Nigeria’s forex reserves shed $650m in April, CBN data show

Nigeria’s foreign exchange reserves declined by $650 million last month, according to data from the Central Bank of Nigeria.

Markets Reporters had reported last week that the reserves had fallen to the lowest level in more than a year.

The reserves, which have been on a downward trajectory in recent weeks, fell to $34.23 billion on May 31 from $34.88 billion at the end of last month.

The country’s external reserves dropped below the $35 billion mark in April, falling to $34.97 billion on April 27.