Nigeria’s Forex Reserves Hit 4-Month Low

Nigeria’s foreign exchange reserves fell to a 4-month low of $37.9 billion as at November 7, according to the Central Bank of Nigeria (CBN).
The figure is 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.
However, data published on Tuesday showed the reserves were at $39.55 billion on October 10. In July they stood at $37.89 billion.
Nigeria’s central bank last week said it will continue to defend the local currency, which has fallen six percent so far this year on concerns about lower oil prices and an exit from the local debt and equity markets by offshore investors.

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