Reports from the Central Bank of Nigeria (CBN) has shown that Nigeria’s external reserves lost $640m in May, and fell to $34.24bn on May 28 from $34.88bn as of April 28.
CBN Governor, Godwin Emefiele while speaking on the decline at the recent Monetary Policy Committee said the fall was a reflection of sales to the foreign exchange market and third-party payments.
The reserves had lost $178m in March after it dropped from $34.99bn as of March 1 to $34.82bn as of the end of March 31.
In February, it dropped by $1.1bn, falling from $36.19bn as of February 1 to $35.09bn on the 26th of February.
In its January economic report, it said the official external reserves declined was the consequence of the lower foreign exchange receipts.