The country’s external reserves have hit $26.968bn, nearing the $27bn mark, the latest statistics posted on the Central Bank of Nigeria website have shown.

The reserves rose to $26.968bn on January 13 from $26.765bn on January 11, having hit $26.658bn and $26.552bn on January and 10 and January 11, respectively.

Between December 30, 2016 and January 12, 2017, the foreign exchange reserves rose from $25.8bn to $26.8bn, indicating an accretion of $1bn in two weeks, the CBN data showed.

The foreign exchange reserves have been rising significantly in recent weeks following the gradual increase in crude oil price and production output.

Experts said the slowdown in foreign exchange allocation to forex markets by the CBN might have contributed to the reserves accretion.

Within the space of three days, the reserves rose by $300m from $26.2bn on January 6 to $26.5bn on January 9.

The foreign exchange reserves had hit $26.0bn on January 3, 2017, up from $25.8bn on December 30, 2017, the CBN statistics revealed.

The reserves ended last year with $25.84bn on December 30, 2016.

The foreign exchange reserves had risen to over four-month high of $25.7bn on December 28, up from $25.4bn on December 23.

However, currency and economic experts are not sure if the current accretion in the external reserves’ is sustainable amid a falling naira and acute shortage of dollar in the foreign exchange markets and the economy.

The CBN had spent $4bn from the nation’s external reserves to defend the local currency in the last 12 months, despite the staggering fall in the value of the naira against the United States dollar and other major foreign currencies last year

The controversial defence of the naira by the CBN has come under severe criticism from economists, who believe that the forces of demand and supply should be allowed to determine the exchange rate of the naira, at least to a considerable level.

The country’s reserves had recorded $23.89bn low on October 19. The reserves dropped by 15.9 percent between 2015 and 2016.

http://investorsking.com/external-reserves-rise-by-1bn-in-two-weeks/ mynd44

Thieves with long straw can no longer sit in a corner and suck at our reserves




Let it grow larger abeg, dollar must return to. 80 to 1naira

Chicken change for a nation....

Even $1trillion cannot get out out of this mess

UK spends £159bn a year on ordinary benefits we are rejoicing over $26bn foreign reserve...

For us to have saved $26bn...that means over $50bn has been embezzled by politicians with CBN connections

pinkcottoncandy:
Chicken change for a nation....

Even $1trillion cannot get out out of this mess

Your hero took us here

Our amiable and focused president is trying to bring us out

So be patient

So you still see hope for this country abi? That's the same lie they will be blowing up and down. Even if e reach $ 1000bn I swear e no go change price of garri for market. Y'all put us into this shame. Buhari ko boko ni

Baba is trying. Even though he ain't no saint (fucck there are no saints anywhere), if we had 10 Babas in government Nigeria would be much better today.

Buhari sef

okay

External reserves increasing?


While domestic hunger is increasing

latest news

9ja Playin Politics Wit Their Life

I TIRE 4 NAIJA

We hear

sarrki:
Baba shame all the doubters

You are paying for it without your knowledge
You have no idea how much you are loosing daily through inflation while Buhari keep saving dollars
Or do you expect manufacturers or importers to buy dollars at the rate of 497 naira and not make their profit?
Keep hailing him! your 18.000 naira minimum wage which was 130$ is now about 28$
Just tell me what 28$ will buy you
You are infact shameless hailing your president for paying you 28$ minimum wage

sarrki:



Your hero took us here

Our amiable and focused president is trying to bring us out

So be patient

DONT FORGET YOUR HERO STARTED THE JOURNEY IN 1983!

I am sure you don't understand the purpose of foreign reserve.

Your CBN is fetching water with a basket.

For each $26b saved, with its policies, $100bn is lost via arbitrage as a result of the multiple exchange rates!!!

Dis country sef, der is hunger in d land.

I just hope things get better for the sake of the masses.

Another distraction
My fellow Nigerians make una brace unasef for another major price increase

But Nigerians reserve is dwindling

sarrki:



Your hero took us here

Our amiable and focused president is trying to bring us out

So be patient

Stop this annoying senseless talks, so by building the foreign reserve will the common man eat?
You so deceived you gone past redemption, better prepare for harder times as the foreign reserves grow with this planless govt with no direction
GEJ was ruthless and senseless in spending and bubu is purposeless in governance

Iamwrath:
Thieves with long straw can no longer sit in a corner and suck at our reserves




Let it grow larger abeg, dollar must return to. 80 to 1naira

How does this translates to improvement in our currency? You want government to subsidise dollars again so our external reserve is depleted right?

iamawara:
So you still see hope for this country abi? That's the same lie they will be blowing up and down. Even if e reach $ 1000bn I swear e no go change price of garri for market. Y'all put us into this shame. Buhari ko boko ni

Wailer spotted!

They detest any thing good both for the country and themselves

EastGold:
External reserves increasing?


While domestic hunger is increasing

Largely because we still need more money in the treasury...something like at least $100bn and above.

Oil is not a sustainable way of getting more forex.

pinkcottoncandy:


DONT FORGET YOUR HERO STARTED THE JOURNEY IN 1983!

Back in 1983.....Sarrki's hero met oil prices falling....and they had been falling since 1982...with Shagari's govt talking of ''austerity'' by 1983.

What happened during Sarrki hero's first coming was the natural result of the fall in revenue from oil prcies then...which made it difficult for us to have dollars to import and to keep our industries running.

Sarrki's hero ran an austerity govt...which was meant to prevent us losing more dollars, but which tightened things for everyone, and led to his overthrow in 1985.

But the oil prices stayed low...and eventually we had to do SAP in 1986...followed by devaluing the Naira in 1989(the Two-tier Foreign exchange market...ie the Parallel market was introduced in 1987).

Things got a bit better in 1990-91 when oil prices rose again (the Gulf war oil windfall) then when prices crashed...back to the same old problems.

In a way....it wasn't Sarkki's hero's fault. Where he went wrong was not taking the harder road to sustainable foreign exchange earning power.

I don't understand this external reserves thing. How has it helped improve living conditions in the country?

Ontarget:
I don't understand this external reserves thing. How has it helped improve living conditions in the country?

The more dollars we have, the easier it would be for us to pay for imports, and to buffer the value of the naira.

Pischure of the money or idonbelivit

9jakohai:


The more dollars we have, the easier it would be for us to pay for imports, and to buffer the value of the naira.

How can you buffer the value of Naira when the CBN adopts polices with the adverse effect.

How can you have more than 5 different exchange rates that encourage arbitrage and you are talking about buffering....

pinkcottoncandy:


How can you buffer the value of Naira when the CBN adopts polices with the adverse effect.

CBN is buffering the naira....by restricting dollars.

If CBN started allowing dollars to flow...by now naira official rates would be $1 to N1000 and above.And our foreign reserves would be extra lean.

All boils down to the fact that by relying on oil...we are not having a sustainable source of forex

(And we should have saved more between 2010-14....back in 2008...we had a similar problem, and the then CBN governor brought in restrictions. But we did not feel it much partly because we had a lot of forex ....$40bn .The restrictions were lifted once oil prices rose again).

How can you have more than 5 different exchange rates that encourage arbitrage and you are talking about buffering....

That is a problem....and it all boils down to the fact that back in the 1980's...during IBB's time...we decided to bring in the parallel market. Now, it has grown into something beyond control. Govt should think about reining it in.

I think our Federal Government deserve some kudos!
We shouldn't only tongue lash them when they goof, lets also be responsible enough to celebrate them when they perform well.
To this, i say weldone![i][/i]