{"id":21572,"date":"2020-06-17T10:03:39","date_gmt":"2020-06-17T10:03:39","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=21572"},"modified":"2020-06-17T10:03:45","modified_gmt":"2020-06-17T10:03:45","slug":"foreign-reserves-shed-115mn-in-one-week","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=21572","title":{"rendered":"Foreign reserves shed $115mn in one week"},"content":{"rendered":"\n
\"ECONOMY:<\/figure>\n\n\n\n

Nigeria\u2019s foreign reserves fell by $115.26 million in the one week period between 4th and 11th June 2020, data obtained from the Central Bank of Nigeria (CBN)<\/a> on Wednesday have shown.<\/p>\n\n\n\n

The reserves, which had a balance of $36.56 billion as of 4th June, dropped to $36.45 billion on 11th June, translating to a decline of 0.32%.<\/p>\n\n\n\n

The CBN data revealed that the reserves had maintained a continuous increase from a balance of $33.52 billion on 30th April until it started diminishing in early June.<\/p>\n\n\n\n

Between 11th June 2019 and 28th April this year, the reserves had been on a free fall, plunging from $45.17 billion to $33.89 billion, representing a loss of $11 billion.<\/p>\n\n\n\n

Revenue from oil, which accounts for about 90 per cent of Nigeria\u2019s foreign exchange earnings, is projected by the International Monetary Fund to fall by over $26 billion this year.<\/p>\n\n\n\n

Godwin Emefiele, the CBN Governor, at the last Monetary Policy Committee meeting, stressed the significance of reducing dependence on oil revenue by gradually diversifying the economy and improving tax collection.<\/p>\n\n\n\n

\u201cCentral to the committee\u2019s considerations were the impact of the COVID-19 pandemic, the oil price shock and the likely short to medium-term consequences on the Nigerian economy.<\/p>\n\n\n\n

\u201cIn particular, the committee acknowledged the gradual improvement in macroeconomic variables, particularly the improvement in the equities market, the containment measures of the COVID-19<\/a> induced health crisis as well as the impact of the increase in crude oil price on the external reserves,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s foreign reserves fell by $115.26 million in the one week period between 4th and 11th June 2020, data obtained from the Central Bank of Nigeria (CBN) on Wednesday have shown. The reserves, which had a balance of $36.56 billion as of 4th June, dropped to $36.45 billion on 11th June, translating to a decline of 0.32%. […]<\/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":"\nForeign reserves shed $115mn 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=21572\" \/>\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=21572#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\":\"Foreign reserves shed $115mn in one week\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Foreign reserves shed $115mn 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=21572","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=21572#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":"Foreign reserves shed $115mn 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 foreign reserves fell by $115.26 million in the one week period between 4th and 11th June 2020, data obtained from the Central Bank of Nigeria (CBN) on Wednesday have shown. The reserves, which had a balance of $36.56 billion as of 4th June, dropped to $36.45 billion on 11th June, translating to a decline of 0.32%.…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/21572"}],"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=21572"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/21572\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}