Nigeria’s foreign exchange reserve fell to $30.13 billion in October, down 0.84 per cent from a month ago.
The fall in Nigeria’s Foreign reserve reflects the sale of dollars by the central bank to defend the Naira currency which has been hit by the plunge in oil price.
Foreign reserves of Africa’s top crude exporter were down to 22.43 per cent year-on-year from $38.86 billion a year ago, according to a data obtained from the apex bank.
In September, Nigeria’s foreign exchange reserves fell 3.14 per cent to $30.48 billion from $31.47 billion. The reserves were down 23.03 per cent from a year ago.
To reduce the deterioration of the reserves, the Central Bank of Nigeria has been implementing a dose of restrictions on imports of non-essentials, Nigeria to re-issue 10-year Bond after JP Morgan Index Expulsion.