Nigeria’s forex reserves fall below $34bn despite oil rally

Nigeria’s foreign exchange reserves have dropped below $34 billion despite the rally in the price of crude oil, the major source of government revenue and forex into the country.

The reserves fell to $33.97 billion as of June 11 from $34.23 billion at the end of last month, according to the latest data from the Central Bank of Nigeria.

Markets Reporters had recently reported that the country’s forex reserves declined by $650 million last month, falling 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.