THE plummeting profile of the foreign exchange reserves, which has been a constant feature since the beginning of the year, has finally hit 2010 record low to $29.3 billion from $29.8 billion of the previous week.
The downward trend, which has been riding on the back of falling international oil prices and the resolve by the Central Bank of Nigeria (CBN) to defend the naira, has already resulted to about $5 billion loss, representing 16.9 per cent in 2015.
In a report from Afrinvest Securities Limited, titled: “Nigerian Reserves at Record Low…Time to Float the Naira?,” it showed that declines were at their highest on February 16 and 23 at 1.2 per cent each, which correspond to the postponement of the elections and shutdown of the Retail Dutch Auction System (RDAS) respectively.
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