Nigeria's foreign reserves fall to $34.38 bln

Nigeria's foreign exchange reserves fell to $34.38 billion by Jan. 28, down 20.3 percent from $43.16 billion a year earlier, owing to draw-downs by the central bank of Nigeria to defend the local currency, the naira.

Data from the central bank on Friday showed the reserves of the economy have steadily declined, falling
0.43 percent month-on-month from December, when they stood at $34.53 billion.

The naira has remained under pressure, trading outside the central bank's target band of 160-176 to the dollar as oil prices plunge. This is despite a devaluation meant to find the currency's true value and shore up Nigeria's foreign reserves.