Market Movements in 2016 - Forex Reserves Drops by 12.87%

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Saturday, December 24, 2016 10:02 AM/Proshare Research

Movement in market indicators in the year 2016 has been with mixed outcome.

On the Nigerian Stock Exchange, the NSE ASI dropped by -7.53% the NASD USI grows by 2.43% as at 23rd December, 2016.

Nigeria’s forex reserves dropped by -12.87% to move from US$28.98bn in January o4, 2016 to US$25.25bn as at December 20, 2016. Activities at both the interbank and parallel market reveal that Naira depreciated by 54.82% and 80.97% respectively.

However, Brent Crude Oil went up in the course of the year by 47.67% from US$37 as at December 31st, 2015 to US$55.05 per barrel as at 22nd December, 2016.

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