Nigeria forex reserves down 10 pct y/y to $41.9 bln

Nigeria's forex reserves fell to $41.9 billion by Feb. 13, down 10 percent year-on-year from the same period a year ago, central bank data showed on Monday.
They were $46.09 billion on Feb. 13, 2013. The forex reserves of Africa's top oil producer declined by 3 percent month-on-month basis, from $43.24 billion on Jan. 13, this year.
The central bank has stepped up its support for the naira since last month, when selling pressure from offshore investors start exiting the local debt and equities market started pushing the local unit down.