Nigeria’s forex reserves down 2.68 percent to $27.14b in April

dollar to naira

Nigeria’s foreign exchange reserve account fell by 2.68 percent to $27.14 billion as of April 27 from a March, when they were 27.87 billion, Central Bank data exposed on Friday.

The reserves account also declined by 5.55 percent from $29.51 billion a year ago.

Lower oil prices and increasing demand for imported goods has depleted the foreign reserves of Africa’s largest economy, with the central bank adopting fixed exchange rate to protect further depletion of its reserves.

Earlier this month, Nigeria agreed to the frame work of a Naira-Yuan swap that will see the nation’s reserves diversified to include the Chinese renminbi