FOREIGN RESERVES HIT $30.5BN ON RISING OIL PRICES
source : http://www.eyesoflagos.com/2017/07/foreign-reserves-hit-305bn-on-rising.html

The nation’s foreign reserves reached $30.5 billion last week as a result of increased global oil prices, checks by EYES OF LAGOS on the Central Bank of Nigeria’s (CBN) website have revealed.
Data from Organization of Petroleum Exporting Countries (OPEC) revealed that basket of 14 crudes stood at $47.48 per barrel last week from $45.21 a barrel it opened in July.
Experts said world economic growth in 2018 is forecast at 3.4 per cent, the same level of growth forecast for 2017.
“This reflects a continued strengthening of the global recovery which is becoming more balanced, with stability in the oil market remaining a key determinant. Global growth in 2017 is expected to be around 1.27 million barrel per day, broadly unchanged from previous month, average 96.4 million barrel per day”, they said.
According to report, Nigeria’s crude oil production had been stuck on 1.8 million barrel per day and has now recorded an additional 200,000 barrels per day.
In June, the foreign reserves dropped by $41 million or 0.13 per cent to $30.29 billion when it opened in June to close at $30.33 billion.
Analysts had attributed the steady fall in the foreign reserves to CBN’s aggressive interventions in the foreign exchange market aimed at boosting naira and stabilizing the exchange rate.
The CBN in April opened a new special foreign exchange window dedicated to investors, exporters and end users.
According to analysts, external reserves of $30.5 billion will cover imports for a period of over six months.
In a circular entitled, ‘Establishment of Investors and Exporters Window’, the CBN claimed this new window was introduced to boost liquidity in the foreign exchange market and ensure timely execution and settlement of eligible transactions.
In its economic report for May, CBN said the external sector weakened in the month under review due to the decline in crude oil prices from an average of $52.90 per barrel in April 2017 to $51.04 per barrel.
Increased shale oil production in the United States and supply by non-members of the OPEC both contributed to the fall in crude oil prices.
The report said, “Consequently, foreign exchange inflow through the CBN, at $2.26 billion, declined by 21.4 per cent below the level in the preceding month, but was 27 per cent above the level in the corresponding period of 2016. The decline relative to the level in the preceding month was driven by fall in both oil and non-oil proceeds.
“Overall, the net outflow through the Bank in the month of May 2017 was $0.76 billion, in contrast to a net inflow of $0.71 billion and $0.09 billion recorded in the preceding month and the corresponding period of 2016, respectively”.
It noted that aggregate foreign exchange inflow into the economy amounted to $5.78 billion, representing five per cent decline below the level in the preceding month, but showed an increase of 30.8 per cent above the level in the corresponding period of 2016.
The report further noted: “The development relative to the preceding month reflected the fall in inflow through the Bank. Inflow through autonomous sources and the Bank were $3.52 billion and $2.26 billion and, accounted for 60.9 per cent and 39.1 per cent of the total, respectively.
“Non-oil sector inflow, at $1.39 billion (23.1 per cent of the total), fell by 30.2 per cent, below the level in the preceding month. Autonomous inflow rose by 9.8 per cent, above the level in April 2017.
“Aggregate foreign exchange outflow from the economy, at $3.18 billion, rose by 38.8 per cent and 70.4 per cent, above the levels in the preceding month and the corresponding month of 2016, respectively.
“Thus, foreign exchange flows through the economy, resulted in a net inflow of $2.60 billion in the review month, compared with $3.79 billion and $2.55 billion, in April 2017 and the corresponding month of 2016, respectively,” it added.

correct Buhari is working

Naija be like:

30 billion For the akant yieee!

America is now world's 3rd next exporter of oil behind Russia. Nigeria has to go past oil in no time America's influence in the oil market considering especially it's political might around the world will push OPEC oil price down. I'm a strong pro-APC supporter but truth must always be told, science and manufacturing should be the main booster of our GDP and not oil.

That is good

F

From 1980 to 2015, Nigeria exported crude oil worth about $1.09trillion, but had a current savings balance of $30.5billion as of June 2017...
Politicians have eaten The future Of this country...

The nation’s foreign reserves reached $30.5 billion last week as a result of increased global oil prices, checks by EYES OF LAGOS on the Central Bank of Nigeria’s (CBN) website have revealed.
Data from Organization of Petroleum Exporting Countries (OPEC) revealed that basket of 14 crudes stood at[b] $47.48 per barrel last week from $45.21 a barrel it opened in July.[/b]

Government of propaganda


Even if the price gets to $100 a barrel, still the exchange rate will not change


Government filled with lies, they said Naira depreciated because of the low price of crude.


The majority of properties in Abuja/Lagos are owned by politicians, they are the ones with a huge chunk of dollars and with the exchange rate they can buy anything in this country.


They said Jonathan was clueless but never wicked. This current administration is clueless and wicked.

Send me Buhari's address, he need to hear this

singing davido "30 billion for the account oooooo"

Wether low or high it doesnt mean things will easen up in zoogaria republic created by a partial drunk.

This is evem the time for the heartless politicians to loot more.
A painter of garri remains 1200,
Indomie.. ..3200
Egg. ...50 pers 1
Beans.. .1000
E go worst sef, no be naija again?

We abt 200million in ninja just share 1million per family na abeg

OK Niger Delta oil still saving Naija since 1960

Saving for 2019 elections. Sarrki what's your say ?

There is no excuse for failure this time around,nobody should tell us there is no money to execute project that directly affect the masses.

It seems it will never pass 30 point something

Tati billion for the akant
They should continue injecting dollars to the forex market.

Thank God Alison Madueke is no more in control. They will be wearing Ankara to deceive us.

That's what Wike and Fayose are planning to come devour through the PDP! May Thunder Fire Them!

No news...

Rising oil price?

Nonsense!

12

Rising oil prices means more yams for the goats in govt houses to eat.
Even if oil is $1000/ barrel it makes no differnence at all for d masses so nothing to celebrate.

mcquin:
America is now world's 3rd next exporter of oil behind Russia. Nigeria has to go past oil in no time America's influence in the oil market considering especially it's political might around the world will push OPEC oil price down. I'm a strong pro-APC supporter but truth must always be told, science and manufacturer should be the main booster of our GDP and not oil.

my brother that's the way foward

Raypawer:
No news...

Rising oil price?

Nonsense!

try to be supportive it's important in any country

Like it or not, this is good news. Abi we forbid to hear good news?

Osibanjo is working

crackerspub:




Government of propaganda


Even if the price gets to $100 a barrel, still the exchange rate will not change


Government filled with lies, they said Naira depreciated because of the low price of crude.


The majority of properties in Abuja/Lagos are owned by politicians, they are the ones with a huge chunk of dollars and with the exchange rate they can buy anything in this country.


They said Jonathan is clueless, but never wicked. This current administration is clueless and wicked.

Speaking of cluelessness, u're an epitome of it. Its funny how u haters of pmb twist truth 2 fit ur wicked lies and propaganda. Oil 2day sells at $45pb and yet external reserves has hit $30bn; still u blind and ignorant lot won't appreciate the govt. Oil sold for a way better price under gej,how much did he save? Now u tell me who's wicked and clueless?

Nonsense!




















Hunger is taking over the land and you are saying jargons about one village reserve

Jelal0007:
Speaking of cluelessness, u're an epitome of it. Its funny how u haters of pmb twist truth 2 fit ur wicked lies and propaganda. Oil 2day sells at $45pb and yet external reserves has hit $30bn; still u blind and ignorant lot won't appreciate the govt. Oil sold for a way better price under gej,how much did he save? Now u tell me who's wicked and clueless?

shut up! Nd am serious abt it, u re twisting the truth, GEJ told the governors then. We nid to save, did u knw their reply, hmm..he should distribute it,bcoz they taut the price ll keep going on, so u should research,b4 u comment, u think all of us here are goat, plz dnt give us maize shaft

mcquin:
America is now world's 3rd next exporter of oil behind Russia. Nigeria has to go past oil in no time America's influence in the oil market considering especially it's political might around the world will push OPEC oil price down. I'm a strong pro-APC supporter but truth must always be told, science and manufacturer should be the main booster of our GDP and not oil.

How is America the third next top exporter of oil when Canada is way above them in the current scheme of things in Oil production?

The truth is America's recent oil exploration and production has increased​ the supply of Oil in the global market coupled with the recent lifting of the embargo on Iran. During the embargo, Iran had millions of Oil barrels waiting to be sold; so when the embargo was lifted in 2014, the Oil market was in excess of supply thereby crashing the price.

The only way oil can go above $50 is if OPEC keep cutting production and also try to persuade US to cut production too.

I do agree with your last assertion that Oil isn't the future though. Nigeria has to diversify quickly.

Aburi001:
Thank God Alison Madueke is no more in control. They will be wearing Ankara to deceive us.

I gots to laugh. I gotta express myself as i feel