L
LequteMan
Guest
According to recent figures from the Central Bank of Nigeria, CBN, the country's external reserves fell by $92million in less than 24 hours during the yuletide season.
The reserves closed at the end of year 2015 at $29,069,779,152 and opened in 2016 at $28,978,207,412, losing approximately $92 million in one trading day.
This is the biggest fall in Nigeria’s reserves since the Central Bank of Nigeria (CBN) implemented the use of bank verification number (BVN) in forex trading.
The interbank foreign exchange market was closed by the CBN on December 21, 2015 to conserve forex for an opening on January 4, 2016, leaving the parallel market as the only source of forex through the festive period.
The CBN however is planning to implement a new guideline for forex trading on the parallel market in order to curb speculation and forex scarcity.
Also, Managing Director of the International Monetary Fund (IMF), Christine Lagarde, in Abuja on Tuesday, urged the federal government to consider being flexible with its monetary policy in order not to deplete the reserves.
The reserves closed at the end of year 2015 at $29,069,779,152 and opened in 2016 at $28,978,207,412, losing approximately $92 million in one trading day.
This is the biggest fall in Nigeria’s reserves since the Central Bank of Nigeria (CBN) implemented the use of bank verification number (BVN) in forex trading.
The interbank foreign exchange market was closed by the CBN on December 21, 2015 to conserve forex for an opening on January 4, 2016, leaving the parallel market as the only source of forex through the festive period.
The CBN however is planning to implement a new guideline for forex trading on the parallel market in order to curb speculation and forex scarcity.
Also, Managing Director of the International Monetary Fund (IMF), Christine Lagarde, in Abuja on Tuesday, urged the federal government to consider being flexible with its monetary policy in order not to deplete the reserves.
