Central Bank of Nigeria Says the Country’s Foreign Reserves Dropped to U.S. $29.13 Billion

Central Bank of Nigeria Says the Country’s Foreign Reserves Dropped to U.S. $29.13 BillionOn Thursday, the Central Bank of Nigeria said that the foreign exchange reserves in the country dropped to 29.13 billion dollars on December 29.

On its website, the bank said that the drop in reserves represented 2.43 percent from $29.31 billion which was recorded on December 23.

The external reserves of the country were 34.49 billion dollars on January 5, 2015 compared to $34.47 billion in December 31, 2014.

The central bank of the nation spent about $5 billion between the time period January and July to defend the Naira, which is the currency of Nigeria. The currency was hit in 2014 due to the drop in oil prices.

Shortages of US Dollars had forced Nigeria's external reserves to a big drop hitting an all time low of $29.73 billion in December 11. It also faced a dip in the unofficial foreign exchange market.

In February, the CBN which is the central bank of the country had kept the naira exchange rate at 198 for the dollar. It scrapped a two-way interbank quote with the dipping oil prices in the global market in order to protect its foreign exchange reserves.