LAGOS Aug 31 (Reuters) – Nigeria’s foreign exchange reserves fell to $25.45 billion by Aug. 29, down 2.86 percent from the previous month, central bank latest data showed on Wednesday as the bank stepped up support for its ailing currency.
Dollar reserves of Africa’s largest economy stood at $26.20 billion in end of July. The central bank data showed reserves had declined 18.9 percent from a year ago.
However, the naira hit a fresh all-time low of 420 per dollar on the black market on chronic dollar shortages on Wednesday, same day Africa’s most populous nation officially slid into a recession. (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and Toby Chopra)