External reserves decline by $1.03b, now $37.27b

THE Central Bank of Nigeria (CBN) said on Monday that the nation's external reserves stood at 37.27 billion dollars as at June 27.

This was posted on the apex banks' website on Monday.

According to the apex bank, 36.24 billion dollars of the reserves is in 'liquid' form, while 1.03 billion dollars is in 'blocked' form.

The new figure represents a decrease of 1.03 billion dollars or 2.76 per cent over the 36.81 billion dollars recorded on June 2.

The News Agency of Nigeria (NAN) reports that the reserves have been on persistent growth on daily basis since June 2.

It has not reached the 50 billion dollar target set by the Ministry of Finance since 2013.

NAN recalls that Dr Ngozi Okonjo-Iweala, the Minister of Finance and Coordinating Minister for the Economy, had said that there was the need for Nigeria to shore up its external reserves. (NAN)