Nigeria’s forex reserves decline 11.7 pct to $25.72 bln yr/yr by Dec 28 – Reuters

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LAGOS Dec 30 (Reuters) – Nigeria’s foreign exchange reserves fell 11.7 percent to $25.72 billion by Dec. 28, from $29.13 billion a year earlier, central bank data showed on Friday.

However, the reserves showed a 4.2 percent increase month-on-month, up from $24.69 billion on Nov.28 – due to a slight recovery in global oil prices and a rise in the OPEC member’s oil production levels.

Nigeria’s oil production rose to 1.70 million barrels per day (mbpd) in November, up from 1.65 mbpd the previous month, which lifted the West African country forex reserves. (Reporting by Oludare Mayowa; editing by Alexis Akwagyiram)