Nigeria’s foreign exchange reserves fell to $30.49 billion as of May 25, the lowest level since April 18 and down 0.87 percent from a month ago, central bank data showed on Wednesday.
The forex reserves were up 15.27 percent year-on-year, the data showed.
The central bank has been intervening on the official market to try to narrow the spread between the official interbank and black markets. It has sold over $4 billion since February, but analysts doubt that this pace can be sustained.
The reserves of the OPEC member country have grown by $4.4 billion year to date due to recovery in global oil prices and increased production. The reserves stood at $26.09 billion at the beginning of the year and $26.45 billion a year ago.
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