DESPITE instability in crude oil prices at the international market, the country’s foreign exchange reserves rose to a two-year high of $38.38 billion by August 27, representing 5.35 per cent up on the record of the previous month, which stood at $36.43 billion.

According to the data displayed at the Central Bank of Nigeria (CBN) website, the foreign reserves stood at $33.47 billion a year ago.

Only on Tuesday, the Federal Government appointed a team to invest the proposed Sovereign Wealth Fund (SWF).

Finance Minister, Dr (Mrs) Ngozi Okonjo-Iweala, said the fund would start with a cash hoard of around $1 billion.

She also said by the end of the year, the team would have laid out plans for the $1 billion, but did not say when investments would start.



http://tribune.com.ng/index.php/news/46788-foreign-reserves-hit-3838bn-in-august


This should put to rest all the fake data being peddled about by some mischief makers. Also, the external debt profile is as below:

The Minister of Information, Mr. Labaran Maku, on Monday dispelled fears that the country’s foreign debt profile of $5bn could harm the economy.

“We currently owe $5bn as foreign debt. If you compare that to our foreign reserves and our economic capacity, there is no problem as far as the country’s external debt is concerned,” the minister said, while speaking with Nigerian journalists in London.

Maku, who noted that most developed and developing nations were not free from debts, however, conceded that debts should not be allowed to overwhelm the country’s capacity to pay back.



http://www.punchng.com/business/business-economy/no-problem-with-nigerias-5bn-external-debt-minister/


Those who go about posting fake figures are enemies of Nigeria. They just want to pull us all down because they have no joy. They are saddists and saboteurs who profit from confusion. I pity them because we shall rise again as a country and become great again.