Forex reserves down 9% month-on-month to $30.87bn

Foreign exchange reserves fell 9.04 percent to $30.87 billion by March 4, from $33.94 billion a month earlier, data from the central bank showed on Friday.

The central bank has used the reserves to support the ailing naira currency in Africa’s top crude exporter, which has been hammered by falling global oil prices and uncertainty over the delayed presidential elections due later this month.