The Central Bank of Nigeria (CBN) has revealed that the country’s external reserves fell by $1.4 billion in two months.
The apex bank disclosed this in its latest data released on Wednesday.
The statistics showed that the reserves, which stood at $35.25 billion as of April 16, fell to $34.23 billion as of May 31 and $33.85 billion as of June 15, 2021.
The CBN Governor, Godwin Emefiele, said, “This reflects sales to the foreign exchange market and third-party payments.”
In March, the reserves lost $178m after dropping from $34.99bn as of March 1 to $34.82bn as of March 31.
In February, the reserves dropped by $1.1bn, falling from $36.19bn as of February 1 to $35.09bn on February 26.
Meanwhile, the Nigerian currency fell to 500 against the dollar at the parallel market on Wednesday. As of last week, the Naira exchanged for 495 to a dollar.
