Good Morning Nigeria: Another decline in reserves
​Another decline in reserves
Data from the CBN show that official reserves decreased by US$276m in November to US$29.9bn on a 30-day moving average basis. This compares with a loss of US$150m the previous month. The fall which was greater than that of the previous month was due to the rise in domestic demand for dollars. It also appears that there was a spill-over from the JP Morgan effect which led to the exit of most investors; the phased removal of Nigeria from its GBI-EM indices of local currency government bonds was completed in October.
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