October 5, 2020/Cowry Asset Report

Following the recovery in global crude oil prices, Nigeria’s external reserves rose by 5% to an average of USD35.76 billion in September from an average of USD34.03 billion in April when the pandemic was rife.

Against the backdrop of improved external buffers, the Naira/USD exchange rates tended towards convergence in September amid sustained dollar supply from CBN. Naira appreciated by 0.06% to N386.01/USD at the I&E FX window (NAFEX) following a 118.4% month-on-month boost in inflows to USD0.94 billion.

Click here to read full PDF copy of report