Forex reserves fall sharply in year-to-date

Nigeria’s forex reserves fell to $40.68 billion as of February 24, down 13.8 percent year-on-year, the Central Bank of Nigeria (CBN) figures showed on Wednesday.

Nigeria’s reserves stood at $47.18 billion a year earlier. They have fallen 6.5 percent this year.

Nigeria’s central bank has been burning its forex reserves in a bid to defend its ailing naira currency, under pressure initially from foreign investors selling frontier assets and now from importers. The naira has lost 3.2 percent this year.

Reuters