Nigeria external reserves in May 2021 dropped by $640m – CBN

Nigeria external reserves in May 2021, lost $640m, dropping to $34.24bn on May 28 from $34.88bn as of April 28.

On Tuesday, the Central Bank of Nigeria (CBN) disclosed that the reserves had been fluctuating in recent weeks.

The apex bank’s Governor, Godwin Emefiele, at the recent Monetary Policy Committee meeting, said, “This reflects sales to the foreign exchange market and third-party payments.”

$178m was lost in March after dropping from $34.99bn as of March 1 to $34.82bn as of the end of March 31.

Also the reserves dropped by $1.1bn in February, falling from $36.19bn as of February 1 to $35.09bn on February 26.

In its January economic report, the CBN said, “As a consequence of the lower foreign exchange receipts, the official external reserves declined.

“External reserves stood at $35.44bn at end-January 2021, a decrease of 2.8 per cent and 3.5 per cent from $36.46bn in December 2020 and $36.73bn in January 2020.”