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On the parallel section of Nigeria’s international trade (FX) market, the Naira fell to N900 a greenback on Tuesday following report by JP Morgan that estimates Nigeria’s internet FX reserves at $3.7billion.
JP Morgan mentioned that Nigeria’s FX reserves is “considerably decrease than prior estimates, owing to larger-than-expected foreign money swaps and borrowing towards current reserves”.
JP Morgan mentioned the international trade market will stay in focus given the doubtless decrease place to begin for internet FX reserves, with an total steadiness of funds deficit pointing in the direction of continued FX stress.
Learn additionally: Naira flat forward of latest guideline for importers, BDCs
Parallel market FX sellers had been as at 12.12pm on Tuesday August 22 shopping for greenback at N885 whereas promoting at N900, in line with knowledge by AbokiFX, a web-based platform that tracks the trade charge on the parallel market.
Earlier than this revelation, the naira had for the previous days remained flat at N860/$ amid cooling demand stress on the parallel section of the market.
…particulars later
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