naira weakened at the NAFEX, BDC and Parallel markets by 0.07%, 0.27% and 0.09% to N410.36/USD, N479.10USD and N484.25/USD respectively but was flat at N380.69 at the Interbank FX segment.

    Latest data showed that goods and services import cover moderated to 6.1 months in January 2021 from 6.3 months in December while external debt to external reserves ratio rose to 95.8% as at December from 89.5% as at September.

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