Concerns as Nigeria’s forex reserves shed $132.06m

Dynamics Within the FX Market

Concerns as Nigeria’s forex reserves shed $132.06m   Nigeria’s foreign exchange (forex) reserves dropped by $132.06 million at the weekend as the apex bank continued to use the forex reserves as a buffer against currency depreciation despite slowdown in forex inflows. A report by investment banking group, Cordros Group, at the weekend indicated that Nigeria’s forex reserves declined during the week by $132.06 million to close the week at $34.84 billion. Reports by several investment bankers, meanwhile, showed a largely stable naira. FSDH Group reported that naira closed flat at…

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