THE nation’s foreign exchange reserves dropped to $33.54 billion by July 22, from $34.57 billion on July 13.

The foreign reserves were lower than the level a year ago, when they stood at $37.86 billion.

Analysts are of the opinion that the most recent decline in reserves was partly explained by a surge in demand for the United States (US) dollars on the domestic market.

At a bi-weekly auction on Monday, CBN sold $400 million at N150.26 to the dollar, less than the $545.5 million demanded, but higher than the $250 million sold at N150.11 to the dollar at its previous auction.

The foreign currency reserves stood at $31.7 billion by July 4, compared with $37 billion a year earlier. The last time the figure trended above the $34 billion mark was on May 12, when it closed at $34.261 billion.

Since then, the reserves had been fluctuating, hitting its lowest level at $32.040 billion on June 1.

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