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.
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.
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
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![Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]")
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.
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