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Nigeria’s Dollar Reserves At Two Weeks Low of $30.3billion

Industry

Nigeria’s dollar reserves fell to a two-week low of $30.29 billion on March 29, the Central Bank of Nigeria (CBN)

 

data showed on Friday.

 Nigeria’s Dollar Reserves At Two Week Low of $30.3billion

 

The CBN 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.

 

SOURCE: businessnews

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