{"id":13018,"date":"2017-05-10T15:25:19","date_gmt":"2017-05-10T14:25:19","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=13018"},"modified":"2017-05-10T15:25:19","modified_gmt":"2017-05-10T14:25:19","slug":"external-reserve-drops-by-50m-as-as-naira-rises-to-n383","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/external-reserve-drops-by-50m-as-as-naira-rises-to-n383\/","title":{"rendered":"External reserve drops by $50m as .as Naira rises to N383\/$"},"content":{"rendered":"

The nation\u2019s external reserve on Monday dropped by $50 million, the first time in six weeks.<\/p>\n

Since March 28th, the external reserve has been on the upward trend rising from $30.3 billion to $30.983 billion Friday last week. Data posted by the CBN on its website show that the rising trend was halted on Monday, when the reserve dropped to $30.933 billion, translating to $50 million decline.<\/p>\n

Meanwhile, the CBN approved the sale of $100 million at the Wholesale Secondary Market Intervention Sales (SMIS) auction announced on Monday.<\/p>\n

cting Director, Corporate Communications Department, CBN, Mr.\u00a0 Isaac Okorafor, confirmed this yesterday\u00a0disclosing that the sales will be settled this week.<\/p>\n

The naira, yesterday, appreciated to N383 per dollar in the parallel market due to weak demand for the United States currency.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Survey of the parallel market revealed that the parallel market exchange rate dropped from N385 per dollar on Monday to close at N385 per dollar.<\/p>\n

The decline was prompted by dollar sales bureaux de change (BDCs) yesterday by the CBN.<\/p>\n

The apex bank sold $20,000 to each other over 3000 BDCs translating to injection of over $60 million. BDC operators also attributed to appreciation of the naira to weak demand for dollars.<\/p>\n

Vanguard Newspaper<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The nation\u2019s external reserve on Monday dropped by $50 million, the first time in six weeks. Since March 28th, the external reserve has been on the upward trend rising from $30.3 billion to $30.983 billion Friday last week. Data posted by the CBN on its website show that the rising trend was halted on Monday, …<\/p>\n","protected":false},"author":11,"featured_media":12970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[1837],"coauthors":[2392,2393],"class_list":["post-13018","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-external-reserve"],"yoast_head":"\nExternal reserve drops by $50m as .as Naira rises to N383\/$ - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/external-reserve-drops-by-50m-as-as-naira-rises-to-n383\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"External reserve drops by $50m as .as Naira rises to N383\/$ - National Wire\" \/>\n<meta property=\"og:description\" content=\"The nation\u2019s external reserve on Monday dropped by $50 million, the first time in six weeks. 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