Nigeria’s foreign exchange reserves dropped 0.16 per cent month-on-month to $48.33 billion by June 24.
According to Central Bank of Nigeria (CBN) figures released Wednesday, the amount is the lowest level the reserves have been in more than three months.
However, the reserves surged up 30.86 percent year-on-year in contrast to $36.93 billion the same time last year.
The CBN had sold $3.02 billion at its twice-weekly foreign exchange auction between May 22 and June 24, in its bid to support the Naira, foreign currency traders said.
