The nation’s external reserves fell marginally to $26.20bn on July 28, down from $26.32 on July 22, data from the Central Bank of Nigeria’s website showed on Monday.

Month-on-month, the reserves fell by 0.4 per cent from the $26.34bn recorded on June 29, the report indicated.
The foreign exchange reserves stood at $26.42bn on May 28; it was down by 9.2 per cent year-on-year.

During the month of July, the reserves hovered between $26.3 and $26.4bn.

Similarly, the foreign exchange reserves oscillated between $26.3 and $26.4bn in June. The reserves had stood at the $26.4bn between May 24 and 27, after dropping to $26.5bn from $26.6bn the same month.

Between May 31 and June 7, the external reserves stood at $26.3bn, before rising back to the $26.4bn mark on June 8, a level it maintained up until June 24. On June 27, it fell back to $26.36bn.

The CBN had last month lifted its 16-month-old currency controls and auctioned about $4bn on the spot and futures market to clear a backlog of dollar demand, to help boost interbank market trading.

The reserves had dropped by over 10 per cent from last year when they were at $29.7bn.