Latest data from the Central Bank of Nigeria (CBN) shows that the nation’s foreign exchange reserves fell by $534.994m in the month of May, representing a 1.73% fall to $30.329bn, from $30.864m at the end of April.
But compared to the month’s peak of $30.988bn, the month-end level represented a decline of $658.767m or 2.12%.
On a year-to-date basis, Nigeria’s external reserves however represented a $4.486bn or 17.35% rise from $25.843bn on December 31, 2016.
