Warning: include(): Filename cannot be empty in /home/content/00/11669200/html/naijatowncrier/wp-content/themes/rehub/header.php on line 92

Warning: include(): Failed opening '' for inclusion (include_path='.:/usr/local/php5_6/lib/php') in /home/content/00/11669200/html/naijatowncrier/wp-content/themes/rehub/header.php on line 92

Nigeria’s foreign reserves down by 20 per cent

Published on January 30, 2015 by   ·   No Comments

•Ngozi Okonjo-Iweala, Finance Minister

•Ngozi Okonjo-Iweala, Finance Minister

Nigeria’s foreign exchange reserves fell to $34.38 billion by January 28, down 20.3 per cent from $43.16 billion a year earlier, owing to drawdowns by the Central Bank of Nigeria to defend the naira.

Data from the central bank on Friday showed the reserves of Africa’s biggest economy have steadily declined, falling 0.43 per cent month-on-month.

The naira has remained under pressure, trading outside the central bank’s target band of 160-176 to the dollar as oil prices plunge.

This is despite a devaluation meant to find the currency’s true value and shore up Nigeria’s foreign reserves

print

Posted by on January 30, 2015, 10:46 am. Filed under Business, Business News, Currency.
You can follow any responses to this entry through the RSS 2.0.
You can skip to the end and leave a response. Pinging is currently not allowed.

Post from PM News

We will be happy to hear your thoughts

Leave a reply

*