According to reports from the Central Bank of Nigeria, the country’s foreign reserves grew by $203.2 million after a two-week a downward drift.
As at June 13, external reserves were confirmed to have stood at $47,627 billion from $47,425 billion on June 7.
Fear of losses by foreign investors particularly in the Investor and Export window has led to the repatriation of some of their investments, which led to a downward trend in the inflow of foreign exchange from the I&E window as seen in May.
External reserves steadily dropped since May 21 when it was at $47.754 billion which was a significant drop from $47.7 billion on May 18.
On this note, Mr Ayodele Akinwunmi, the Head Researcher, FSDH Merchant Bank said they had experienced extreme pressure from foreign investors. This he said accounted for the low foreign reserve growth.
He said that according to analysis, between April 2017 and May 2018, the country had its lowest foreign exchange inflow through the Investor and Export window in May.
Image Credit: Bizwatchnigeria.ng
