Naira weakens at I&E window as forex reserves shed $323m

The naira fell by 0.13 per cent on Wednesday to close at 395.50 against the dollar at the Investors’ and Exporters’ Foreign Exchange Window, according to FMDQ Group.

The local currency remained stable at 480 against the greenback at the parallel market.

The country’s forex reserves declined by $323 million in seven days to $36.19 billion on Feb. 1, the latest data from the Central Bank of Nigeria showed.

The reserves, which started declining last week, had been on an upward trajectory for more than a month, rising by over $1 billion to $36.39 billion on January 27 from $35.37 billion on Dec. 31, 2020. It started declining last week.