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NAIRA AVERAGES N366/$1 OVER 3 MONTHS AS NIGERIA'S FOREIGN RESERVES EXCEED $32bn - abokiFX

OCTOBER 03, 2017

  • abokiFX research shows that naira has traded at an average of N366/$1 in the parallel market since July 2017.
  • Nigeria's foreign reserves have risen at an average of $600m per month from July 2017 to September 2017.
  • Further analysis of the growth in foreign reserves reveal that if the price of crude oil falls below $50 per barrel, the buffer in the foreign reserves would absorb the shortfall and keep the naira steady at an average of N366/$1 for the next three months.
  • abokiFX believes the average rate of N366/$1 in the parallel market reveals that a market equilibrium has been reached and is considered reasonable by the CBN, as regular CBN interventions have kept the rate within N366/$1 average.
  • The chart above shows the relationship between the foreign reserves and the parallel market rates from January 2017 to September 2017.

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