CBN records $3.5bn Currency outflows in March

The Central Bank of Nigeria has recorded a total Foreign Currency outflows of $3.5 billion during the month of March.

The amount represent -3per cent onth on Month, as against a meagre $335 million foreign inflows.

In its recent monthly Economic insight, NOVA Merchant Bank observed that activities at Open Market Operation auctions in March depicted limited foreign portfolio participation.

The Nova report observed that the apex bank recorded its highest monthly intervention sales at the Investors and Exporters Window of the foreign exchange market in March, with the gross external reserve depleting by $1.0 billion to adjusted level of $34.0 billion.