The country’s foreign exchange reserves continued its downward trend as it dropped by $1.64bn from $38.34bn on January 15, 2020 to $36.
69bn on February 20, latest figures from the Central Bank of Nigeria has revealed.According to the figures, the reserves dropped from $39.8bn on November 11, 2019 to $39.24bn on December 13, after falling by $1.26bn from $41.76bn on October 2 to $40.5bn as of the end of October.
“With the drop in forex inflows, the exchange rate at the parallel market rose from about N200/$ in August 2015 to N525/$ in February 2017. Inflation also rose from 9.6 per cent in January 2016 to over 18.7 per cent in January 2017. He said the CBN introduced a demand management approach in order to conserve the country’s reserves and support domestic production of certain goods in Nigeria.
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