ibbjnr:
we must surely get there Insha Allah

Heaven helps those who help themselves.. Ponder

doghari the lying Buffon

This is good. But what I was able to deduce was that cbn's attempt to stabilize the naira in the first instance led to the decline.
So consequently, it won't attempt using the foreign reserve to stabilize the naira.
I doubt if even any attempt is being made at all again.
It's on free fall

How authentic is this claim? How can I verify it?

I am sorry, but I no longer believe anything from APC. Because I know they could be making these quotations to save face

God bless my able country Nigerian hardship is just for a while not long #believe and have the Faith

Innodon:
Still waiting for $1 to N1

BROS YOU GO DON OLD BY THAT TIME OOO

jidxin:
Anoda lie from APC

You are just too pathetic. I'm sure you would have believe the news if it was announced that it fell right? Stop the hatred

Qmerit:
Some would say it's a lie and believed when it fell! Some people re programmed for negative/bad news brain-syndrome.

U are very right. They are harbingers of misfortune who can never do or see good news. Their wish is to send us back to wilderness for their looting to continue. I pity their generation.

Femich18:

You are just too pathetic. I'm sure you would have believe the news if it was announced that it fell right? Stop the hatred

What's pathetic in his post. To me being an unrepentant zombie is the real definition of "pathetic".

What are zombies celebrating?
Oh yeah they all failed in Economics like they idol Zoohari .

External reserves which stood at $26.21 billion as of July 28, declined to $25.6 billion by August 24, the CBN data showed.

The decline was largely due to the efforts of the CBN to boost liquidity at the interbank market and support the ailing naira by selling dollar to ease the economic gridlock created by the forex scarcity.

However, the reserves had plunged by over 10 percent from a year ago when it was $29.7 billion.

beycity:
Is this suppose to be a good news?

Ask them lol

Hypocrisy is when we fail to criticize the oil pipelines vandalism but are quick to condemn the FG over the fall of Naira

Another lie. This government is a huge scam. Though I'm happy over what's happening to Nigerians. Next time you will be wise when you hear CHANGE

Don't get me wrong, but this news seems shady.
Such growth over a short period of time. perhaps, APC can upload anything just to get the spotlight away from them.

don't blame me if I don't believe, cause politicians even bloggers have lies so much in the past

WHO ARE WE TO BELIEVE

http://nigerianpilot.com/cbn-reserves-fall-19bn/

Weak Naira falls further to 413/Dollar

Central Bank of Nigeria’s portion of the foreign reserves fell to $19.44 billion as non-oil exports fell by over 43 percent in the second quarter of 2016.
“Provisional data showed that total non-oil export earnings, at US$576.97 million, fell by 43.2 per cent, below the level in the preceding quarter,” CBN said in its second quarter economic report.
“The development, relative to the preceding quarter, was attributed, mainly, to the significant decline in receipts from manufactured and food products as well as minerals export.
“A breakdown by sectors showed that proceeds from the export of agricultural, minerals, industrial, manufactured products, food products and transport sectors stood at US$196.87 million, US$185.51 million, US$84.34 million, US$79.44 million, US$30.68 million and US$0.12 million respectively.
“The percentage shares of agricultural, minerals, industrial, manufactured products, food products and transport sectors in the total non-oil export proceeds were 34.1 per cent, 32.2 per cent, 14.6 per cent, 13.8 per cent, 5.3 per cent and 0.02 per cent, respectively.”
This saw the gross external reserves at the end of the second quarter of 2016 stand at $26.51 billion, showing a decline of 3.0 per cent and 6.5 per cent, compared with the levels in the preceding quarter and the corresponding period of 2015, respectively.
“The development, relative to the preceding quarter, was due to increased sales of foreign exchange at the interbank market and notional changes in the value of third currencies.
“A breakdown of the official external reserves showed that CBN reserves stood at US$19.44 billion (73.3%), Federation reserves, US$2.45 billion (9.3%), and the Federal Government reserves, US$4.61 billion (17.4%)”.
The CBN said “a total of US$4.31 billion was sold by the CBN to authorized dealers during the second quarter of 2016”.
“This reflected an increase of 22.7 per cent above the level in the preceding quarter, but a decline of 41.5 per cent relative to the level in the corresponding period of 2015.
“The development, relative to the preceding quarter, was attributed to the increased intervention by the CBN at the forex market and swap transactions.”
Naira got weaker on Monday as Nigeria awaits the official gross domestic product (GDP) report from the National Bureau of Statistics, NBS, which will declare Nigeria’s recession position.
The NBS is billed to release the official report on August 31, and it is expected to confirm how deeply Nigeria has slid into recession, following a 0.36 percent slip in the first quarter of 2016.
The naira opened at 413 to the dollar at the parallel market while the interbank market rate spiked from its closing 315.25 on Friday to 319.25 on Monday morning.
The British pound and the Euro went for N530 and N455 on Monday at the parallel market.
Lukman Otunuga, FXTM research analyst, said the Nigerian government showed resilience by approving the “three-year budget plan despite concerns remaining elevated over slowing growth which weighed heavily on sentiment.
“The Federal Executive Council, FEC, has approved the medium-term expenditure framework, MTEF, and Fiscal Strategic Paper, FSP, for 2017-2019, which could be seen as a blueprint on how the nation plans to recover in this period of uncertainty,” Otunuga said.
“With low oil prices seriously punishing Nigeria, the federal government may have been forced to adopt a conservative approach in the three-year project.
“The federal government has fixed average prices of oil per barrel at $42.5 for 2017 with 2.2 million barrels of crude created daily. Growth rate was also targeted to three percent in 2017 and 4.26 percent in 2018 as the nation embarked on the journey to diversification.”
Otunuga added that the NBS GDP report might heavily influence investors and render the naira vulnerable.
“While some optimism could be felt from the approval of the three-year budget, investors may heavily focus on the second quarter GDP report, which will be released on the 31st of August and which may offer clarity on how the economy is faring.
“Fears of a recession still linger and a second quarter GDP which fails to meet expectations could dent sentiment further consequently leaving the Naira vulnerable to heavy losses.”

Bitterleafsoup:
What are zombies celebrating?
Oh yeah they all failed in Economics like they idol Zoohari .

Nwa, ina enye nsogbu o... Good morning.

BoboFashion:


Nwa, ina enye nsogbu o... Good morning.

Good morning Sweet Mango Juice!

We Wey Dey Internal Neva Get Chop Talk More Say Reserve So How External Take Consine Me.Buhaaaari God Is Watching U Ooh!

don4real18:
Hypocrisy is when we fail to criticize the oil pipelines vandalism but are quick to condemn the FG over the fall of Naira

The fail in the naira is based or caused by our over dependency on exported items, but Buhari and his cabinet still need some fair share of blaming.

The moment he gain power, he should have started tackling the problems of Nigeria rather than travelling from USA to Malaysia etc.

The financial policies they took also escalated this problem, Economic decisions are not a trial and error thing but a well planned step which feasibly will yield results.

Mind you, APC and PDP is not like Chelsea and Manutd where fans can die for their various teams, these guys don't care the Bleep about our feelings and are just the same. is good to support your leaders but is also important not to be blind to criticize them when they are wrong.

finally, let's leave politics out of this my brother, make we talk some football jare, Wetin Mancity vs Manutd result fit be like?

Bitterleafsoup:
Good morning Sweet Mango Juice!

My ruv, hope ur night was pleasant?

jidxin:
Anoda lie from APC

And we are suppose to believe its another truth from you? When it was reduced they said it and you never said it was another lie then, now that it has increased you were yelling another lie? You better forgive yourself in other to progress, and quit playing partisan or party politics online just because you have access to data. A lot of obvious factors were considered, such as increased in the price of oil, and Niger Delta Avengers ceasefire. Its so obvious even to the eyes of a Primary one student not to talk of adult like you. Some people are serial unbelievers. No matter what one does they will never believe simply because they have hate in their heart for the people.

please can they give us the figure of how much was there before the APC took over? Because the impression given to us was as if jonathan looted everything called money that belong to nigeria before he handed over.

Good news....even with the economic situation on ground,foreign reserves is going up. It shows some level of commitment of d president. Unlike the clueless buffoon who couldn't save a penny. Okonjo Iweala made it clear sometime ago. We had d instrument,we have d means,we have done it b4, but 0 political will.

1Dray:


What's pathetic in his post. To me being an unrepentant zombie is the real definition of "pathetic".

Stale!!! Zombie? is that all your empty head could come up with?
Hahaha

pishure of the money where it's reserved or I don't believe this APC propagandists.

jidxin:
Anoda lie from APC

Enemy of the Nation all you hoping for is bad news everyday, You will not live to witness it when the country start rising cos you might eventually die of heart attack

ibbjnr:
we must surely get there Insha Allah

Keep dreaming. Let buhari and those dunces he put in government keep lying to you. Shay your emir no know wetin em day talk now?

greatman247:


And we are suppose to believe its another truth from you? When it was reduced they said it and you never said it was another lie then, now that it has increased you were yelling another lie? You better forgive yourself in other to progress, and quit playing partisan or party politics online just because you have access to data. A lot of obvious factors were considered, such as increased in the price of oil, and Niger Delta Avengers ceasefire. Its so obvious even to the eyes of a Primary one student not to talk of adult like you. Some people are serial unbelievers. No matter what one does they will never believe simply because they have hate in their heart for the people.

Oga be very reasonable. Today "nigeria is broke" tomorrow "there is no money" next week "oh foreign reserve grew to this " one lie following another lie... since 1 year, APC been lying shay these lies, campaign after election, e no day touch you?

RealSniper post;We Wey Dey Internal Neva Get Chop Talk More Say Reserve So How External Take Consine Me.Buhaaaari God Is Watching U Ooh!
Lol. Bros,part of d reasons wen make tins hard so na bcus say d external don low nahin make we dey dey dis palava so.(4xample, importation n exportation nw na big problem if u dey into dis biz). Wen enough money dey our reserve, d value of our currency dey usually increase against any currency n vice-versa. N yes,d #1-$1 fit happen but 4 am 2 happen, 9ja govt go nid harness and invest on all aspects of d economy n nt jst on crude oil exportation or evn agriculture but also on power, health n transport sectors. Me go tell u say na power(electricity or solar) nahin important bcus no civilized n industrialized country 2day develop inside darkness.However, wetin dey baful me na say, WERE ALL THE MONEY WHEN PRESIDO COLLECT BACK FROM COUNTRIES WEN OUR POLITICIANS COLOUBI? Sometyms sef,i wonder whether anytin dey inside dat man head.

fortunateice:
We all know that '' just as it rises it will fall...

Stay positive and always pray for tje progress of the country

Ezechinwa:


The fail in the naira is based or caused by our over dependency on exported items, but Buhari and his cabinet still need some fair share of blaming.

The moment he gain power, he should have started tackling the problems of Nigeria rather than travelling from USA to Malaysia etc.

The financial policies they took also escalated this problem, Economic decisions are not a trial and error thing but a well planned step which feasibly will yield results.

Mind you, APC and PDP is not like Chelsea and Manutd where fans can die for their various teams, these guys don't care the Bleep about our feelings and are just the same. is good to support your leaders but is also important not to be blind to criticize them when they are wrong.

finally, let's leave politics out of this my brother, make we talk some football jare, Wetin Mancity vs Manutd result fit be like?

Man utd will beat city....