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The country’s external reserves maintained a downward trend as it lost $905.5m in June, figures obtained from the Central Bank of Nigeria showed on Thursday.

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The country’s external reserves maintained a downward trend as it lost $905.5m in June, figures obtained from the Central Bank of Nigeria showed on Thursday.

According to the CBN’s data on the movement of reserves, the reserves fell to $33.32bn as of the end of June 30 from $34.23bn on May 31.

The reserves stood at $34.88bn at the end of April 30.

Financial experts have expressed the need for the government to attract more foreign direct investment into the country and stimulate domestic production to attract more foreign exchange and reduce the demand on forex for importation.

Written by: EaglesFM

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The Senate on Thursday passed the Petroleum Industry Bill and approved that three per cent of profit made by oil firms should be shared to host communities.

The Senate on Thursday passed the Petroleum Industry Bill and approved that three per cent of profit made by oil firms should be shared to host communities. The upper chamber passed the PIB, 2021 after the clause by clause consideration of the report of its joint committee on Petroleum Upstream, Downstream and Gas on PIB. Lawmakers from the South-South geopolitical zone however protested against the three per cent approved for […]

todayJuly 2, 2021 3

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