Nigeria foreign reserves decline to $34.57 billion
Nigeria’s foreign
exchange reserves fell 15 percent to $34.57 billion by October 5,
compared to $40.75 billion at the same time a year earlier, the central
bank said on Thursday.
It said the
reserves have been declining, shedding 7 percent from the middle of
last month to the end of the month, as it tried to defend the local
naira currency.
“The current
external reserves level is still adequate and is expected to remain
robust in view of the favourable outlook for oil prices and output,”
central bank governor, Lamido Sanusi, said at the last monetary policy
meeting.
Forex reserves in
Africa’s top energy producer have been under pressure since last month,
with strong local demand for the U.S. dollar by gasoline and rice
importers, leading to a depreciation of the naira currency.
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