Godwin Emefiele, CBN governor

Adebayo Obajemu

Data obtained from the Central Bank of Nigeria have shown that Nigeria’s foreign reserve dropped by $129.83m in one week.The reserves, which stood at $36.57bn as of June 3, fell to $36.45bn on June 11.

According to the CBN, the reserves had maintained a steady rise at a level of $33.52bn as of April 30, 2020 before commencing its downward trend in June.

The reserves had earlier slipped into a decline after hitting a high of $45.17bn on June 11, 2019, losing $11bn to close at $33.89bn as of April 28.