Data published by the CBN on Tuesday confirma Nigeria’s foreign exchange reserves fell to a 4-month low of $37.9 billion as of Nov. 7, 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 data published by the central bank on Tuesday showed the reserves were at $39.55 billion on Oct. 10. In July they stood at $37.89 billion.
The CBN has therefore spent about $1.4billion in the hope of stabilising the naira as the fall in oil pressures continue to weigh down on Nigeria’s exchange rate. The naira has now dropped 6% this year so far.