The naira fell significantly against the dollar at the Investors & Exporters (I&E) window of the foreign exchange market yesterday, closing at N415.10 per dollar compared with N413.74/$1 data from the FMDQ Security Exchange shows. The local currency has been struggling against the dollar in the forex markets in recent weeks despite accretion to Nigeria’s external reserves. Data obtained from the Central Bank of Nigeria (CBN) shows that the reserves climbed to $39.21 billion as at October 12, 2021. Analysis of the data show that reserves increased by $2.8 billion to $36.8 billion in September. Analysts attribute the surge in the external reserves to the $4 billion that the country recently raised from the Eurobond market.
