Nigeria’s Foreign Reserves Falls to Four-Week Low

Channels Television  
Updated December 8, 2011

LAGOS Dec 8 (Reuters) – Nigeria’s foreign reserves stood at $32.99 billion at December 2, its lowest since Nov. 9, as the central bank struggles to sustain stability in the domestic foreign exchange market, the central bank data showed on Thursday.

The forex reserves of Africa’s top energy producer were at $32.96 billion a year ago, but remain under pressure from strong domestic demand for the dollar and low accretion from oil revenue.

The central bank moved its target trading band for the naira last month to +/-3 percent around 155 naira, from +/-3 percent around 150 due to prolonged strong demand on available dollar which gradually eaten deep into its reserves.