Tuesday, December 1, 2020

Naira slides to 460/$ at parallel market



The naira fell slightly at the parallel market as it exchanged to the dollar for N460/$ as of close of trading yesterday

The naira had exchanged to the dollar on Friday for 458/$.

This is as the country ’s external reserves continued to maintain its downward trend .

Figures obtained from the Central Bank of Nigeria revealed that the country ’s external reserves which stood at $35.75bn as at 2nd October had lost $78.34m to close at $35.67bn as at 16th October.

The CBN had stated in its policy guidelines for fiscal years 2020/2021 that external reserves were expected to lie between $ 29.9bn and $34.3 bn by 2020 ending