Nigeria’s foreign exchange reserves have dropped below $47bn, losing $251m in the first six days of the month, data from the Central Bank of Nigeria showed on Tuesday.
The reserves, which stood at $47.119bn as of July 31, fell to $46.868bn on August 6, the lowest level in nearly four months.
The CBN data showed that the external reserves rose from $46.845bn on April 11 to $46.881bn on April 12. The reserves hit a high of $47.798bn on July 5 and had been declining since then.
Analysts at FSDH Research, in a Monthly Economic and Financial Markets Outlook released on Tuesday, noted that the external reserves recorded persistent drawdown in July.
The analysts said, “This was due to the foreign investors’ pull-back from the Nigerian market and the increase in demand at the foreign exchange market. The 30-day moving average external reserves decreased by 1.32 per cent, down from $47.79bn at end-June to $47.16bn at the end of July.
“The total inflow through