Nigerian foreign exchange drops lower

Nigeria’s foreign reserves stood at $32.99 billion at December 2, its lowest since November, as the central bank struggles to sustain stability in the domestic foreign exchange market, central bank data has shown . The foreign exchange reserves of Nigeria 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 N155, from +/-3 percent around N150 due to prolonged strong demand on available dollar which gradually eaten deep into its reserves.