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Nigeria’s external reserves dropped by $177.6m in March – CBN

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Nigeria’s external reserves dropped by $177.6 million last month, data from the Central Bank of Nigeria revealed on Thursday.

The country’s external reserves dropped from $34.99 billion on March 1 to $34.82 billion as of March 31.

This, according to the apex bank, represented a drop of 0.50 percent.

It was also a sharp decrease from the $36.19 billion recorded in February.

READ ALSO: Nigeria’s external reserves drop by $163m in six days

Nigeria’s external reserves had been declining in recent months.

Africa’s largest economy’s external reserves stood at $44.42 billion in March 2019.

While the sharp decline in the country’s external reserves has been attributed to a couple of factors, the major problem has been the foreign exchange market’s pressure.

The rise in crude oil prices had failed to halt the slide in Nigeria’s foreign reserves.

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