Nigeria’s foreign exchange reserves rose to $29.61 billion by May 27, up by 0.3 percent from a month ago, according Central Bank of Nigeria.
Data from the bank on Thursday showed however that the reserves fell 20.3 percent year-on-year from $37.14 billion.
The CBN has deployed huge amounts of the reserves to defend the Nigerian currency the Naira as fall in Nigeria’s oil revenue buffeted the currency. The development forced the CBN to devalue the currency by 18 per cent.
