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CBN Rules Out Naira Fall As External Reserves Hit $34bn - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Rules Out Naira Fall As External Reserves Hit $34bn (8033 Views)

External Reserves Hit $38.7bn, Rise By 50% In One Year / Nigeria’s External Reserves Hit Four Year High Of $38.2bn — Emefiele / Nigeria’s External Reserves Hit 3-year High At $33.112 Billion (2) (3) (4)

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Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by DrGaius(m): 8:35am On Oct 30, 2017
I believe things are gradually falling in line. Hope it will be sustained. But I think the exchange is way to high. They have to work on that.
Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by GiantParrot(m): 8:39am On Oct 30, 2017
This is commendable. At least compared to the incredible waste we saw between 2010 and 2015. Hopefully this will be sustainable and the president will not entertain any more unsound ideas that could cause crisis in the Niger Delta.

seunmsg:


I agree with you completely, N360/1$ is still very high. CBN should do more to bring it down to below N250/$. The current high prices of food and other necessities will not come down until the exchange rate is substantially crashed.

We'd all like to see lower exchange rates. What would you advise the government should do to achieve the desired rates?
Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by eagleonearth(m): 8:47am On Oct 30, 2017
If our external reserve is rising astronomically, then why are will still borrowing?
Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by apalemighty01(m): 8:54am On Oct 30, 2017
9jakohai:
I doubt.

So long as oil is not above our needed minimum of $ 120 per barrel, naira will fall

Want a strong naira? Become a strong exporter of manufactured goods.

Who oil EPP?

Saudi Arabia, Russia, Iran. just to name a few

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Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by Dollabiz: 8:55am On Oct 30, 2017
Hmmm
Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by Nobody: 8:55am On Oct 30, 2017
GavelSlam:
Reserves climbing.

Kudos to those concerned.


And bubu is still borrowing more. grin
Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by EvilMetahuman: 9:25am On Oct 30, 2017
Dollars is still 370.

Until it comes back to 200 atleast, Bleep this useless government.
Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by joenor(m): 9:56am On Oct 30, 2017
So how has it affect the masses?
Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by babytoun: 10:03am On Oct 30, 2017
Throwback:
This foreign reserve growth in an era of reduced income from oil, might be the only thing Buhari will have to boast of when compared to the Jonathan administration.

Foreign reserve growing and external debt profile rising as well. It's like claiming your savings has grown when bank loans are also rising.

Work done =0
Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by Nobody: 10:33am On Oct 30, 2017
apalemighty01:


Saudi Arabia, Russia, Iran. just to name a few

Saudi Arabia, that is talking of diversifying.

Russia, that was hit badly by the last oil crash.... And anyway has an industrial sector.

Iran, that has a growing scientific and industrial sector.

Abeg, who oil EPP?
Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by jpphilips(m): 10:54am On Oct 30, 2017
echelons:
In as much I'd love a stable currency, the CBN should work hard to improve the value of the Naira. N360/$ is still too high especially because we virtually import everything into the country and more than average Nigerian finds his/cashflow stagnating at what it used to be in first quarter of 2015 or even going lower.

CBN pls epp us, we can't buy anything again, and bae is not happy.

360 naira seems to be an equilibrium between our forex income and expenditure, if you want to drop the naira further, you may consider begging our ungrateful igbo brothers feeding fat on our collective forex for importation, they may have a change of heart to diversify from import to manufacturing.

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Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by ashjay001(m): 11:15am On Oct 30, 2017
hisgrace090:
If the naira fail to fall it will amount to exploitation of the masses.


Imagine d dollar becoming #1=$1! Everyone can now afford to buy original imported goods!? What do u think will happen to d local manufacturers? Why do u think china regularly devalues its currency?

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Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by Throwback: 3:33pm On Oct 30, 2017
babytoun:


Foreign reserve growing and external debt profile rising as well. It's like claiming your savings has grown when bank loans are also rising.

Work done =0

You see that one talk.
Re: CBN Rules Out Naira Fall As External Reserves Hit $34bn by uzomagic(m): 2:06am On Oct 31, 2017
It's all coming together now. Food inflation is dropping even further, the reserves are building, with rising oil prices the economic outlook is generally positive. So positive that the CBN is targeting a far lower inflation rate by early next year.

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