SAT. 25 MARCH 2023-theGBJournal | Nigeria’s FX reserves declined for the tenth consecutive week, as gross reserves dropped by US$163.67 million w/w to close at US$35.78 billion (23 March).
Meanwhile, the naira appreciated by 0.1% to N461.33/USD at the I&E window (IEW), with total turnover at the window (as of 23 March 2023) increasing by 34.9% WTD to US$700.13 million, as trades were consummated within the N406.00 – N551.00/USD band.
In the Forwards market, the naira rates recorded for the 1-month (-0.5% to N467.97/USD), 3-month (-0.5% to N484.34/USD), 6-month (-1.0% to N511.25/USD), and 1-year (-2.3% to N561.79/USD) contracts decreased.
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