ABUJA, Nigeria – As Nigeria’s naira continues to decline amid help from the central bank, the country’s foreign exchange reserves dropped to a six-year low of $32.87 billion at the end of December, according to data released on Friday.

The naira is estimated to have lost more than 50% of its value, falling to the third worst-performing global currency in 2023. Nigeria holds the largest economy in Africa; it’s dollar reserve in December declined to $32.16 billion — it’s lowest last recorded since September 2017.

The Central Bank of Nigeria (CBN) has tried to bolster the naira by running down its foreign exchange reserves, which peaked at $47.63 billion in June 2018.

The naira’s decline is expected to increase into 2024, and largely depends on any intervention taken by the central bank.

More about Nigeria’s naira and its ailing economy.