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Nigeria’s forex reserves at two-week low of $30.3billion

By on April 1, 2017

Nigeria’s dollar reserves fell to a two-week low of $30.29 billion on March 29, the Central Bank of Nigeria (CBN) data showed on Friday.

The CBN has been intervening on the currency market this month to support the ailing naira after it effectively devalued it in a bid to narrow the spread with the black market rate.

Nigeria’s reserves stood at $29.64 billion a month ago and have risen 16.1 percent since the start of the year but are still far off their peak of $64 billion, hit in August 2008.

 

(REUTERS)