Obinna Chima


Nigeria’s external reserves edged higher to close at $48.174 billion on March 12, data obtained from the Central Bank of Nigeria (CBN) showed yesterday.

THISDAY also learnt that at its current value, the foreign reserves derived primarily from proceeds of crude oil earnings have improved by 8.65 per cent or by $3.837 billion this year, compared to the $44.337 billion at the beginning of the year.

The growth of the external reserves this year is largely influenced by high crude oil prices as well as the relative stability of the naira.
Oil prices climbed further yesterday following the release of stronger-than-forecast retail sales figures in the United States. For instance, on the New York Mercantile Exchange, light sweet crude futures for delivery in April traded at$93.03 a barrel, up by 0.5 percent. Also, Brent oil closed at $109.31 a barrel.

Meanwhile, the naira slipped marginally against the dollar at both the Wholesale Dutch Auction System (WDAS) and interbank segment of the forex market yesterday. At the interbank market, the local currency fell by 40 koboto close at N158.90 to a dollar as against the N158.50to a dollar it closed the previous day.

On the other hand, at the WDAS, the local currency fell by one kobo to close at N155.76 to a dollar yesterday, lower than the N155.75 it was at the end of Monday’s auction.
In all, the CBN offered a total of $180 million to the 18 banks that participated in the auction. The apex bank had also offered same amount at Monday’s auction.

Financial market analysts at the Ecobank Group, Mr. Kunle Ezun and Kenneth Asenime, in a joint report, attributed the depreciation suffered by the naira to increased corporate demand to cover import bills and other forex obligations.

“Although the naira has a weakening outlook, the steady rise in reserves to around 10 months equivalent of imports provides a large cushion to support the naira in the weeks ahead. Over the short term, the naira will likely continue to trade on the interbank market within the CBN’s three per cent band either side of N155/$1. The CBN continues its liquidity management (through the sale of Open Market Operations bills) to ensure price stability,” they added.

The CBN Governor, Mallam Sanusi Lamido Sanusi, recently stressed the need to continue to build fiscal buffers because of what he termed "dark clouds in the horizon."
He added: "We need to go into a period of strong and serious fiscal restraints and consolidation. We must continue to build up externalreserves and protect the economy from external shocks.”

http://www.thisdaylive.com/articles/external-reserves-edge-higher-to-48-174-billion/142154/

We are selling more oil, thanks to Yaradua's amnesty programme continued by GEJ. We can do better than this if we are able to curb crude oil theft, stop the cut-price gas deals with oil majors, briefcase companies -sweetheart deals to lift crude oil etc! Plug the leakages in the system and we will do nothing less than $60billion!

Hope part of this $48billion won't be carted away by the lightfingered leaders!

.

Am I suppose to be happy with this news?

More reasons for a the FG to embark on a spending spree in the name of an invincible or paper infrastructural development

take dat: We are selling more oil, thanks to Yaradua's amnesty programme continued by GEJ. We can do better than this if we are able to curb crude oil theft! Plug the leakages in the system and we will do nothing less than $60billion!

This is not take dat. Sombody is using his handle on nairaland, he dosnt knows how to discuss politly in public forum where mature mind are. ALL HE KNOWS HOW TO DO IS TO CALL PEOPLE M.O.R.O.N.

2015 don dey set for ruling party oh. APC and co. need to get their Hustle mode activated.

That's goodnews,at least it tells us that our Economy is growing..

And so?

Owo campaign 2015.



Frawzey

Omexonomy:
This is not take dat. Sombody is using his handle on nairaland, he dosnt knows how to discuss politly in public forum where mature mind are. ALL HE KNOWS HOW TO DO IS TO CALL PEOPLE M.O.R.O.N.

lol! Why won't I call you a MORO-N with all your rambling, incoherent posts? Instead of wasting my time debating half-wits, I'll rather just call them for what they are! Omexo-MORO.N!