Nigeria Loses $905.5m as External Reserves Continues to Fall
Nigeria’s external reserves have continued to fall with $905.5m lost in June.
Figures obtained from the Central Bank of Nigeria showed that as at the end of June, the reserves fell from $34.23bn in May 31 to $33.32bn in June 30.
Reports have it that as at April 30, Nigeria’s external reserve was $34.88bn.
It would be recalled that the CBN Governor, Godwin Emefiele, had in January explained that the decline in external reserves was a reflection of sales to the foreign exchange market and third-party payments.
According to reports, “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.”
Figures obtained from the Central Bank of Nigeria showed that as at the end of June, the reserves fell from $34.23bn in May 31 to $33.32bn in June 30.
Reports have it that as at April 30, Nigeria’s external reserve was $34.88bn.
It would be recalled that the CBN Governor, Godwin Emefiele, had in January explained that the decline in external reserves was a reflection of sales to the foreign exchange market and third-party payments.
According to reports, “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.”
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