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Nigeria’s External Reserves lost $640m in May



The country’s external reserves lost $640m in May, falling to $34.24bn on May 28 from $34.88bn as of April 28.

Figures obtained from the Central Bank of Nigeria on Tuesday revealed that the reserves had been fluctuating in recent weeks.

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Speaking on the decline at the recent Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, said, “This reflects sales to the foreign exchange market and third-party payments.”

In March, the reserves lost $178m after dropping from $34.99bn as of March 1 to $34.82bn as of the end of March 31.

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