{"id":17388,"date":"2020-06-01T13:35:28","date_gmt":"2020-06-01T13:35:28","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=17388"},"modified":"2020-06-01T13:35:35","modified_gmt":"2020-06-01T13:35:35","slug":"external-reserves-rise-by-734m-in-one-week","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=17388","title":{"rendered":"External reserves rise by $734m in one week"},"content":{"rendered":"\n
\"Buhari<\/figure>\n\n\n\n

Nigeria\u2019s external reserves<\/a> expanded by $732.656 million or 2.1% in the one week period between 21st<\/sup> to 28th<\/sup> May 2020, data published by the Central Bank of Nigeria (CBN) on Monday have revealed.<\/p>\n\n\n\n

In between the periods, the international reserves grew from $35.765 billion to $36.499 billion, marking the fourth straight week it would rise in a row.<\/p>\n\n\n\n

Nigeria\u2019s external reserves have maintained an upward trend since the end of April when the International Monetary Fund disbursed a\u00a0credit facility of $3.46 billion<\/a>\u00a0to the country under its Rapid Finance Instrument Facility \u201cto meet the urgent balance of payment needs stemming from the outbreak of the COVID-19.\u201d<\/p>\n\n\n\n

The reserves, which contracted by $11.75 billion or 26% within ten months from 10th June 2019 when the balance was $45.175 billion, began an upward trend from $33.427 billion on 29th April.<\/p>\n\n\n\n

Between then and 28th May, it posted a $3.072 billion appreciation translating to 9.1% growth.<\/p>\n\n\n\n

Africa\u2019s largest economy has in recent months seen a substantial plunge in crude oil receipts, which account for around 90% of its foreign exchange earnings and roughly 60% of government\u2019s revenue on account of record oil crash at the international market.<\/p>\n\n\n\n

Finance Minister Zainab Ahmed on 21st May projected the oil-dependent economy would shrink by 8.9% this year in a worst case scenario without stimulus.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s external reserves expanded by $732.656 million or 2.1% in the one week period between 21st to 28th May 2020, data published by the Central Bank of Nigeria (CBN) on Monday have revealed. In between the periods, the international reserves grew from $35.765 billion to $36.499 billion, marking the fourth straight week it would rise in a row. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[21],"tags":[],"yoast_head":"\nExternal reserves rise by $734m in one week » WatchDog Plus Media<\/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:\/\/watchdogplusmedia.com\/?p=17388\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=17388#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=21\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"External reserves rise by $734m in one week\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"External reserves rise by $734m in one week » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=17388","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=17388#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Economy","item":"https:\/\/watchdogplusmedia.com\/?cat=21"},{"@type":"ListItem","position":3,"name":"External reserves rise by $734m in one week"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"Nigeria\u2019s external reserves expanded by $732.656 million or 2.1% in the one week period between 21st to 28th May 2020, data published by the Central Bank of Nigeria (CBN) on Monday have revealed. In between the periods, the international reserves grew from $35.765 billion to $36.499 billion, marking the fourth straight week it would rise in a row.…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/17388"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17388"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/17388\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}