Money Market

CBN Says Nigeria’s Forex Reserves Down 15.61% to $29.13 Billion Y-o-Y by Dec 29

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Godwin EmefieleBy InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) said on Thursday Nigeria’s foreign exchange reserves dipped by 15.61 percent year-on-year (Y-o-Y) to $29.13 billion by December 29, 2015 from $34.52 billion recorded a year ago, according to Reuters report

According to the report, data from the CBN showed on Thursday that the forex reserves of Nigeria also dropped by 2.6 percent in one month from $29.91 billion a month earlier.

It says the forex reserves fell to their lowest since July 1, 2015 when they stood at $29.07 billion because the Nigeria’s Central Bank has been using the reserves to support the ailing naira currency in the wake of falling global oil prices.

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