Nigeria's foreign exchange reserves fall by $6 bln in December

Special Report:Global Financial Crisis

LAGOS, Jan. 3 (Chinese media) -- As the global credit crisis takes its toll on the world economy and further depresses oil prices, Nigeria 's foreign exchange reserves fell by 6 billion U.S. dollars or 8.2 percent in December last year to 52.7 billion dollars.

The reserves in the month to Dec. 29 dropped from 57.4 billion U.S. dollars in November, the Central Bank of Nigeria (CBN) said Friday in its monthly report.

Record oil prices had helped Nigeria to build the largest currency reserves in sub-Saharan Africa, which peaked at 63 billion dollars in September 2008.

But oil prices have plummeted since September 2008 after attaining a record high of 147 dollars in July. Oil was trading below 42 dollars in New York on Friday.

Foreign investors seeking safety amid the global credit crunch have withdrawn money from the country, leaving the CBN as the only source of foreign exchange, said Fola Fagbule, head of research at Afrinvest, a Lagos-based investment bank.

Nigeria's currency naira has depreciated by more than 14 percent in the past month after the CBN cut the amount of dollars sold to local banks at its twice weekly foreign currency auction, This Day reported.