Nigeria’s dollar reserves down by $129.83 million in 7 days

CBN says dollar reserves maintained steady rise as of April 30, before declining in June

Nigeria’s foreign reserves have started dropping again after it went up in April.

The reserves dropped by $129.83 million within the last 7 days, according to the latest data from the Central Bank of Nigeria, CBN.

The reserves stood at $36.57bn as of June 3, but fell to $36.45bn on June 11.

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According to the CBN, the reserves had maintained a steady rise at a level of $33.52bn as of April 30, 2020 before commencing its downward trend in June.

The reserves had earlier slipped into a decline after hitting a high of $45.17 billion on June 11, 2019, losing $11 billion to close at $33.89 billion as of April 28.

Nigeria depends on oil export to replenish foreign reserves, but “the country’s exports are expected to fall by more than $26 billion,” according to the International Monetary Fund, IMF.