{"id":24222,"date":"2018-06-08T12:19:07","date_gmt":"2018-06-08T11:19:07","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=24222"},"modified":"2018-06-08T12:19:07","modified_gmt":"2018-06-08T11:19:07","slug":"external-reserves-fall-by-169m-in-six-days","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/external-reserves-fall-by-169m-in-six-days\/","title":{"rendered":"External Reserves Fall By $169m In Six Days"},"content":{"rendered":"

The nation\u2019s foreign exchange reserves fell by $169m to $47.436bn on Wednesday, the latest data from the Central Bank of Nigeria showed on Thursday.<\/p>\n

The reserves, which closed at $47.605bn last month when it recorded its first decline in eight months, slipped to $47.793bn on May 14 from $47.865bn on May 10.<\/p>\n

The external reserves, which fell further to $47.784bn on May 16, rose to $47.799bn on May 18, but dropped to $47.754bn on May 21 and $47.655bn on May 28, the CBN data showed.<\/p>\n

Analysts at FSDH Research, in their monthly economic and financial market report released on Thursday, said the month-on-month growth rate recorded in the external reserves was the lowest level since July 2017.<\/p>

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The Head of Research, FSDH Merchant Bank, Mr. Ayodele Akinwunmi, said the pressure on demand from foreign investors was mainly responsible for the low growth in the external reserves.<\/p>\n

He said, \u201cThe 30-day moving average external reserves increased by 0.36 per cent, up from $47.49bn at end-April to $47.66bn at May 28, 2018. The total turnover at the Investors\u2019 and Exporters\u2019 FX Window between April 2017 and May 2018 stood at $50.73bn. The highest amount was recorded in January 2018.<\/p>\n

\u201cOur analysis between August 2017 and May 2018 shows that Nigeria recorded the lowest foreign exchange inflows through the I&E Window in May 2018. FSDH Research expects the positive domestic and external environment to further lead to external reserves accretion in the short-term and this development should provide further stability for the foreign exchange rate.\u201d THE PUNCH<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The nation\u2019s foreign exchange reserves fell by $169m to $47.436bn on Wednesday, the latest data from the Central Bank of Nigeria showed on Thursday. The reserves, which closed at $47.605bn last month when it recorded its first decline in eight months, slipped to $47.793bn on May 14 from $47.865bn on May 10. The external reserves, …<\/p>\n","protected":false},"author":6,"featured_media":9337,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[1551],"coauthors":[2391],"class_list":["post-24222","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-external-reserves"],"yoast_head":"\nExternal Reserves Fall By $169m In Six Days - National Wire<\/title>\n<meta name=\"description\" content=\"The nation\u2019s foreign exchange reserves fell by $169m to $47.436bn on Wednesday, the latest data from the Central Bank of Nigeria showed on Thursday. The reserves, which closed at $47.605bn last month when it recorded its first decline in eight months, slipped to $47.793bn on May 14 from $47.865bn on May 10.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/external-reserves-fall-by-169m-in-six-days\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"External Reserves Fall By $169m In Six Days - National Wire\" \/>\n<meta property=\"og:description\" content=\"The nation\u2019s foreign exchange reserves fell by $169m to $47.436bn on Wednesday, the latest data from the Central Bank of Nigeria showed on Thursday. 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