Nigeria’s external reserves hit $40.4bn

JANUARY 8, 2018

By Babajide Komolafe As projected by the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele at the Annual Bankers’ Dinner of the Chartered Institute of Bankers (CIBN) in Lagos last November, the nation’s External Reserves have hit a new level of $40.4 Billion.

This is even as the Bank injected a total of $210 million into the interbank Foreign Exchange Market in the first round of trading for the year on Monday, January 8, 2018.

Figures obtained from the CBN on Monday, January 8, 2018 indicate that the External Reserves reached the $40.4 Billion mark on Friday, January 5, 2018, indicating an increase of about one billion United States dollars between December 2017 and January 2018. Confirming the figure, the Acting Director in charge of Corporate Communications at the CBN, Isaac Okorafor attributed the accretion to the country’s reserves to the Bank’s strategy to effectively manage forex demand by various sectors of the economy.

Citing the CBN policy restricting access to forex from the Nigerian forex market by importers of some 41 items as the major turning point, Okorafor said the policy had helped to stop the hemorrhaging of the country’s external reserves, which hitherto witnessed heavy depletion due to huge import bills and other debt obligations. According to him, the CBN policy had ensured a decline in Nigeria’s import bills from over $5 billion monthly in 2015 to about $1.5 billion in 2017. He expressed optimism that with the determination of the Bank and the cooperation of the fiscal authorities, the external reserves will continue to enjoy more accretion in the course of 2018. Meanwhile, the CBN injected a total of $210 million into interbank window of the foreign exchange market on Monday, for requests in the wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market. A breakdown of the figure indicates that the CBN offered $100m to the Wholesale sector while the Small and Medium Enterprises (SMEs) and invisibles windows each received $55 million.


https://www.vanguardngr.com/2018/01/nigerias-external-reserves-hit-40-4bn-2/

Buhari Till 2027...

NgeneUkwenu:
Buhari Till 2027...

God forbids bad thing? That old man needs to go and rest. He's out of touch with reality.

Dem sha de push dis propaganda

FastShipping:


God forbids bad thing? That old man needs to go and rest. He's out of touch with reality.

Who takes over? PDP controlled by Wike and Fayose?

NgeneUkwenu:


Who takes over? PDP controlled by Wike and Fayose?

Dankwabo can't be controlled or held hostage by 1000 Wike or Fayose.

Buhari can only continue if PDP should make mistake by nominating that thief called Atiku.

FastShipping:


Dankwabo can't be controlled or held hostage by 1000 Wike or Fayose.

Buhari can only continue if PDP should make mistake by nominating that thief called Atiku.

Please what are the achievements of Dankwabo? The man that cannot even criticize Buhari in Gombe?
Ask anybody in Gombe first, how popular Dankwaba is within the locals before fantasying about him contesting under PDP...

NgeneUkwenu:


Please what are the achievements of Dankwabo? The man that cannot even criticize Buhari in Gombe?
Ask anybody in Gombe first, how popular Dankwaba is within the locals before fantasying about him contesting under PDP...

An economist won't do worse than so called president who didn't nominate a finance Minister for seven months and called ministers "noise makers". Buhari made so much promises to decieve us but got there and doesn't want to be bothered. He keeps telling us ineffectual Buffon destroyed everything and no solution to our problems. Whereas he promised us that he got us covered.

We are in sh1t buddy as long as Buhari at the helm. Second term for Buhari would have set us back another 15 years. For Nigeria to move forward again, Buhari needs to be defeated by fire by force.

Jonathan failed woefully and we kicked him out. Buhari has failed and we must kick him out too. We cannot continue rewarding failure. Buhari has failed in every aspect of governance.

[quote author=FastShipping post=64021180]

Dankwabo can't be controlled or held hostage by 1000 Wike or Fayose.

Buhari can only continue if PDP should make mistake by nominating that thief called Atiku.[/qu

See how you dropped Atiku like a hot iron. Dakwambo now the anointed Messiah. Hmmmmmmm, I wonder why he is delaying to heed the clarion call by PDP./antiBuhari enthusiasts. I feel the day he chooses to step onto the ring to do battle that well crafted resume of his may not survive an integrity test

[quote author=docadams post=64021440][/quote]

He can't do worse than "Jubril".

Dankwabo has good resume just like Yaradua.

Dankwabo studied up to M.Sc just like Yaradua. He was an executive of CBN. Former finance Minister and a sitting governor.

His resume should sell in the south. Buhari reputation is in tatters at the moment. The Mr integrity toga is no more there. His credibility is close to zero.

Facing unprecedented low ratings the failed dullard and his failed govt have resorted to dishing out fake promises and statistics as usual.

SalamRushdie:
Facing unprecedented low ratings the failed dullard and his failed govt have resorted to dishing out fake promises and statistics as usual.

I noticed that but won't work. Jonathan did the same thing and lost. You don't need to aggressively dish out bogus statistics or paper value projects. Achievements can't be hidden. Achievements can be bodly seen by the people. In buhari's case, he has none. Buhari has nothing to show after 30 months on the throne.

I was talking to a brother of a governor last night on WhatsApp, he told me people in the North are quietly looking for change again.

Sad!!!

NgeneUkwenu:


Please what are the achievements of Dankwabo? The man that cannot even criticize Buhari in Gombe?
Ask anybody in Gombe first, how popular Dankwaba is within the locals before fantasying about him contesting under PDP...

The day Dankwambo opens his mouth you'd realize that the man is not fit for purpose...

At least it should tell on the naira na, make person go back to biz

OnucheAdams:


The day Dankwambo opens his mouth you'd realize that the man is not fit for purpose...

https://www.youtube.com/watch?v=_z7x0XrNqv0



https://www.youtube.com/watch?v=pLa77ANVCkg


https://www.youtube.com/watch?v=M-CV0bQNt5U


Oratory doesn't make one a competent president. Look at his academic achievements. Dankwabo should be fine and acceptable to all.

FastShipping:



https://www.youtube.com/watch?v=_z7x0XrNqv0



https://www.youtube.com/watch?v=pLa77ANVCkg


https://www.youtube.com/watch?v=M-CV0bQNt5U


Oratory doesn't make one a competent president. Look at his academic achievements. Dankwabo should be fine and acceptable to all.

This man will not even win his state let alone Standing against Buhari....

Buhari election in 2019, will be flawless... Take it to the bank..

NgeneUkwenu:


This man will not even win his state let alone Standing against Buhari....

Buhari election in 2019, will be flawless... Take it to the bank..

Says Ms Nngene

FastShipping:


Says Ms Nngene

Just drove pass Onitsha Enugu-PH expressway, and the massive construction going on there, would make anyone marvel...That should be ready for commissioning later this year.....

2023, should be the main time for election....2019 has already been sealed..

NgeneUkwenu:




Just drove pass Onitsha Enugu-PH expressway, and the massive construction going on there, would make anyone marvel...That should be ready for commissioning later this year.....

2023, should be the main time for election....2019 has already been sealed..

Jubril presidency is still salvageable. Tell him to finally start acting like president of all nigerians and start showing he cares about well being of the vulnerable ones among us.

FastShipping:


He can't do worse than "Jubril".

Dankwabo has good resume just like Yaradua.

Dankwabo studied up to M.Sc just like Yaradua. He was an executive of CBN. Former finance Minister and a sitting governor.

His resume should sell in the south. Buhari reputation is in tatters at the moment. The Mr integrity toga is no more there. His credibility is close to zero.

Well, we all have our individual expectations of a Buhari regime. I am least surprised by the avalanche of criticisms of PMB. The reason being that people expected immediate solutions to all the ills plaguing us. Even his worst enemies were expecting miracles from him because they were all tired of the misgovernance of previous regimes. Sometimes, I wish Jonathan had won the election of 2015 and continued as President.. I wonder where we would have been. Our undoing as citizens was that we didn't brace up for the changes required to rebuilt a nation bearing in mind what Ghana went through to attain their present modicum of stability and success.. My continued believe in PMB is not because of any spectacular performance. in all things expected of him but in that which was not expected of him. And that is the ability of his regime to negotiate the recession successfully without allowing any of the 36states to be drowned in the mire of economic debauchery. I doubt if any FG egime has ever come to the rescue of all the states the way PMB regime did even at it's'infancy ,even in the face of dwindling fortune. We were atuned to stories of FG withholding state allocation even in times of abundamce. None has ever been that caring. Ironically, the same governors are now insulated from the vernon of the masses, comfortably basking in undeserved glory. This leads me to.my only reservation about PMB, his stubbornes for bearing and insistence to continue to bear a cross not meant for him eg the baggages of the governors. An OBJ wouldn't have been so unconditionally generous. I am sure he, OBJ,would have ensured he made some political gain from it.

Some people from a section of this country are just useless, they started by saying they they wanted a country of theirs and when it failed they started Atikulating and now Dankwambo is being considered.
Does it mean there's nobody worthy to be president from that region?
God bless Buhari, from less than 30 billion dollars to over 40 billion today even with oil price about half what the ineffectual buffoon enjoyed yet depleted our foreign reserve.

Good development but CBN needs to do more. High cost of food items and other essential commodities will continue to paint the economy in bad light no matter the gains made. The official exchange rate of N306 and parallel market rate of N365 to $1 is still very high and affecting prices of commodities. CBN should try and bring it down to around N250 so that we can see a significant drop in prices. Until then, all the gains been made will translate to nothing for the common man.

It is a good development on the part of the CBN, but an increase in a Nation's Foreign Reserve is not a guarantee for economic growth and development in the micro and macro economic scheme until the essentials are taking care of.

A narrow mind will not understand the negative impact of this 'According to him, the CBN policy had ensured a decline in Nigeria’s import bills from over $5 billion monthly in 2015 to about $1.5 billion in 2017'

My president is working

FastShipping:



https://www.youtube.com/watch?v=_z7x0XrNqv0



https://www.youtube.com/watch?v=pLa77ANVCkg


https://www.youtube.com/watch?v=M-CV0bQNt5U


Oratory doesn't make one a competent president. Look at his academic achievements. Dankwabo should be fine and acceptable to all.

What's so special about his Academic achievements?

FastShipping:



https://www.youtube.com/watch?v=_z7x0XrNqv0



https://www.youtube.com/watch?v=pLa77ANVCkg


https://www.youtube.com/watch?v=M-CV0bQNt5U


Oratory doesn't make one a competent president. Look at his academic achievements. Dankwabo should be fine and acceptable to all.

his oratory is by far better than that of buhari

OnucheAdams:


What's so special about his Academic achievements?

Light years better than the Nepa certified imbec1le you all voted into Aso rock.

lalasticlala

seunmsg:
Good development but CBN needs to do more. High cost of food items and other essential commodities will continue to paint the economy in bad light no matter the gains made. The official exchange rate of N306 and parallel market rate of N365 to $1 is still very high and affecting prices of commodities. CBN should try and bring it down to around N250 so that we can see a significant drop in prices. Until then, all the gains been made will translate to nothing for the common man.

I understand your concern regarding the exchange rate. However, monetary policies are a really tricky balancing act - if you move too much to one side then things begin to unravel on the other side.
---
Reducing the exchange rate to N250 will simply make imports cheaper and thus increase demand for foreign items. This will lead to a steady depletion of the FR as the CBN tries to meet demand for $$$. Cheaper imports will also hurt local industries and businesses.
---
Another dimension is that a N250/$ exchange rate will affect government revenue on all levels. When you consider that there's a new minimum wage in the horizon, then you can understand that governments at all levels need more revenue to meet their wage demands.

Keballl:



Light years better than the Nepa certified imbec1le you all voted into Aso rock.

I never voted for the Prof Emeritus in Dullardology;
If you field Dankwambo, Buhari would win without even campaigning...

External reserves keeps accumulating while Nigeria keeps retrogressing - Irony