After the Central Bank of Nigeria formally floated the Naira and liberalized the foreign currency market, Nigeria’s foreign reserves decreased by $915 million.
According to CBN statistics received on Sunday, the reserves decreased from $34.66 billion on June 14, 2023, when the Naira was floated, to $33.74 billion on August 24, 2023.
The Investor & Exporter forex window had the naira value closed at 471.67/$ on June 13, the day before the CBN announced the naira float.
Following the development at the I&E window, the local currency dropped to around 700/$.
On Monday, the official exchange rate for the Naira was N774.54 to $1.
At the parallel market, the Naira was trading between N900 and N918 to the US dollar.
Recall that the CBN floated the Naira in the foreign market on June 14.