Nigeria’s forex reserves fall to $38.7 billion
Nigeria’s foreign
exchange reserves slipped further to $38.79 billion weekend, from
$40.28 billion on May 17, the central bank said yesterday.
Increased dollar
demand at the central bank’s bi-weekly forex auctions in the last two
months had put pressure on the reserves, with the regulator raising its
weekly sales from an average of $500 million in March to $900 million
by April.
The central bank offered $500 million at Wednesday’s auction, its
highest single offer since last year’s currency crisis, raising fears
that sustained pressure could further deplete Nigeria’s reserves.
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