Nigeria’s forex reserves tumble to one-year low

Nigeria’s foreign exchange reserves have fallen to the lowest level in more than a year, the latest data from the Central Bank of Nigeria have shown.

The reserves, which have been on a downward trajectory in recent weeks, fell to $34.29 billion on May 25 from $34.88 billion at the end of last month.

Markets Reporters had reported on April 29 that the country’s external reserves had dropped below the $35 billion mark.

The reserves dropped to $34.97 billion on April 27 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 $34.42 billion on March 18 to $35.25 billion on April 16. The reserves dropped to $35.09 billion on April 23, according to the CBN.