Oops!! Nigeria’s forex reserve drops to $30b

Nigeria’s foreign exchange reserves fell 9.04 percent to $30,873,757,494 ($30.87 billion) by March 4, from $33.94 billion a month earlier and $3.5billion about a year ago. Data from the CBN also shows external reserves that was $34,468,621,681 at the beginning of the year has now dropped by over $4.3billion net year to date.

The central bank has used the reserves to support the ailing naira currency in Africa’s top crude exporter, which has been hammered by falling global oil prices and uncertainty over the delayed presidential elections due later this month. A this rate, it is looking more likely that it will drop below $30billion for the first time in years.