The data showed on Monday that the foreign reserves rose by 1.12 per cent to $31.43bn on August 27, up from the figure recorded a month earlier.
The decline from $31.63bn on August 14 reflects consistent dollar sales by the CBN to Bureau De Change operators in order to narrow the margin between the naira’s official and black market rates.
Year-on-year, the external reserves were down by 20.65 per cent from $39.61bn recorded a year ago, Reuters reported.
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