Nigeria External Reserves Drop By $640m In May

Nigeria’s external reserves drop by 640 million dollars, from 34.88  billion dollars in April to 34.24 billion dollars in May.
According to a figure released by the Central Bank of Nigeria, the reserves have been fluctuating in recent weeks.

Governor of The Apex Bank, Godwin Emefiele, speaking on the decline at the recent monetary policy committee meeting explains that the figure reflects sales to the foreign exchange market and third-party payments.

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