Nigeria’s foreign exchange reserves dropped 5.76 percent month-on-month to $37.80 billion as of March 28, the latest central bank data showed on Monday.

The reserves held by Africa’s top oil exporter stood at $40.11 billion on Feb. 28. They have fallen 22.17 percent since this time last year, when they were $48.57 billion.

Source: Reuters (by Oludare Mayowa)