Nigeria’s external reserves loses $351 million in 6 months 

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    Nigeria’s foreign exchange reserves have dropped below $47bn, losing $251m in the first six days of the month, data from the Central Bank of Nigeria showed on Tuesday.

    The reserves, which stood at $47.119bn as of July 31, fell to $46.868bn on August 6, the lowest level in nearly four months.

    The CBN data showed that the external reserves rose from $46.845bn on April 11 to $46.881bn on April 12. The reserves hit a high of $47.798bn on July 5 and had been declining since then.

    Analysts at FSDH Research, in a Monthly Economic and Financial Markets Outlook released on Tuesday, noted that the external reserves recorded persistent drawdown in July.

    The analysts said, “This was due to the foreign investors’ pull-back from the Nigerian market and the increase in demand at the foreign exchange market. The 30-day moving average external reserves decreased by 1.32 per cent, down from $47.79bn at end-June to $47.16bn at the end of July.

    “The total inflow through

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    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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