External reserves have lost $68.630 million within six days bringing their gross total down to $33.516 billion. According to data collected from the Central Bank of Nigeria (CBN), the reserves which rose consistently from July 14 started falling again on August 12, barely a month after.
Specifically, the reserves fell by $63 million in six days, from $33.579 on August 13, down to $33.516 billion on August 19. Since August 12, the reserves have shrunk by 0.21 per cent in total, losing $70.717 million. On August 13, the reserves totalled $33.579 billion, on August 16, they were $33.554 billion and on August 18, they were $33.529 billion. When the reserves were on the rise, the CBN, following the advice of the Monetary Policy Committee, banned the sale of foreign exchange to bureaux de change operators, stating nefarious activities as the reason for the ban.
However, with CBN’s tighter grip on foreign exchange flow in the country, the forex situation is not improving. The Lagos parallel market closed at N520 per dollar last Friday while the Investors and Exporters NAFEX window closed at N411.67 per dollar. Last Thursday, a barrel of Bonny Light was sold for $66.180.