Foreign reserves resume decline after rising to $33.59bn

Written by on August 16, 2021

The foreign exchange reserves in Nigeria have started declining again after rising to $33.59bn, the highest level in more than a month.

The forex reserves, which fell to a record low of $33.09bn on July 12, had gained $500m in almost a month to close at $33.59bn on August 10, according to the latest data from the Central Bank of Nigeria.

The reserves, however, declined to $33.58bn on August 12, the CBN data showed.

In a related development, the total forex transactions on FMDQ Securities Exchange rose by about 2.24 per cent last week.

The exchange said in the forex spot and derivatives markets, the total turnover for the week ended August 13, 2021 was $692.60m, up from $677.44m reported for the previous week.

It said the week-on-week increase in turnover was driven by the 12.31 per cent increase in the forex spot, despite the 24.06 per cent decrease in forex derivatives turnover.

The decrease in forex derivatives turnover was said to have been driven by the 30.24 per cent decrease in forex forwards turnover.

Source: PUNCH

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