My people from South South thank you for this good news!

kahal29:
Nigeria’s foreign reserves have continued to grow significantly with latest figures by the Central Bank of Nigeria (CBN) at about $47.37 billion as at April 5.

The new figures rose from about $46.2 billion realised at the end of March.

The CBN Governor, Godwin Emefiele, announced the new balance in the reserves on Monday at the opening of the 25th seminar for Business Editors and financial Correspondents in Uyo.

Mr Emefiele, who was represented by the newly appointed deputy governor, Corporate Services, Edward Adamu, said the CBN hopes to meet the $50 billion target before the end of the year.

Nigeria’s latest foreign reserves is about $4 billion more than that of South Africa.

South Africa’s net foreign reserves rose to $43.384 billion in March from $43.272 billion in February, the Reserve Bank said on Monday.

Gross reserves fell to $49.979 billion from 50.051 billion dollars, the South African central bank data showed.

The forward position, which represents the central bank’s unsettled or swap transactions, fell to $1.996 billion from $2.057 billion.

“The decrease of 72 million dollars in the gross reserves reflects the foreign exchange payments made on behalf of the government.

“It was partially offset by the depreciation of the U.S. dollar against most currencies,” the South African central bank said.

https://www.premiumtimesng.com/news/top-news/264427-nigerias-foreign-reserves-hit-47-billion.html

Well that is nice.It's like having N10,000 in your account yet you are sick,hungry,homeless, untidy,begging people for N100 and even borrowing N50 everyday from people,still you don't want to touch that 10k.In fact,you are adding the little ones they give to you to the 10k.Nigeria,I hail thee!

I need electricity

semyman:
They will still not be happy. Children of hate will always prefer the looting gang

What is there to be happy about?

I played ras kimono Music this morning - under pressure...

I wonder if he was a prophet.
Nigeria is under pressure

That is why the naira is stabilized ..Good job,increasing reserves at lower oil price rate..only God knows how our former leader depleted the reserve money

AZeD1:

Stop misinforming people.
Foreign reserves is basically the money government has to pay for imports(liabilities). Has nothing to do with stability of a currency.

You are actually ignorant of what you speak of. If foreign reserves are to meet import liabilities then they are as well designed to stabilize the value of the naira vis-a-vis the dollar. This is so because if there is a surge in the demand for imports without a corresponding supply of foreign exchange excess demand for foreign exchange will result and this will worsen the value of the naira to the dollar and send us back to the periods of surging consumer price indices! So by having enough foreign exchange to meet import liabilities price stability and hence currency stability is achieved!

AZeD1:

Stop misinforming people.
Foreign reserves is basically the money government has to pay for imports(liabilities). Has nothing to do with stability of a currency.

u dull
sha... see as u fool urself 4 public

If I remember correctly, during GEJ regime, we had zero foreign reserves. Actually, we were in deficit by then.

Thunder faya anybody that wants PDP to return.

Let me explain this in simple terms. Amassing Foreign Reserve in a time of hyper inflation is bad economics. People will continue to suffer because they country isn't producing anything.

Good financial management is to invest capital projects to produce more. That will arrest the problem of inflation as the Nigeria begins to stabilize against other currencies. With the present state of the economy, the naira will remain worthless, relative to other currencies. Soon,a loaf of bread would sell for N500.00, if they don't invest in infrastructure, boost production , heaping up foreign reserves will remain bad decision.

abduljabbar4:
What we went through in 2015, 2016, and half of 2017 was nothing but the result of the foolish buffon. Even madam puff puff told nigerians to prepare for a hard time and lets not forget how gej had to borrow inorder to pay salaries a few weeks before he handed over to Buhari. Now that the mess has been cleaned up, its time to get to work. Sai Baba.

If you like go and get yoyr pvc. my one vote will scatter your 1 useless vote

Broda yi ti high! eni re lo! Emo wolu!

Let me explain this in simple terms. Amassing Foreign Reserve in a time of hyper inflation is bad economics. People will continue to suffer because the country isn't producing anything.

Good financial management is to invest capital projects to produce more. That will arrest the problem of inflation as the Nigeria begins to stabilize against other currencies. With the present state of the economy, the naira will remain worthless, relative to other currencies. Soon,a loaf of bread would sell for N500.00, if they don't invest in infrastructure, boost production , heaping up foreign reserves will remain bad decision.

Kingspin:
Good for nothing reserve. What purpose does it serve the people? Empty leaders everywhere.

Well the reserves are not good for nothing...the rise in the price level that crippled economic activities in Nigeria for almost two years was occasioned by the scarcity of foreign reserves. Nigeria is still import dependent and if those reserves deplete below the threshold import cover prices will rise again. I am sure you can still remember how you go to the market to buy biscuit at a much higher price only to be told that "dollar don increase"! So you have to thank God that our reserves are back and growing!

This is the kind of news that make Emma Pigtiful and his piggy ipob shrills grunt in pain and anger.

Ugosample:
Oil prices has more than doubked since 2016

So this is to be expected
No big deal.
The oil price falls tomorrow, and you will see how that reserves will fall.

My issue now is..
.
Why is this govt plunging Nigeria into serious debt, without tangible projects on ground?


This country sef

There is big deal here my brother. The same crude oil was above 100 dollar during the last administration but the foreign reserve never grew beyond 23billon dollar. Now the crude is 56/55 dollar per barrel and we are having 47billion dollar in the reserve. The conclusion is for you to know why stealing is not corruption under the last administration.

TheCabal:


I pray people like you get a visa to a foreign country. So you learn the real difference between your fathers house and the orphanage.

Just kill the poor yoot.

CodeTemplar:
It is funny how people how applaud Aregbesola for infrastructures and huge debts at the state level think savings without infrastructure at federal level is cool.

And it is also funny that people who accuse Aregbe for infrastructural development and huge debts at the state level are also the ones saying savings without infrastructure at the Federal level is not cool. Lol.

Positiveminds:
Let me explain this in simple terms. Amassing Foreign Reserve in a time of hyper inflation is bad economics. People will continue to suffer because they country isn't producing anything.

Good financial management is to invest capital projects to produce more. That will arrest the problem of inflation as the Nigeria begins to stabilize against other currencies. With the present state of the economy, the naira will remain worthless, relative to other currencies. Soon,a loaf of bread would sell for N500.00, if they don't invest in infrastructure, boost production , heaping up foreign reserves will remain bad decision.

Firstly, Nigeria is experiencing deflation, not hyperinflation. Inflation has been going down since last year from about 19%.
Secondly, all the borrowing of this government has been going to infrastructure while much of the foreign earnings from oil have been adding to our increasing foreign reserves.
Lastly, this is the highest capital investment I've witnessed in Nigeria since 1999. You should check out tons of projects being built by the ministries of Power, works and housing as well as Transport. Check @FMPWH on twitter for a start.

guterMann:
Another cheap propaganda from APC.

External reserve does not mean anything.

(1) The monies in the foreign reserve include the ones from depts(BONDS AND TREASURY BILLS) that are foreign currency denominated.

(2) The foreign currency remittances from Nigerians abroad.

(3)The difference between the oil benchmark and the oil price.

If the country is that 'rich' why not fund the budget from the Foreign Reserve?

Foreign reserve means nothing,A BETTER INDICATOR IS THE DEPT TO INCOME RATIO,I DARE APC TO RELEASE THE DEPT TO INCOME RATIO OF NIGERIA.

THE LAND OF THE RISING SUN MUST SET FORTH AT DAWN

I like sound Economists like you. All the people hailing baba lack knowledge of elementary macro and monetary economics. Tell the sai baba chanters to withdraw money from the external reserves, if they think external reserves is like their savings account in First Bank.

Mkk dem distribute am to every Nigerians one after the other

I guess we should share it round then.

Good governance. Long live PMB!Longlive APC!Longlive FRN!

AZeD1:

Stop misinforming people.
Foreign reserves is basically the money government has to pay for imports(liabilities). Has nothing to do with stability of a currency.

I feel sorry for your benefactors.

Afamed:

There is big deal here my brother. The same crude oil was above 100 dollar during the last administration but the foreign reserve never grew beyond 23billon dollar. Now the crude is 56/55 dollar per barrel and we are having 47billion dollar in the reserve. The conclusion is for you to know why stealing is not corruption under the last administration.

Stop lying

The foreign reserves was about 46b plus under GEJ at some point, but began to decline as the oil price was falling.

it fell to its lowest point under Buhari (between 23-27b not sure of the exact figure) And began to rise again.

there was NEVER a time in GEJ govt that the reserves was 23b

maasoap:


And it is also funny that people who accuse Aregbe for infrastructural development and huge debts at the state level are also the ones saying savings without infrastructure at the Federal level is not cool. Lol.

If the infrastructure can help repay the debt, fine. What the point paying 13 month salary with oil windfall and debt the holding back regular salary 3 years later when oil income dwindled? It shows somebody was using Abuja money to impress like a beer parlour rascal.

Federal government will go and borrow money from China and world bank, and the will redeposit the money in our foreign reserves, the will come be boasting that our foreign reserve has increased, well keep decerving ur self, how much are we owing as a country.

neoclassical:
I like sound Economists like you. All the people hailing baba lack knowledge of elementary macro and monetary economics. Tell the sai baba chanters to withdraw money from the external reserves, if they think external reserves is like their savings account in First Bank.

guterMann hit the nail on the head accurately.

efficiencie:


You are actually ignorant of what you speak of. If foreign reserves are to meet import liabilities then they are as well designed to stabilize the value of the naira vis-a-vis the dollar. This is so because if there is a surge in the demand for imports without a corresponding supply of foreign exchange excess demand for foreign exchange will result and this will worsen the value of the naira to the dollar and send us back to the periods of surging consumer price indices! So by having enough foreign exchange to meet import liabilities price stability and hence currency stability is achieved!

Nigeria runs an artificial market and an import depended economy.
I have been fortunate to live in 2 developed countries and its only Nigeria foreign reserves is news to the common.

If Nigeria as a country increased its non oil exports, Foreign reserves would have nothing to do with the stability of the Naira.

The only reason why its matters in Nigeria is because the government spends money defending Naira.

AZeD1:

Stop misinforming people.
Foreign reserves is basically the money government has to pay for imports(liabilities). Has nothing to do with stability of a currency.

Tomorrow you go dey follow shout say Buhari no go school. Leader of tomorrow indeed.

olujastro:

Firstly, Nigeria is experiencing deflation, not hyperinflation. Inflation has been going down since last year from about 19%.
Secondly, all the borrowing of this government has been going to infrastructure while much of the foreign earnings from oil have been adding to our increasing foreign reserves.
Lastly, this is the highest capital investment I've witnessed in Nigeria since 1999. You should check out tons of projects being built by the ministries of Power, works and housing as well as Transport. Check @FMPWH on twitter for a start.

Did you say Nigeria is experiencing deflation

My God!

What!!!!!

Na wa o

AZeD1:

Nigeria runs an artificial market and an import depended economy.
I have been fortunate to live in 2 developed countries and its only Nigeria foreign reserves is news to the common.

If Nigeria as a country increased its non oil exports, Foreign reserves would have nothing to do with the stability of the Naira.

The only reason why its matters in Nigeria is because the government spends money defending Naira.

Exactly!

CodeTemplar:
Oga it has everything to do with stability of currency. The govt takes forex from the reserve and use it to meet import need on a short term basis. The volume of forex in market helps drive down forex price just like any other commodity. The main thing here is that the govt varies the availability of forex (its volume) in market to try and maintain a stable exchange. It is a short term strategy.

Even you admit that this a short term strategy.