The Central Bank of Nigeria (CBN) on Thursday said that the nation’s foreign exchange reserves declined to $29.13 billion as at Dec. 29.
The bank said on its website that the drop represented 2.43 per cent from $29.31bn recorded as at Dec.23. The foreign reserves have been dropping since July 1, 2015.
The nation’s external reserves stood at $34.49bn as at Jan 5, 2015 from the $34.47bn recorded on Dec. 31, 2014.
But shortages of US dollar has forced Nigeria’s external reserves into a massive decline hitting a new low of $29.73bn as at Dec. 11, while the value of the Naira declined in the unofficial foreign exchange market.
The central bank had spent around five billion dollars 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.
-Vanguard
