Speaking on the decline at the recent Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, said, “This 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 the end 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.
The CBN, in its January economic report, said, “As a consequence of the lower foreign exchange receipts, the official external reserves declined.
“External reserves stood at $35.44bn at end-January 2021, a decrease of 2.8 per cent and 3.5 per cent from $36.46bn in December 2020 and $36.73bn in January 2020.”