The nation’s foreign exchange reserves have declined further, losing $99m to close at $47.65bn on Monday, latest data from the Central Bank of Nigeria showed on Wednesday.
Industry analysts have attributed the recent decline in the external reserves to the exit of foreign portfolio investors.
On May 17 that the external reserves slipped to $47.793bn on May 14 from $47.865bn on Thursday, May 10, according to data from the CBN.
The reserves, which fell further to $47.784bn on May 16, rose to $47.799bn on May 18, but dropped to $47.754bn on May 21, the latest CBN data showed.
The decrease in the reserves balance is likely as a result of the circular issued by the CBN on Monday, stating its decision to increase the frequency of sales of forex to the BDCs.
