NIGERIAN FOREX RESERVE RISING AGAIN

After more than a week of consistent decline, Nigerian foreign reserves trended up once again since June 7, rock bottom, according to latest figures obtained from the website of the Central Bank of Nigeria.

From May 18, the reserves had dropped consistently and by June 7 at $47.425bn was down $374m or 0.78% on May 18's $47.799bn.

Before that it had dived mid May for the first time in months then recovered for two consecutive working days

Now, by Wednesday June 13, 2018, it stood at $47.627bn, up $202m or 0.43% on the June 7, rock bottom.

It had closed June 8 at $47.437bn then June 11 and 12 at $47.547bn and $47.57bn.

At this level though, it is still short of the May 18 figure by $172m or 0.36%.

However, the portion of the reserve that is untouchable continued to decline till June 12 and only recovered marginally on June 13 2018.

By June 1 2018 it stood at $736.67m and continued to decline gradually each working day till June 12 when it closed at $733.09m. This represented 0.49% or 3.58% drop.

On June 13, it recovered to $733.68m, up $0.59m or 0.08% and now represented 1.54% of the total reserve.

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