The nation’s foreign exchange (forex) reserves sustained a 13-month weekly winning streak, adding $455 million in one week despite interventions in the market, shoring it up to $34.82 billion.

The development signals an assurance of Nigeria’s ability to honour its international obligations and a boost to foreign investors, who took a flight to safety in the wake of the country’s foreign currency earning crisis caused by oil price volatility.

It is also renewing confidence that the 2018 forex reserves target of the Central Bank of Nigeria (CBN) put at $40 billion is achievable, as the apex bank steps up its management of forex earnings.


This is coming just as the country expects the inflow of proceeds of the $3 billion Eurobond that was oversubscribed by about $11 billion and split across 10-year and 30-year tranches at issuance yield of 6.5 per cent and 7.625 per cent, respectively.

The rise in the stock of foreign reserves’ was recorded despite series of interventions by CBN in recent times to support the local currency, especially as it auctioned $210 million last one week.

Consequently, the naira has maintained stability against the major currencies as data showed that the exchange rates across segments have oscillated between N359.98 and N364 in all trading days.

At the popular investors platform (I&E Window), the rate closed at N360.65 per dollar, while turnover averaged $114.07 million daily, according to data from the FMDQ OTC Securities.

Meanwhile, the apex bank other agencies involved in the implementation of the Financial System Strategy (FSS 2020) will meet this week- Wednesday and Thursday, in Lagos, to mark 10 years of strategising to bring into existence the FSS 2020.

The objective of the event is to review the status of the FSS 2020 programme and deliberate on the priorities and strategies for the next three years (2018-2020).

more details at http://www.akelicious.com/2017/12/forex-reserves-gain-455m-in-one-week.html

Great

how e take concern us? garri still dey cost.

Buhari self

Y our food still high ?

Wailers still wont see anything good abt this!



Foreign investors confidence, will go sky high!

smithsydny:
Y our food still high ?

How big is ur farmland

CBN should remove the N360/$ exchange rate at the interbank and allow the Naira appreciate to N330/$

Where are the children of Atiku, the flat.inos?

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abeg present exchange rate na wetin

Ummm
Learn the retail form of forex trading.
Check my signature.

BruncleZuma:
Please explain this in terms of the availability of garri and rice.

with that thinking you might be a poor man forever!!

if its BBN una go understand

miky:


with that thinking you might be a poor man forever!!

if its BBN una go understand

Hmmm na wa how does that satisfy my query , first you start with good morning then proceed with your explanation.

Throwing a diatribe when I clearly asked for a layman's explanation means you're either missing a 5th chromosome or you have no manners. Now get lost before I change it for you.

BruncleZuma:
Please explain this in terms of the availability of garri and rice.

Rice: not enough forex to import rice....till oil reaches $120 per barrel and above.
Garri: no effect.

Forex abi forestry?

See 10 SMALL BUSINESSES YOU CAN START WITH 5,000 IN NIGERIA

9jakohai:


Rice: not enough forex to import rice....till oil reaches $120 per barrel and above.
Garri: no effect.

You go school.

AdolfHitlerxXx:


I don't know why they have not done this. It's been 360 naira to a dollar for months now.

Why not try 330....and over time,optimistically, bring it to 300?

Economists would know better though...i am just a layman

not an economist....but, if we want an appreciation in the naira...we need to earn more forex...and the only way to do that is via oil rising above $100 per barrel.

Because you import almost all you need and don't manufacture/produce enough, garri and rice will continue to be expensive.

BruncleZuma:
Please explain this in terms of the availability of garri and rice.

I personally do not want the naira to appreciate unless it will lead to prices of commodities coming down.

I earn in dollars and I will feel no gain at all if naira goes to say N250/$1 while prices of things in the market remain stagnant.

Government needs to force marketers to also bring down prices of commodities in the market to balance things up.

989900:
Brent FTW!

Naira should be appreciating against the dollar, why is it not . . .?

1. Nigeria needs Brent to be at $120 and above to see some appreciation.

2.Much of the forex we earn goes to debt servicing.

Nigeria needs to explore other sources of earning forex and not depend majorly on oil. Unless there's a war between Iran and Saudi Arabia, or US and North Korea I don't see oil prices going back to $100.

Besides with all the talks of renewable energy we need to start looking for possible alternatives to counter major shocks in the long run.

By the way, I thought nickel was discovered in commercial quantities in the North last year. Why is nobody talking about tapping into that $400B nickel mine?

989900:
Brent FTW!

Naira should be appreciating against the dollar, why is it not . . .?

Round-tripping by Buhari and his Fulani owners of Nigeria

9jakohai:
1. Nigeria needs Brent to be at $120 and above to see some appreciation.

2.Much of the forex we earn goes to debt servicing.

So why is Buhari borrowing more money with nothing to show for ït

BruncleZuma:
Please explain this in terms of the availability of garri and rice.

Not everything is Garri and Soup

seguno2:


So why is Buhari borrowing more money with nothing to show for ït

Because, every oil dependent economy needs to borrow money when prices crash.

We are currently earning $60 less per barrel of oil than we did in 2014...and that value was as low as $80 in 2016.

And even then, the money won't be enough...we have to service debts, and have a reserve still......

That is why we need to make the hard choices to go industrial....

Pesuzok:


Not everything is Garri and Soup

So how does this 1984ish proclamation of economic prosperity affect you?

AdolfHitlerxXx:


I don't know why they have not done this. It's been 360 naira to a dollar for months now.

Why not try 330....and over time,optimistically, bring it to 300?

Economists would know better though...i am just a layman

I think CBN wants it to hover around 360, in that way they are also getting more naira in exchange for dollar.

Let us wait for the economist to give a better view

ashjay001:
Wailers still wont see anything good abt this!



Foreign investors confidence, will go sky high!






How big is ur farmland

have u eaten today? Go get some food foody

9jakohai:
Because, every oil dependent economy needs to borrow money when prices crash.

We are currently earning $60 less per barrel of oil than we did in 2014...and that value was as low as $80 in 2016.

And even then, the money won't be enough...we have to service debts, and have a reserve still......

That is why we need to make the hard choices to go industrial....

Was Buhari not supposed to be the messiah to make the hard choices?