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Foreign Reserves Drops to $38bn as CBN Defends Naira With $580m
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Foreign Reserves Drops to $38bn as CBN Defends Naira With $580m
The Central Bank of Nigeria (CBN) spent over $580 million in May to bolster the Naira to achieve a 66 basis point appreciation to N1,586.15/USD. However, this aggressive intervention impacted Nigeria’s external reserves, crashing it to $38.045 billion. Last month, the naira faced significant pressure, reaching intra-Day highs of N1,614/USD due to sustained corporate demand and earlier weakness in global oil prices. The CBN’s strategic dollar sa…
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