CBN Forex reserves decline 15.61 pct to $29.13 bln yr/yr by Dec 29

The forex reserves fell to their lowest since July 1, 2015 when they stood at $29.07 billion because the central bank has been using the reserves to support the ailing naira currency in the wake of falling global oil prices.

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A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria in this February 12, 2015 file photo. REUTERS/Joe Penney/Files play A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria in this February 12, 2015 file photo. REUTERS/Joe Penney/Files (Reuters)
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Nigeria's foreign exchange reserves declined by 15.61 percent year-on-year to $29.13 billion by Dec. 29, from $34.52 billion a year ago, data from the central bank showed on Thursday.

The forex reserves of Africa's biggest economy and top crude exporter also dropped by 2.6 percent in one month from $29.91 billion a month earlier.

The forex reserves fell to their lowest since July 1, 2015 when they stood at $29.07 billion because the central bank has been using the reserves to support the ailing naira currency in the wake of falling global oil prices.

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