Nigeria’s foreign reserves rose to $35.77billion, up from its early May sum of $33.99billion Dollars.
According to data from the website of the Central Bank of Nigeria (CBN), to achieve the increase, the country’s reserves gained $1.78billion in 14 days.
It said that the \Naira gained some grounds against the dollar by 0.20 per cent week-on-week (w/w) to N385.94/USD at the Investors & Exporters Foreign Exchange (I&E FX) window but slid by 2.1per cent w/w to N460.00 against the dollar in the parallel market.
“In the Forwards market, the naira appreciated against the dollar across all contracts, save for the 1-month (-0.02 per cent to N388.21/USD).
“Notably, the 3-month (+0.2 per cent to N391.62/USD), 6-month (+0.5 per cent to N396.74/USD), and 1-year (+1.0 per cent to N414.48/USD), contracts all recorded stronger naira values against the greenback.
“We still hold the view that the RFI inflow will continue to provide short-term support for the FX reserves.
“Nonetheless, we expect the currency market to remain largely volatile, especially in the parallel as the CBN’s suspension of FX sales to BDCs continues to create a backlog of unmet FX demand.”
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