According to various media reports, the Central Bank of Nigeria has stated that the country’s foreign exchange reserves declined to $29.13 billion as at December 29.

The apex bank made this know on its website that the drop represented 2.43 percent from the $29.31 billion recorded as at December 23.

The country’s foreign reserves have been dropping since July 1, 2015 according to a report by Nigeria CommunicationsWeek.

READ: CBN cautions customers

The nation’s reserves stood at $34.49 billion as at Jan 5, 2015 but shortages of the US dollar has forced Nigeria’s external reserves into a massive decline hitting a new low of $29.73 billion by December 11 just as the value of the Naira declined on the unofficial market.

The CBN had spent about five billion dollars between January and July in various moves to defend the downward valuation of the Naira which was hit by the 2014 plunge in oil prices.