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External reserves rise by $395m in 17 days

Nigeria’s external reserves keep improving as they rose to $33.566 billion in 17 days. Between July 19 and August 5, the reserves increased by $394.613 million. This shows a continuation of the positive trend which began on July 14.

Earlier, New National Star reported that the reserves rose by $83.3 million in six days. Before the rise began, the reserves dropped to $33.087 billion (July) from $35.254 billion (April). On July 19, the reserves were worth $33.172 billion and moved up to $33.381 billion on July 29, then up to $33.567 billion on August 5. This rise comes on the heels of the Central Bank of Nigeria’s decision to stop selling foreign exchange to Bureaux De Change.

The CBN’s decision saw the naira depreciate to N530 per dollar in the Lagos parallel market. Last Friday, the market closed at N510 per dollar while the Investors and Exporters (I&E) NAFEX window closed at N411.50 per dollar. A barrel of Bonny Light crude oil was also sold for $72.250 on August 5

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