Nigeria: external reserves drop to 24.8 billion of dollar

(AGI) - Lagos 22 sep - Nigeria's external reserves have depleted further to a record-low of $24.8 billion, according to the latest data posted on the Central Bank of Nigeria's website, having fell by $600 million in two weeks before shedding $1bn in four weeks, the CBN statistics showed. Specifically, the reserves fell from $25.8bn on August 16 to $24.8bn on September 16. It decreased by $600m from $25.4bn recorded on August 31 to $24.8bn on September 16, the current CBN data revealed. The spate of decline in the external reserves follows the CBN's almost daily interventions at the interbank/official foreign exchange market in recent weeks, as chronic dollar shortage continues to weigh on the economy. In its efforts to defend the naira and prevent it from falling further at the official interbank market, the central bank has been selling dollars there more frequently. The naira had fallen to an all-time low of 365.25 to the dollar at the interbank market on August 18 before making a gradual recovery. On Tuesday, the local currency traded at 307.25 against the greenback, while at the parallel market, the naira, which has been under persistent pressure, closed at 424 to the dollar, after trading at 425 against the United States currency on Monday. The external reserves fell by 2.86 per cent to $25.45bn on August 29, 2016, up from the $26.2bn it recorded at the end of July. Year-on-year, the reserves have fallen by 18.9 per cent. They had fallen by 0.4 per cent at the end of July, down from the $26.34bn recorded June 29. The foreign exchange reserves stood at $26.42bn May 28, down by 9.2 per cent year-on-year. (AGI) .