External reserves drops to $37.27b

The Central Bank of Nigeria said on Monday that the nation’s external reserves stood at $37.27 billion as at June 27.
This was posted on the apex banks’ Website on Monday.
According to the apex bank, $36.24 billion of the reserves is in ‘liquid’ form, while $1.03 billion is in ‘blocked’ form.
The new figure represents a decrease of $1.03 billion or 2.76 per cent over the $36.81 billion recorded on June 2.
The reserves have been on persistent growth on daily basis since June 2.
It has not reached the $50 billion target set by the Ministry of Finance since 2013.
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.