The country’s external reserves fell by $1.4bn in two months, the latest data from the Central Bank of Nigeria showed on Wednesday.

The country’s external reserves fell by $1.4bn in two months, the latest data from the Central Bank of Nigeria showed on Wednesday.

The reserves, which stood at $35.25bn as of April 16, fell to $34.23bn as of May 31 and $33.85bn as of June 15.

Speaking on the decline in external reserves at the recent Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, said, it reflects sales to the foreign exchange market and third-party payments.

In March, the reserves lost $178m after dropping from $34.99bn as of March 1 to $34.82bn as of March 31.

In February, the reserves dropped by $1.1bn, falling from $36.19bn as of February 1 to $35.09bn on February 26.