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External Reserves Hit Two-week Low As Naira Weakens - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / External Reserves Hit Two-week Low As Naira Weakens (19365 Views)

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Re: External Reserves Hit Two-week Low As Naira Weakens by DoyenExchange: 4:43pm On Apr 01, 2017
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Re: External Reserves Hit Two-week Low As Naira Weakens by styca(m): 4:55pm On Apr 01, 2017
Teewhy2:
What the CBN is doing is just a temporary solution, now that USA crude oil is sold to many nations it has affected the price of crude oil in the international market, until we start earning income from other sources our currency might never improve. The external reserve is going down and the CBN has started having issues with the value of currency. I think the CBN needs to review its policy and probably if he feels he can do it he should resign and let other people take control of it.

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This is exactly the same discussion I had with a colleague, This recent measures by CBN is temporary. It will definitely affect the External Reserves, until we are able to generate FX from other sources to augment whatever it is we are getting now.

One Suggestion, could be to look at how to tighten Tax revenue generations.

Encourage increased exports, or any venture that has the potential to earn us FX.

Samsteve
Re: External Reserves Hit Two-week Low As Naira Weakens by 989900: 8:41am On Apr 04, 2017
wristbangle:


Okay. Thanks mo. He is no where to be found.


The situation is fluid at the moment . . . fingers crossed.

P.S. Brent is above $50 again for some few days now, and for those who are conversant with Forex trading, Fridays and Mondays are higher demand days=higher prices.
Re: External Reserves Hit Two-week Low As Naira Weakens by 989900: 8:44am On Apr 04, 2017
modath:


It's 989900 smiley


I dey 9ja, Mo . . . and always busy (business, socials, 'owanbes').

The situation is fluid at the moment . . . fingers crossed.

P.S. Brent is above $50 again for some few days now, and for those who are conversant with Forex trading, Fridays and Mondays are higher demand days=higher prices.

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