The Central Bank of Nigeria on Friday said the nation’s foreign exchange reserves declined to $29.13 billion as at December 29.
The bank said on its website that the drop represented 2.43 per cent from $29.31 billion recorded as at December 23
The News Agency of Nigeria recalls that the foreign reserves have been dropping since July 1, 2015.
The nation’s external reserves stood at $34.49 billion as at January 5, 2015 from the $34.47 billion recorded in December 31, 2014.
But shortages of US Dollar has forced Nigeria’s external reserves into a massive decline hitting a new low of $29.73 billion as at December 11, while the value of the Naira declined in the unofficial foreign exchange market.
NAN also recalls that the CBN 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 through its provision that request for forex must be accompanied by the BVN of the customers.
NAN.
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