The nation’s foreign exchange reserves have declined further, losing $99m to close at $47.65bn on Monday, latest data from the Central Bank of Nigeria showed on Wednesday.

Industry analysts have attributed the recent decline in the external reserves to the exit of foreign portfolio investors.

It was reported on May 17 that the external reserves slipped to $47.793bn on May 14 from $47.865bn on Thursday, May 10, according to data from the CBN.

The reserves, which fell further to $47.784bn on May 16, rose to $47.799bn on May 18, but dropped to $47.754bn on May 21, the latest CBN data showed.

The decrease in the reserves balance is likely as a result of the circular issued by the CBN on Monday, stating its decision to increase the frequency of sales of forex to the BDCs.

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External reserves drop further, lose $99m http://www.sanwomi.com/2018/05/external-reserves-drop-further-lose-99m.html

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"Industry analysts have attributed the recent decline in the external reserves to the exit of foreign portfolio investors."


I thought this administration claimed that foreign investors are falling over themselves to come and invest in the country?

With the External Reserves, we mostly need to focus on the medium to longterm trend. There'll likely be occasional dips, but the longer term objective of growing the reserves in a sustainable way is more important.