ENUGU, Nigeria (VOICE OF NAIJA) – After the Central Bank of Nigeria (CBN) officially floated the Naira and liberalised the foreign exchange market, Nigeria’s external reserves dropped by $915 million.
According to CBN data obtained on Sunday, the reserves, which stood at $34.66bn as of 14 June, 2023, when the Naira was floated, fell to $33.74bn as of 24 August, 2023.
The naira value had closed at 471.67/$ at the Investor & Exporter forex window on 13 June, a day before the CBN announced the naira float.
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Following the development at the I&E window, the local currency fell to over 700/$.
As of Monday, the Naira exchanged at N774.54/$1 at the official window.
Meanwhile, Naira stood between N900-918 at the parallel market against the Dollar.
Recall that on 14 June, the CBN floated the Naira at the forex market.