Thursday, 29 July, 2021

External reserves Suffer Great Lost $905.5m in June – CBN


Globaltimes Nigeria reports that The country’s external reserves maintained a downward trend as it lost $905.5m in June, figures obtained from the Central Bank of Nigeria showed on Thursday.

According to the CBN’s data on the movement of reserves, the reserves fell to $33.32bn as of the end of June 30 from $34.23bn on May 31.

The reserves stood at $34.88bn at the end of April 30.

Financial experts have expressed the need for the government to attract more foreign direct investment into the country and stimulate domestic production to attract more foreign exchange and reduce the demand on forex for importation.

At the last Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, while speaking on the decline in external reserves, said, “This reflects sales to the foreign exchange market and third-party payments.”

The CBN, in its January economic report, said, “As a consequence of the lower foreign exchange receipts, the official external reserves declined

“External reserves stood at $35.44bn at the end-January 2021, a decrease of 2.8 per cent and 3.5 per cent from $36.46bn in December 2020 and $36.73bn in January 2020.”

Meanwhile, the naira was bought and sold at the parallel market at N499/$ and N500/$ on Thursday, according to figures obtained from the naijabdcs.com, the CBN’s official website for the Bureau de Change operators.

The CBN recently adopted the NAFEX rate of N410/$ as its official exchange rate.

PUNCH.

0 comments on “External reserves Suffer Great Lost $905.5m in June – CBN

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended Hosting

Web Hosting

Recommended Hosting

Web Hosting

BlogMagazine Pro

BlogMagazine Pro is a premium plugin of BlogMagazine theme with cool and beautiful design which includes various layout, Social timeline options, posts/categories, typography options etc better way.

About Theme

BlogMagazine is a blog theme with cool and beautiful design which includes various layout to show your posts/categories in better way.It will works good as a Blog Website, or in categories like: Fashion, Sport, Design, Games Themes, Games and Blog

About Theme

BlogMagazine is a blog theme with cool and beautiful design which includes various layout to show your posts/categories in better way.It will works good as a Blog Website, or in categories like: Fashion, Sport, Design, Games Themes, Games and Blog

July 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031  

BlogMagazine Pro

BlogMagazine Pro is a premium plugin of BlogMagazine theme with cool and beautiful design which includes various layout, Social timeline options, posts/categories, typography options etc better way

Ads Banner

Liverpool vs Atletico Madrid match to be investigated

Social Profile