Nigeria: Foreign Reserves Drop to $26.3bn

The nation’s external reserves fell marginally to $26.33bn on June 29, down 0.30 per cent from a month ago, the Central Bank of Nigeria data showed on Thursday.

The foreign exchange reserves stood at $26.42bn on May 27, down by 9.2 per cent year-to-year.

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The reserves had stood on the $26.4bn mark between May 24 and 27, after dropping to $26.5bn from $26.6bn same month.

Between May 31 and June 7, the external reserves stood at the $26.3bn mark, before rising back to the $26.4bn mark on June 8, a level it maintained till June 24. On June 27, it fell back to $26.36bn.

The CBN had two weeks ago lifted its 16-month-old currency controls and auctioned about $4bn in the spot and futures market to clear a backlog of dollar demand, to help boost interbank market trading.

The central bank has sold $7m at 283 naira to the dollar on the interbank currency market on Thursday, one trader at a major commercial bank told Reuters.

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Daniel Enisan is a content writer at With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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