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Naira drops to 251/dollar, reserves now $29.7bn

The naira crashed extra against the dollar from 247 last Thursday to 251 on Saturday on the parallel market.

This came barely one week after the central bank of Nigeria cut foreign exchange supply to Bureau De change operators.

The central bank had in the course of its weekly forex sale to the BDCs last Wednesday refused to sell forex to operators that did not render returns on the utilisation of prior forex bought at the official window

The dollar was once selling between N241 and N243 before Wednesday’s decision. The local currency was still selling for 197 against the dollar on the official market.

in the meantime, the nation’s foreign currency reserves dropped to $29.7bn on December three, 2015, data from the CBN’s internet site confirmed on Sunday.

this is anticipated to position extra stress on the CBN’s bid to defend the naira and prevent a devaluation of the local currency.

The reserves have fallen with the aid of 20 per cent since the end of June 2014, when Brent crude prices started a greater than 60 per cent plunge, hammering the funds of Africa’s largest economic system and largest oil producer.

The naira has been constant at 197-199 per dollar for the the CBN Governor, Mr. Godwin Emefiele, confined banks’ access to foreign trading.

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