Nigeria’s foreign reserves drop to $29.13 billion

The Central Bank of Nigeria (CBN) on Thursday said that the nation’s foreign exchange reserves declined to 29.13 billion dollars as at Dec. 29.

The bank said on its website that the drop represented 2.43 per cent from $29.31 billion recorded as at Dec.23

The nation’s external reserves stood at 34.49 billion dollars as at Jan 5, 2015 from the $34.47 billion recorded in Dec. 31, 2014.

But shortages of US Dollars has forced Nigeria’s external reserves into a massive decline hitting a new low of $29.73 billion as at Dec. 11, while the value of the Naira declined in the unofficial foreign exchange market.

The central bank had spent around $5 billion between January and July defending the Naira, which was hit by the 2014 plunge in oil prices.

The CBN in November said it was able to save $300 million as at August from Bureau De Change (BDC), through its provision that request for forex must be accompanied by the BVN of the customers.

(NAN)

Nigeria’s foreign reserves drop to $29.13 billion