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

Pulse Staff 07:56 - 31 December 2015

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

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.

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.