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LequteMan
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Nigeria's foreign exchange reserves fell to a 4-month low of $37.9 billion as at Nov. 7, according to the Central Bank of Nigeria, CBN.
The figure is down 3.99 percent month-on-month after the central bank sold dollars to banks to prop up the value of the naira currency, Reuters reports.
However, data published on Tuesday showed the reserves were at $39.55 billion on Oct. 10. In July they stood at $37.89 billion.
Nigeria's central bank last week said it will continue to defend the local currency, which has fallen 6 percent so far this year on concerns about lower oil prices and an exit from the local debt and equity markets by offshore investors.
#Nigeria #Reuters #Forex
The figure is down 3.99 percent month-on-month after the central bank sold dollars to banks to prop up the value of the naira currency, Reuters reports.
However, data published on Tuesday showed the reserves were at $39.55 billion on Oct. 10. In July they stood at $37.89 billion.
Nigeria's central bank last week said it will continue to defend the local currency, which has fallen 6 percent so far this year on concerns about lower oil prices and an exit from the local debt and equity markets by offshore investors.
#Nigeria #Reuters #Forex
