Foreign Reserve Down 0.84% To $30.13 bln

Nigeria’s foreign exchange reserves fell to $30.13 billion by Oct. 27, down 0.84 percent from a month ago, Central Bank of Nigeria’s data showed on Friday. Foreign reserves were down 22.43 percent year-on-year from $38.86 billion a year ago, the data showed. The fall in reserve reflects the sale of dollars by the central bank […]

Nigeria’s foreign exchange reserves fell to $30.13 billion by Oct. 27, down 0.84 percent from a month ago, Central Bank of Nigeria’s data showed on Friday.

Foreign reserves were down 22.43 percent year-on-year from $38.86 billion a year ago, the data showed.

The fall in reserve reflects the sale of dollars by the central bank to defend the naira currency which has been hit by the plunge in oil prices.