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Nigeria FX reserves at two-week low of $30.3 bln on March 29 – Reuters

HomeNewsNigeria FX reserves at two-week low of $30.3 bln on March 29 – Reuters
31
Mar
Nigeria FX reserves at two-week low of $30.3 bln on March 29 – Reuters
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    Alex Ikechukwu
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LAGOS, March 31 (Reuters) – Nigeria’s dollar reserves fell to a two-week low of $30.29 billion on March 29, central bank data showed on Friday.

Nigeria’s central bank has been intervening on the currency market this month to support the ailing naira after it effectively devalued it in a bid to narrow the spread with the black market rate.

Nigeria’s reserves stood at $29.64 billion a month ago and have risen 16.1 percent since the start of the year but are still far off their peak of $64 billion, hit in August 2008. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by Andrew Roche)

 


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