Oops! Nigeria External Reserves Just Fell 19% to $35.95b

Nigeria’s foreign reserves fell to $35.95 billion by Dec. 8, down 19.3 percent from a year earlier as the central bank stepped up its defence of the naira currency, figures on the bank’s website showed.

The reserves of Africa’s biggest economy and top oil producer fell from $44.53 billion in same period last year. Reserves stood at $37.98 billion a month ago, the data showed on Wednesday.

The naira has fallen 12.1 percent against the dollar this year, including a one-off, 8 percent devaluation by the central bank last month, as global oil prices plunged. 

Source: Reuters