Apex bank puts foreign exchange reserves at $38.76bn, 1.94% down

The country’s foreign exchange reserves fell 1.94 percent month-on-month to stand at $38.76 billion on October 29, the lowest level in more than three months, according to the Central Bank of Nigeria (CBN) data released on Friday.
The report showed that the reserves also dropped by 14.28 percent year-on-year, compared with $45.22 billion the same time last year.
The reserves were last seen at the current level on July 21, when they stood at $38.72 billion.
Recently, the naira has been under pressure due to falling oil prices and huge demand for foreign exchange by importers and the CBN has increased the amount of dollars sold at its twice-weekly foreign exchange auction to support the local currency.

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