Wednesday, June 16, 2021

    Nigeria’s foreign exchange reserves plunged to $34.23 billion in May despite oil surge

    Must read

    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 declined m-o-m by 1.9% to USD34.23 billion at the end of May despite increase in average price of Bonny Light crude oil price over the same period (Bonny Light rose m-o-m by 3.1% to USD68.21 a barrel).

    Hence, Naira depreciated, on average, against the greenback in most forex market segments in May – Naira weakened at the NAFEX, BDC and Parallel markets by 0.22%, 0.59% and 0.49% to N411.28/USD, N481.94USD and N486.61/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.

    - Advertisement -spot_img

    More articles

    - Advertisement -spot_img

    Latest article

    WP to LinkedIn Auto Publish Powered By :