CBN Says Foreign Reserves Drops To $30.04 Billion

The Central Bank of Nigeria (CBN) announced on Monday that that the nation’s  foreign reserves fell to $30.04 billion by Nov. 26 from $30.10 billion the month before,according to its latest data.

Reserves were down 18.6 percent on the year from $36.9 billion in the same period last year.

The reserves have been hit by a plunge in crude prices and the central bank’s decision to defend the currency.