Nigeria’s forex reserves down 3%

Nigeria’s foreign exchange reserves fell 3 percent in two weeks to $37.59 billion by November 13, as the central bank stepped up support for the ailing naira.

Data published by the CBN on Monday showed the reserves were at $38.76 billion on October 29.

The apex bank has spent billions of dollars defending the naira, hit by falling global oil prices, in the past month. But despite repeated interventions, the naira closed at a new low of N173.20 on Monday. (Reuters)