Home Business Foreign reserves drop to $29.13b

Foreign reserves drop to $29.13b


Lagos – The Central Bank of Nigeria (CBN) on Friday 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 dollars recorded as at Dec.23
The News Agency of Nigeria (NAN) recalls that the foreign reserves have been dropping since July 1, 2015.
The nation’s external reserves stood at 34.49 billion dollars as at Jan 5, 2015 from the 34.47 billion dollars recorded in Dec. 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 dollar as at Dec. 11, while the value of the Naira declined in the unofficial foreign exchange market.

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NAN also recalls that 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 dollars as at August from Bureau De Change (BDC), through its provision that request for forex must be accompanied by the BVN of the customers.

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