Nigeria's foreign reserves down to $34.38 bln- CBN

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Nigeria's foreign exchange reserves fell to $34.38 billion by Jan. 28, down 20.3 percent from $43.16 billion a year earlier, due to devaluation of the Naira by the central bank to defend the currency and shore up external foreign reserves.

Data from the central bank on Friday showed Nigeria's reserves 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 falls on the international market.

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