Latest data from the Central Bank of Nigeria (CBN) showed, on Friday, a 8.33 percent fall in Nigeria’s foreign reserves fell to $31.57 billion from $34.44 billion a month earlier.
The CBN has been drawing down on reserves to support the ailing local currency, hit by falling global oil price and escalating tensions ahead of forthcoming presidential elections next month.
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Oil prices, which account for account for more than 75 percent of Africa’s largest economy revenue, has fallen by more than 50 per cent since last year.
The decline has forced the country’s finance ministry to fix a benchmark of $52 per barrel in the 2015 budget proposal.
