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Saving In Foreign Currencies- The Anambra Case - Investment - Nairaland

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Saving In Foreign Currencies- The Anambra Case by 9inches(m): 12:48am On Mar 19, 2015
...just before the end of his tenure, – Governor Obi announced to a stunned audience that Anambra State had accumulated savings to the tune of N75 billion – denominated into assets as well as local and foreign currencies. The audience, not one to be toyed with, included former Commonwealth Secretary-General, Chief Emeka Anyaoku; Finance Minister, Ngozi Okonjo-Iweala; heads of churches in the state, CSOs and media executives. A recent inquiry with a senior banker revealed that the foreign currency savings bequeathed by the Obi administration, which was $156, 000 million then (variously in Fidelity Bank US$56 million; Access Bank, US$50 million; and Diamond Bank, US$50million), which he presented publicly in the presence of the referred banks CEOs, has, with interest, appreciated to about $171, 500.000 million.

A curious enquiry at the Bureau de change showed on their board that the exchange rate is now N228 to the dollar. With the above exchange rate, the money now stands at approximately N39 billion. This excludes the local currency and assets components of the savings. If one follows the same calculation, it will now amount to about N100 billion, without putting into consideration additional savings from his successor, Willie Obiano, which I believe that based on his electoral promises has continued the savings culture.
http://sunnewsonline.com/new/?p=109541

This simply means the more naira goes down in value against the USD, the more gain Anambra gets from her USD savings.

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