CBN says Nigerian forex reserves fall to lowest since 2005

Nigeria's foreign exchange reserves fell to $28.2 billion by Jan 27, the lowest level since 2005.

The Central Bank of Nigeria data revealed this on Friday. 

The data showed that the reserves had stood at $29.13 billion a month ago.  

Recall that the apex bank on Tuesday retained the Monetary Policy Rate, MPR at 11 per cent, with an asymmetric corridor of +200 and -700 basis points.

The Governor of the bank, Mr. Godwin Emefiele, had said that the CBN was however, working to provide some flexibility in the foreign exchange market, with a view to deepening it at the face of persistent pressure on the Naira.