External Reserves Drop By 0․8% in July
Nigeria’s external reserves dropped by $286 million to $35.899 billion as at July 28, 2020, compared to the $36.185 billion it was at the end of June, 2020, data obtained from the Central Bank of Nigeria website yesterday has shown.
“I still need to underscore the fact that Nigeria’s reserves still stand at around $36 billion which is strong. Indeed, Nigeria has not even touched the $3.4 billion loan it took from the International Monetary Fund , which is a sign of prudence and being cautious to say ‘let’s be prudent in spending our money’. I can say that the market is stable,” he explained after the latest Monetary Policy Committee meeting.
However, the remaining 12 sub-sectors reported contraction in the following order: printing and related support activities; primary metals; fabricated metal products; paper products; food, beverage and tobacco products; chemical and pharmaceutical products; furniture and related products; electrical equipment; plastics and rubber products; petroleum and coal products; textile, apparel, leather and footwear and cement.
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