MARKET NEWS
Nigeria’s Shrinking Forex Reserves Threaten Recent Naira Gains - BLOOMBERG
By Anthony Osae-Brown and Emele Onu
- Nation’s dollar reserves at lowest level since October 2024
- Reserves falling for 33 days, set to surpass 2022 record
Nigeria’s foreign reserves have fallen for 33 straight days amid central bank support for the naira, fanning concern the currency could be vulnerable going forward.
The West African nation’s dollar reserves are down $2.2 billion since hitting a $40.92 billion high on Jan. 6, according to data compiled by Bloomberg. The slide is the longest since November 2022 and takes reserves to the lowest level since October.