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Nigeria’s Forex Reserves Drops By 2.6% To $29.13 Billion

by on December 31, 2015

Nigeria’s foreign exchange reserves dropped by 15.61 percent year-on-year to $29.13 billion by Dec. 29, from $34.52 billion a year ago, data from the Central Bank of Nigeria has proved.

Nigeria’s Forex Revenue dropped by 2.6 percent in one month from $29.91 billion a month earlier.

Forex reserves fell to their lowest since July 1, 2015 when they stood at $29.07 billion because the central bank has been using reserves to support the ailing Naira currency in the wake of falling global oil prices.

Omolara Adegoke- Abuja

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