The stoppage of foreign exchange sale to Bureau De Change operators has failed to prevent massive decline of the nation’s foreign reserves, which dropped by $108m three days after the move by the Central Bank of Nigeria.
The rate at which the reserves fell in the three days after the ban was more than what was recorded between December 31, 2015 and January 11, 2016, data from the CBN showed.
Latest figures showed that the reserves dropped by $396m in two weeks from $29.07bn on December 31,2015 to $28.674bn on January 14. The reserves stood at $28.782bn on January 11 when the central bank announced the stoppage of dollar sale to the BDCs.
The CBN said with the continued depletion of the foreign reserves, providing forex to the BDCs was no longer sustainable.
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