Data from the Central Bank of Nigeria (CBN), on Wednesday, showed that foreign exchange reserves fell 2.97 percent to $30.69 billion by September 14, from $31.63 billion a month earlier.
The reserves of Africa’s biggest economy and top oil producer on the continent were down 22.42 percent from a year earlier.
The CBN has used the reserves to support the local currency, selling dollars to bureau de change operators twice weekly in a bid to narrow the gap between the official and unofficial exchange rate.
Reserves picked up shortly after President Mohammadu Buhari took office in May, which was attributed to efforts to plug leakage and demand management by the central bank. The central bank restricted access to foreign exchange and introduced tight control of the currency market to curb speculation and conserve reserves.
source: Businessday Nigeria
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