Nigeria’s dollar reserve has been growing over the past year, but it has begun to shed weight lately.

In the month of July, the reserves shed some weight again by losing $669 million last month, according to data from the Central Bank of Nigeria.

The reserves, which stood at $47.788 billion as of June 29 and rose to 47.798 billion dollars on July 2, dropped by 1.4% to close at $47.119 billion on July 31.

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The foreign exchange reserves dropped to a three-month low of $47.303 billion on July 24.

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The reserves further depreciated by $184 million from $47.303 billion on July 24 to $47.119 billion on July 31, contrary to the Monetary Policy Committee’s prediction of an increase in the level of reserves.

The Monetary Policy Committee, in the communiqué No 119 of the MPC meeting of July 23 and 24, 2018, predicted further increase in the level of external reserves in the near term, citing the favourable crude oil prices.

It advised the CBN to sustain its current efforts to maintain investor confidence and ensure accretion to external reserves.

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