Bloomberg: Nigeria’s foreign reserves keep on falling: they stood at $25.8 billion on Aug. 16, the lowest since 2005 and down from almost $50 billion in 2013.
They now equate to less than six months of imports, which undermines the central bank’s ability to defend the naira, according to analysts at Rand Merchant Bank.
The currency fell to 350 per dollar for the first time on Friday.
