P
ProfRem
Guest
Nigeria's foreign reserves fell to a two-week low of $30.29 billion on March 29, the Central Bank of Nigeria (CBN) data showed on Friday.
This development is coming over CBN continued intervention on the currency market in March 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.
Reuters
This development is coming over CBN continued intervention on the currency market in March 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.
Reuters