LAGOS – Nigeria’s foreign exchange reserves dropped 2.17 percent month-on-month to $36.82 billion by June 27, compared with $37.64 billion a month ago, after a central bank intervention to support the naira, figures from the central bank showed on Friday.
The reserves were back to the level they were on May 10, at $36.85 billion, but were higher than the $32.01 billion Africa’s second biggest economy had in reserve a year ago.
The naira has fallen in the last three months due to an exit of offshore investors from the local debt market and strong demand for the dollar.
Dealers said the decline forex reserves was also due to the falling oil prices on the international market. Nigeria, Africa’s top energy producer, depends on revenue from oil exports for 85 percent of its reserves.