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    Africa's biggest economy's forex reserves drops by 15.61 pct to $29.13 bln

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    Babatunde Akinsolahttps://naija247news.com
    Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

    igeria’s foreign exchange reserves declined by 15.61 percent year-on-year to $29.13 billion by Dec. 29, from $34.52 billion a year ago, data from the central bank showed on Thursday.

    The forex reserves of Africa’s biggest economy and top crude exporter also dropped by 2.6 percent in one month from $29.91 billion a month earlier.

    The forex reserves fell to their lowest since July 1, 2015 when they stood at $29.07 billion because the 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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