Despite the rise in Nigeria’s foreign exchange reserves, on Monday, the naira to dollars black market rate dropped further.
A day after the Central Bank of Nigeria suspended the supply of foreign exchange to Bureaux de Change, the naira had risen to 506/$1 on August 4 after falling to 525/$1 at the parallel market on July 28.
The naira had on Thursday slumped to a new record low of N530 against the dollar amid the lingering scarcity of forex in the country.
However on Monday, the value of the naira further crashed to N532/$1 at the parallel market.
The local currency also fell against the British pound sterling to N723 at the parallel market from N722/£1 on Friday, while the euro rose to N625 from N622.
The forex reserves have risen to the highest level in more than three months, since falling to a record low of $33.09bn on July 12.
However, according to data from the FMDQ Group, at the I&E window on Monday, the naira gained 0.09 per cent to close at N411.13/$1.
Data from the Central Bank of Nigeria (CBN), showed that last Friday the external reserves, which have been rising consistently since August 25 hit its peak since May 26 at $34.26bn, following several weeks of fluctuations.
The CBN data showed the reserves gained $870m in the 10 days to September 3.
