Nigeria’s forex reserves extend decline, fall below $35bn

Nigeria’s foreign exchange reserves have dropped below the $35 billion mark, according to the latest data obtained by Markets Reporters from the Central Bank of Nigeria.

The reserves, which have been on a downward trajectory in recent days, fell to $34.97 billion on Tuesday from $35.25 billion on April 16, the CBN data showed.

The country’s forex reserves have been fluctuating in recent months, rising from a low of $34.42bn on March 18 to $35.25bn on April 16. The reserves dropped to $35.09bn on April 23, according to the Central Bank of Nigeria.