Lagos - The naira could be in for even more downward pressure as Nigeria’s foreign external reserves continue to deplete, reports Leadership.
The naira has dropped 8 percent against the dollar in the last week, hitting record lows in recent times. It currently sells at $164 to a dollar.
The central bank's stance that it would not be using external reserves to back up the naira has pushed the currency down.
Nigeria’s external reserves, which stood at $44.6 billion on December 5, fell to $31.784 billion as at February 7 due mainly to a drop in portfolio and foreign direct investment (FDI) inflows.
Read more at Leadership.
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