Home Business Nigeria’s Foreign Reserves Fall to Six-month Low of $36.7bn

Nigeria’s Foreign Reserves Fall to Six-month Low of $36.7bn

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Nigeria’s foreign reserves fell to a six-month low of $36.7 billion by December 1, down 4.5 percent from the previous month as the Central Bank stepped up its defence of the naira, figures on the bank’s website showed.

The reserves of Africa’s biggest economy and top oil producer stood at the same level as in June this year and were down from $38.45 billion on November 2, the data showed on Wednesday.

The naira has fallen 11.3 percent against the dollar this year, including an 8 percent one-off devaluation by the central bank last week, as global oil prices plunged, reports Reuters.

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