{"id":83050,"date":"2021-07-02T16:32:03","date_gmt":"2021-07-02T15:32:03","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=83050"},"modified":"2021-07-02T16:32:03","modified_gmt":"2021-07-02T15:32:03","slug":"external-reserves-slide-further-lost-905-5m-in-june-cbn","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/external-reserves-slide-further-lost-905-5m-in-june-cbn\/","title":{"rendered":"External Reserves Slide Further, Lost $905.5m In June \u2014 CBN"},"content":{"rendered":"<div>The country\u2019s external reserves maintained a downward trend as it lost $905.5m in June, figures obtained yesterday from the Central Bank of Nigeria revealed.<\/div>\n<div><\/div>\n<div>According to the CBN\u2019s 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.<\/div>\n<div><\/div>\n<div>The reserves stood at $34.88bn at the end of April 30.<\/p>\n<p>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.<\/p>\n<p>At the last Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, while speaking on the decline in external reserves, said, \u201cThis reflects sales to the foreign exchange market and third-party payments.\u201d<\/p>\n<p>The CBN, in its January economic report, said, \u201cAs a consequence of the lower foreign exchange receipts, the official external reserves declined.<\/p>\n<p>\u201cExternal 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 $36.73bn in January 2020.\u201d<\/p>\n<p>Meanwhile, the naira was bought and sold at the parallel market at N499\/$ and N500\/$ on Thursday, according to figures obtained from the\u00a0<a href=\"http:\/\/naijabdcs.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">naijabdcs.com<\/a>, the CBN\u2019s official website for the Bureau de Change operators.<\/div>\n<div><\/div>\n<div>The CBN recently adopted the NAFEX rate of N410\/$ as its official exchange rate.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The country\u2019s external reserves maintained a downward trend as it lost $905.5m in June, figures obtained yesterday from the Central Bank of Nigeria revealed. According to the CBN\u2019s data on&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":83058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-83050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>External Reserves Slide Further, Lost $905.5m In June \u2014 CBN - 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\/external-reserves-slide-further-lost-905-5m-in-june-cbn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"External Reserves Slide Further, Lost $905.5m In June \u2014 CBN - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The country\u2019s external reserves maintained a downward trend as it lost $905.5m in June, figures obtained yesterday from the Central Bank of Nigeria revealed. 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