Data from the CBN shows foreign exchange reserves have dropped below $47billion, losing $251million in the first six days of the month.
The reserves which stood at $47.1billion as of July the 31st, fell to $46.8billion on August the 6th and this is the lowest level in nearly four months.
Meanwhile, analysts say the reserves recorded persistent draw-down in July due to foreign investors’ pull-back from the Nigerian market and the increase in demand at the foreign exchange market.
