Nigeria's forex reserves down 1.9 pct month-on-month to $38.7 bln

Nigeria's foreign exchange reserves fell 1.94 percent month-on-month to stand at $38.76 billion on Oct. 29, the lowest level in more than three months.

Data from central bank showed on Friday that the reserves also dropped 14.28 percent year-on-year, compared with $45.22 billion the same time last year. The reserves were last seen at the current level on July 21, when they stood at $38.72 billion.

It would be recalled that since last month Nigeria's central bank has increased the amount of dollars sold at its twice-weekly foreign exchange auction, and also sells dollars directly to banks on the interbank market to provide support for the currency and calm the market.

The Naira has been under pressure over the past five weeks from falling global oil prices, which has caused offshore investors to cut back their positions in the debt and stock markets.