Nigeria’s external reserves fell to $33.794 billion in June. The reserves dropped from $34.219 billion on June 1 to $33.794 billion on June 17 which is the latest update on the Central Bank of Nigeria’s website. Data tracked by New National Star reveals that on June 4, the reserves dropped to $34.170 billion and on June 7 they dropped to $34.103 billion.
On June 10, the reserves stood at $34.006 billion and by June 17, they were $33.794 billion. Nigeria crude oil sales have been on the positive side but the country’s trade surplus has been negatively impacted by the economic crisis caused by the COVID-19 pandemic. A barrel of Bonny Light oil sold for $73.270 on June 17 and crude oil cost has been projected to go as high as $100 per barrel once the world continues to recover from the pandemic shock. Earlier, this newspaper reported that underpriced mobile international termination rate negatively affected the reserves.
Recently, the World Bank blamed the CBN for its management of the foreign exchange regime which has led to the crisis being experienced. The World Bank said that the CBN’s adoption of the NAFEX window had not been absolute since it still manages the rates. It said, “In May 2021, the CBN formally took concrete steps towards rate unification between the official and IEFX rates. However, the IEFX rate continues to be managed and is not fully reflective of market forces.
Furthermore, there remains a 20 percent premium between this unified rate and the parallel market rate.” Last Friday, the Lagos parallel market closed at the rate of N498 to one dollar while the NAFEX exchange rate last Friday was N411 per dollar.
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