Pascal Arogorn Ibe
The naira fell slightly at the parallel market on Monday , as it exchanged to the dollar for N 460/$ as of the close of work .
The naira had exchanged to the dollar on Friday for 458/$.
This is as the country’ s external reserves continued to maintain its downward trend .
Figures obtained from the Central Bank of Nigeria revealed that the country’ s external reserves which stood at $35. 75bn as of October 02 had lost $78. 34m to close at $35. 67bn as of October 16.
The CBN had stated in its report on ‘ Monetary , credit, foreign trade and exchange policy guidelines for fiscal years 2020/2021’ that external reserves were expected to lie between $29. 9bn and $34. 3bn by 2020 ending .
It said , “ Sequel to the COVID – 19 pandemic, the viability of the external sector in 2020 is expected to deteriorate , given the present worsening current account balance and depletion of external reserves driven, largely , by decelerating export receipts , particularly oil .
“ Specifically , the degree of external reserves accumulation is expected to decelerate, as outflows are expected to outweigh inflows.
“ As a result, external reserves are expected to lie between $29. 9bn and $34. 3bn at end -December 2020 ( predicated on current declining oil price between $20 and $40) . ”
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