Latest figures from the Central Bank of Nigeria have shown that foreign exchange reserves jumped to $42.02bn by October 17, the highest in 32 months and an increase of 3.11 per cent, month-on-month.

Figures on the CBN website showed that the reserves, which stood at $40.75bn a month ago, were last around $42.02bn on February 17, 2010, when $42.22bn was recorded.

The Managing Director, Financial Derivatives Company Limited, Mr. Bismark Rewane, in a report made available to our correspondent on Friday, said the level could cover over 10 months of imports.

"Favourable oil prices and a stable oil production of an average of 2.2mbpd have helped boost growth in reserves level. We expect the trend to continue as long as the oil market activities remain buoyant," he added.

The stability in the forex market, according to analysts, attests to the effectiveness of recent exchange rate policy measures.

The premium between official and parallel market declined to N3.25 from the year's peak of N8.57 in June, which is the lowest premium in four months.

Forex reserves had risen to more than 29-month high of $41.12bn by September 26, and were up by 7.16 per cent month-on-month.

The Nigerian National Petroleum Corporation had said about 85 per cent of increase in reserves was from crude oil. Nigeria's crude oil production hit a record high of 2.7 million barrels per day on August 1.

The CBN had reportedly said the nation's external reserves had continued to grow since August 1, 2012.

Consequently, the Minister of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, stressed the need for the country to shore up its external reserves.

At a meeting with the Organised Private Sector in Lagos, Okonjo-Iweala had said that there was the need to build up the reserves to $50bn before December.

She said that this would help the country to stand on its feet in the event of any global economic recession.

The CBN sold a total of $10.18bn at the Wholesale Dutch Auction System in the first half of this year. It had sold and offered and sold $14.85bn at the WDAS in the first quarter of last year.

Forex sales were less than the $285m in half of 2012. Half-year WDAS forex supply for 2011 was $14.85bn, as against $10.45bn in 2012, representing a decrease of 29.70 per cent.

http://www.punchng.com/business/money/external-reserves-climb-to-42bn/

Good news.
Now to work on the 'internal reserves'!
Thank our ancestors, our looters did not reach that 'purse'!
It would have been depleted.
Good job Sanusi!

Callotti: Good news.
Now to work on the 'internal reserves'!
Thank our ancestors, our looters did not reach that 'purse'!
It would have been depleted.
Good job Sanusi!

In addition, Nigeria has over $8 billion in the 'Excess Crude' account. Unfortunately, domestic debt is now $39.6 billion, while that of foreign is $6 billion.
Anyway, savings from the on-going privatization exercise and unused funds from MDA's would form our 'internal reserves'; which should at least be in the hundreds of billions of Naira.
The current level of foreign reserves is about the same level in May 2007, when OBJ left office; though its lower than the record $68 billion achieved in July 2008 under the late Yar'Adua.
The liquid component, or raw cash component of today's foreign reserves is $40.8 billion, while the 'blocked' part is $1.2 billion.
Moreover, our foreign reserves are mostly as a result of high oil prices in the international market.

[size=38pt]And So?[/size]

Good progress. We are getting there step by step.

Now  have to ask(Seun Ω̴̩̩̩̥ Mods pardon me)if this news will make GARRI available for all and sundry as well as reduce fuel price and by extension standard of living?

Make Σ even enter trillion dollars sef as long as it doesn't improve the lot of Nigerians it doesn't matter.

I need just my 0000000000.1% of my fatherland money 42 Billion DALASSS. Am I not a Nigerian , cryinggg

The roads are bad,schools in sorry state,hospitals are crying for help and we are here talking about reserved,what reserve...is like someone who has nothing to eat and still save money what iz he looking for?

we don't have any foreign reserve.add the local debt and foreign debt together and see that we as a nation, are bankrupt.
besides I never see part of that dollar impact in my family and life.please show me where it affects
my life positively.
na figure figure we go they hear, election will soon come now and we go soon see how it will drastically reduced. bullshit.

All these statistics and Wall Street jargons are meaningless to me, if the ubiquitous unemployment, hunger, abject poverty and infrastructural under-development keeps staring us in the face, daily.

nice move,let them keep it for me,till i become a president to loot it dry.

taaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

run to the bush.
getting where?
oh getting to the honored stage of corruption?
abi you blind?

thelastPope: Good progress. We are getting there step by step.

To our old folks all these na wash oo, dem no dey feel am at all.

We always celebrate failures in this country,why celebrate the rise of a foreign reserve that was $68bn in 2008,is that not backwardness?
What have we done about our domestic debt which currently stands at $39bn and foreign debt at about $9bn,those goons in govt are running this nation dry and heading towards bankrupt yet we praise them for failures.

How does this affect the life of the farmer In my community,they just bring up any figure they like as if I give a Bleep

4bobo: we don't have any foreign reserve.add the local debt and foreign debt together and see that we as a nation, are bankrupt.
besides I never see part of that dollar impact in my family and life.please show me where it affects
my life positively.
na figure figure we go they hear, election will soon come now and we go soon see how it will drastically reduced. bullshit.

All we hear is Billions of $$$ and nothing to show for it.

Na so so Statistics we go dey hear .... No direct impact on the common man .... abi na Statitics we go chop

Nah 2day we dey ear all dis kai figure? N yet no life as bin torched.. Instead of torchin lifes,nah pain infliction dem dey inflict on demsef tinkin dey ® harming us... Nextyear now or in 2015,nah anoda story we go ear..

Is that so?

Funny Nlanders! If the news where to read, "foregn reserve falls
from 42 to 10 billion dollers". All u guys saying how an increase
Affects u, will start calling for Gejs head. Since its now an increas
It doesn't affect u. But if it falls it affects u, and the
Interpretations will no longer be jargons! Mchewww

God will punish all those involved in this National reserve... reserve of what? when they can't provide ordinary infracstructure for the people of nigeria, no road, no water, no house, no electricity, no schools, no jobs, NOTHING, but we have foreign reseves of $50b. what a shame!!! this can be likened to a man who has a fixed deposit account in his house, but his children are suffering from hunger, and they cant go to school and cant go to hospital, and their house is licking!!!

One day we shall wake up from this dream (' nightmare ') called NIGERIA. then, after we will define if actually we want to be 7 nations or no nation at all!!

Water resavua in social studies.

bluezeski: God will punish all those involved in this National reserve... reserve of what? when they can't provide ordinary infracstructure for the people of nigeria, no road, no water, no house, no electricity, no schools, no jobs, NOTHING, but we have foreign reseves of $50b. what a shame!!! this can be likened to a man who has a fixed deposit account in his house, but his children are suffering from hunger, and they cant go to school and cant go to hospital, and their house is licking!!!

One day we shall wake up from this dream (' nightmare ') called NIGERIA. then, after we will define if actually we want to be 7 nations or no nation at all!!

pedestal82: Funny Nlanders! If the news where to read, "foregn reserve falls
from 42 to 10 billion dollers". All u guys saying how an increase
Affects u, will start calling for Gejs head. Since its now an increas
It doesn't affect u. But if it falls it affects u, and the
Interpretations will no longer be jargons! Mchewww

Na today you know nairalanders, they are just bunche of critics. No matter the news it is only criticism that will come out of it. If gov increase reserve they will say no road if gov spend they will say no savings, if gov pay internal debt(subsidies, contracters etc) they will say gov pay their political friends/corruption if gov did not pay they will talk. We just criticise irrespective of gov position. And that is why we always get bad news from our gov.

Callotti: Good news.
Now to work on the 'internal reserves'!
Thank our ancestors, our looters did not reach that 'purse'!
It would have been depleted.
Good job Sanusi!

what is the meaning of this jargon when there is so much problems in this country and we still borrow to finance our budget.

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How does it affect my pocket? A painter of garri is still N350 in my area. Mtschew.

thelastPope: Good progress. We are getting there step by step.

Getting where? Does seem to me we've got a map or destination for crying out e..

Toktee: The roads are bad,schools in sorry state,hospitals are crying for help and we are here talking about reserved,what reserve...is like someone who has nothing to eat and still save money what iz he looking for?

His exquisite casket

[quote author=chucky234]We always celebrate failures in this country,why celebrate the rise of a foreign reserve that was $68bn in 2008,is that not backwardness?

Hi Poster, In as much as i feel your pains on this figures thats been thrown around, i think we can help educate ourselves on why this shouldnt be a celebration. With that been said, our reserves was never 68 billion o! Am sure the best we did was within 51 to 52 billion within that period.

As for me, i think it's a laughable achievement in a country where oil prices as average over 107dollars ytd as against the budgeted figure of 75 dollars per litre. Also, we havent done below 2.2 million per barrel since january. Do the maths and you will see the incubument administration has a lot of explanations to do.

I dont go about celebrating figures that's actually meaningless. GDP grew by 6.17% and 6.28% in Q1 and Q2 this year and inflation has been around an avg of 12% hitting a year low of 11.7% last month, yet poverty index remains high why my disposable and discretional income keeps shrinking.

Abeggi!!!

[quote author=chucky234]We always celebrate failures in this country,why celebrate the rise of a foreign reserve that was $68bn in 2008,is that not backwardness?

Hi Poster, In as much as i feel your pains on this figures thats been thrown around, i think we can help educate ourselves on why this shouldnt be a celebration. With that been said, our reserves was never 68 billion o! Am sure the best we did was within 51 to 52 billion within that period.

As for me, i think it's a laughable achievement in a country where oil prices as average over 107dollars ytd as against the budgeted figure of 75 dollars per litre. Also, we havent done below 2.2 million per barrel since january. Do the maths and you will see the incubument administration has a lot of explanations to do.

I dont go about celebrating figures that's actually meaningless. GDP grew by 6.17% and 6.28% in Q1 and Q2 this year and inflation has been around an avg of 12% hitting a year low of 11.7% last month, yet poverty index remains high why my disposable and discretional income keeps shrinking.

Abeggi!!!

Thanks for these women employed by this administration, in imitation to OBJ policy. I hail Okonjo Iweala and olumma oteh with other women in other sectors working wonders and paying no attention to some jealous Nigerians who cannot help, but insist on tarnishing their(these women's) image. I also applaud the relentless and unswerving resilience that GEJ has fenced himself with, despite the call for his head by some unreasonable nonentities in Nigeria, and also encourage him to be focused on bringing the right and qualified hands into the system irrespective of tribe, ethnicity or geo-political zone. Like goodluck promised, He will surprise Nigeria within this remaining space of three years, and shall proceed till 2019. Viva GEJ! Viva Ngozi and Co.! Viva Nigeria!