Despite a slight uptick in Nigeria’s external reserves, the Naira suffered another blow on Monday, sliding to 1,515 against the dollar in the parallel market.
This marks a 2.97 percent depreciation compared to Friday’s exchange rate of N1,470 per dollar.
BusinessDay reports that Nigeria’s external reserves saw a modest 0.4 percent increase, reaching a four-week high of $32.4 billion as of May 8, 2024.
In efforts to stabilize the forex market, the Central Bank of Nigeria (CBN) resumed dollar sales to Bureau De Change (BDC) operators in February. However, delays in dollar disbursement have left some BDCs frustrated, prompting requests for refunds from the CBN.
Despite these interventions, uncertainty in the forex market persists, exacerbating the challenges faced by both currency traders and the general populace.
