{"id":33951,"date":"2020-10-05T10:13:37","date_gmt":"2020-10-05T10:13:37","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=33951"},"modified":"2020-10-05T10:13:44","modified_gmt":"2020-10-05T10:13:44","slug":"cbn-sees-foreign-reserves-falling-under-34bn-by-dec-amid-fast-depleting-export-income","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=33951","title":{"rendered":"CBN sees foreign reserves falling under $34bn by Dec amid fast-depleting export income"},"content":{"rendered":"\n
\"CBN<\/figure>\n\n\n\n

The Central Bank of Nigeria (CBN) said it expects Nigeria\u2019s international reserves, which opened at $38.100 billion<\/a> in January to close the year anywhere between $29.9 billion and $34 billion as Africa\u2019s biggest economy confronts an export revenue crisis triggered by the weight of the coronavirus pandemic on receipts from sales of oil, its biggest foreign exchange earner.<\/p>\n\n\n\n

\u201cSpecifically, the degree of external reserves accumulation is expected to decelerate, as outflows are expected to outweigh inflows.<\/p>\n\n\n\n

\u201cAs a result, external reserves are expected to lie between $29.9 billion and $34.3 billion at end-December 2020 (predicated on current declining oil price between $20 and $40),\u201d the regulator said in its Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2020\/2021<\/em>, issued on Sunday.<\/p>\n\n\n\n

Nigeria\u2019s\u00a0foreign reserves<\/a>\u00a0had been fast depleting from January till April, when it touched a year-to-date low of $33.440 billion in April before a\u00a0$3.4 billion credit<\/a>\u00a0from the International Monetary Fund came along that helped it bottom out, after falling without cease for at least eight consecutive months.<\/p>\n\n\n\n

It climbed marginally by $58.464 million or 0.16% to $35.724 billion by 29th<\/sup> September, having risen from $35.665 billion<\/a> a month before.<\/p>\n\n\n\n

\u201cThis development, in addition to exchange market pressures, emanating from speculative activities in the BDC and I & E segments of foreign exchange market, is expected to exert pressure on the naira exchange rate.<\/p>\n\n\n\n

\u201cIn addition, increased risk aversion behaviour by investors may negatively impact on capital inflow, as they flee to safe-haven assets,\u201d the CBN report added.<\/p>\n\n\n\n

The reserves hit a six-year peak at the beginning of January 2019 at $43.075 billion, a milestone yet to be bettered since that point.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (CBN) said it expects Nigeria\u2019s international reserves, which opened at $38.100 billion in January to close the year anywhere between $29.9 billion and $34 billion as Africa\u2019s biggest economy confronts an export revenue crisis triggered by the weight of the coronavirus pandemic on receipts from sales of oil, its biggest foreign exchange […]<\/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":[4,21],"tags":[],"yoast_head":"\nCBN sees foreign reserves falling under $34bn by Dec amid fast-depleting export income » 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=33951\" \/>\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=33951#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=4\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"CBN sees foreign reserves falling under $34bn by Dec amid fast-depleting export income\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CBN sees foreign reserves falling under $34bn by Dec amid fast-depleting export income » 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=33951","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=33951#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/watchdogplusmedia.com\/?cat=4"},{"@type":"ListItem","position":3,"name":"CBN sees foreign reserves falling under $34bn by Dec amid fast-depleting export income"}]}]}},"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=4\" rel=\"category\">Business<\/a> <a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"The Central Bank of Nigeria (CBN) said it expects Nigeria\u2019s international reserves, which opened at $38.100 billion in January to close the year anywhere between $29.9 billion and $34 billion as Africa\u2019s biggest economy confronts an export revenue crisis triggered by the weight of the coronavirus pandemic on receipts from sales of oil, its biggest foreign exchange…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/33951"}],"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=33951"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/33951\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}