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NIGERIA’S EXTERNAL RESERVE
Naira depreciated against the dollar to close at N410.67/$ on Monday, 10th May 2021, representing a 34 kobo drop from N410.33/$1 recorded on Friday, 7th May 2021.
The naira gained at the official window despite the low liquidity at the forex market with dollar supply dropping by 30.7%.
Nigeria’s external reserve position is now $9 billion years to date and down from its peak of $45.17 billion achieved.
A Pan-African credit rating agency has predicted that diaspora remittances for this year are going to witness a 20% decline from last year’s figure.
Nigeria’s external reserve has reduced by $3.22 billion from $45.07 billion as at end of June 2019 to $41.85 billion by the end of September 2019.