Nigeria’s Vanishing Reserves Add Risk to Eurobond
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Nigeria is depleting its foreign currency reserves to defend the naira and running down oil savings before elections next year, damping investor confidence as the government prepares its first global bond sale.
Reserves fell by almost $10 billion to $33.1 billion in the year through Nov. 29, according to data compiled by the Central Bank of Nigeria in Abuja. The reserves include the government’s Excess Crude Account.