External Reserves Drop By 0.8% in July Obinna Chima Nigeria’s external reserves dropped by $286 million (0.8 per cent) 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 (CBN) website yesterday has shown. The development has been attributed to the disruptive impact of the COVID-19 which slowed down foreign portfolio inflows into the country, as
well as subdued oil prices. The benchmark Brent crude closed at $43 per barrel yesterday. The CBN recently adjusted the official exchange rate from N360 to a dollar to N380 to a dollar.
CBN Governor, Mr. Godwin Emefiele, recently stressed that at its current position, Nigeria’s external reserves remains strong. “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 (IMF), 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. Meanwhile, the Manufacturing Purchasing Continued on page 6
Encomiums as Bode Akindele is Buried in Ibadan...Page 6 Saturday 1 August, 2020 Vol 25. No 9245
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Southern Kaduna: IG Deploys More Policemen Bennett Oghifo
THE FIRST FAMILY@ SALLAH…
L-R: Son of the President, Yusuf; President Muhammadu Buhari; his wife, Aisha and his daughter, Amina, after the Eid prayers at the State House, Abuja…yesterday godwin omoigui
Apparently jolted by the unending killings in Southern Kaduna, the Inspector General of Police, Mohammed Adamu, has approved a change of Continued on page 6
Buhari Admits Security Situation Very Disturbing, Tells Military to do Better Says some people in his government have abused trust Northern governors condemn attack on Zulum Omololu Ogunmade in Abuja, Seriki Adinoyi in Jos and Michael Olugbode in Maiduguri President Muhammadu Buhari yesterday described the security situation in the country as “very disturbing”, and urged the military and the police to do much better, adding however, that his
administration had done its best in view of what he inherited in 2015. He also assured Nigerians that more resources would be provided for the military, police and other security agencies to "deal with the unwanted security situation in some areas of the country.” Continued on page 6
GOODNIGHT BODE AKINDELE… L-R: Atema and Olabisi, wives of late business mogul, Chief Bode Akindele, during the funeral service for the late industrilist, who was Parakoyi of Ibadan land, at the Methodist Church, Agbeni, Ibadan, Oyo State...yesterday