Nigeria's foreign exchange reserves fell to $30.49 billion
as of May 25, the lowest level since April 18 and down 0.87 percent from a
month ago, the Central Bank of Nigeria (CBN) data showed on Wednesday.
The forex reserves were up 15.27 percent year-on-year, the
data showed.
Africa's biggest economy shrank by 1.5 percent in 2016 in
its first annual recession in 25 years, hit by a shortage of hard currency and
lower revenue from its dominant oil sector as world crude prices remained under
pressure.
The central bank has been intervening on the official market
to try to narrow the spread between the official interbank and black markets.
It has sold over $4 billion since February, but analysts doubt that this pace
can be sustained.
The reserves of the OPEC member country have grown by $4.4
billion year to date due to recovery in global oil prices and increased
production. The reserves stood at $26.09 billion at the beginning of the year
and $26.45 billion a year ago.
(REUTERS)
