{"id":105793,"date":"2023-07-03T16:25:52","date_gmt":"2023-07-03T15:25:52","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=105793"},"modified":"2023-07-03T16:25:52","modified_gmt":"2023-07-03T15:25:52","slug":"tinubu-after-one-month-in-office-nigeria-s-external-reserve-fall-by-2-9-billion","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/tinubu-after-one-month-in-office-nigeria-s-external-reserve-fall-by-2-9-billion\/","title":{"rendered":"Tinubu: After One Month In Office Nigeria \u2019s External Reserve Fall By $2.9 billion"},"content":{"rendered":"
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After a month of President Bola Tinubu in office, Nigeria\u2019s external reserves dropped by about $2.8 billion in the first half of 2023, reaching around $34.1 billion in June, due to weak crude oil output and a lack of foreign investor participation in the capital market.<\/div>\n
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\nThe decline in reserves continued since the new administration came into power in May 2023, despite the unification of the naira and the introduction of a managed exchange rate float.<\/p>\n

Experts attribute the decrease in reserves to costly projects, such as election expenses and currency redesign, as well as the uncertainty surrounding election years and recent policy changes.<\/p>\n

Nigeria\u2019s external reserve has fallen by about $2.8 billion in the first half of 2023 as Nigeria continues to struggle with weak crude oil output and a lack of foreign investor participation in the capital market.<\/p>\n

The external reserves opened the year at about $37 billion but have now dropped to about $34.1 billion as of June 2023.<\/p>\n

Nigeria\u2019s external reserve is an important barometer for valuing the country\u2019s currency. It is also used to estimate how many months of imports it can finance.<\/p>\n

The external reserve has also dropped by almost one billion dollars since the Tinubu administration came into power on May 29th, 2023. The external reserve has gone from $35 billion as of May 30th to $34.1 billion.<\/p><\/div>\n

\nThis is despite the unification of the naira and the introduction of a managed exchange rate float.<\/p>\n

A cursory review of the data shows this is the largest half-year drop since 2015 when the external reserves went from $34.4 billion at the end of the year to $28.1 billion by the end of the first 6 months of June 2015.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

After a month of President Bola Tinubu in office, Nigeria\u2019s external reserves dropped by about $2.8 billion in the first half of 2023, reaching around $34.1 billion in June, due…<\/p>\n","protected":false},"author":1,"featured_media":105536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-105793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nTinubu: After One Month In Office Nigeria \u2019s External Reserve Fall By $2.9 billion - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/tinubu-after-one-month-in-office-nigeria-s-external-reserve-fall-by-2-9-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu: After One Month In Office Nigeria \u2019s External Reserve Fall By $2.9 billion - 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