The nation’s foreign exchange reserves, which had increased significantly in recent months to hit the $30bn mark, fell for the first time this year on Tuesday, Punch reports.

Latest data from the Central Bank of Nigeria showed on Wednesday that the external reserves dropped to $30.349bn on Tuesday from $30.352bn on Monday.

The reserves, which rose 17.4 per cent from last year when they closed at $25.843bn, hit a low of $23.89bn on October 19, 2016.

The foreign exchange reserves had on December 14 dropped to $25.041bn from $25.048bn the previous day but it increased to $25.043bn the next day.

Continuing their upward trend since then, the reserves crossed the $30bn mark on March 8, 2017 when it closed at $30.014bn from $29.967bn on March 7, the CBN data showed.