Nigeria’s foreign exchange reserves which stood at $29.00 billion as at June 30 rose to $29.719 billion on July 8, indicating that it grew by $719 million during the eight day period, data from the Central Bank of Nigeria (CBN), showed on Sunday.

Since June 30, the reserves have been increasing consistently. The figure was $29,077,255,136 on July 1, $29,157,103,039 on July 2, $29,276,820,453 on July 3, $29,548,987,037 on July 6, and $29,630,428,497 on July 7.

The nation’s foreign exchange reserves declined 22.1 percent year-on-year from $37.26 billion as at the end of June.

As at January 5 this year, the CBN had pegged the nation’s foreign exchange reserves at $34.49 billion.

The Federal Government had through fiscal policies made attempts since 2013 to shore up the foreign reserves to $50 billion.

The CBN had in 2014 relied heavily on external reserves to support the Naira which came under pressure following falling international prices of crude oil.

Rather than continue to defend the Naira in order to maintain exchange rate stability, Kate Isabota, an analyst at Dunn Loren Merrifield, advised the CBN to further devalue the currency in the current year to ease the rapid depletion of the nation’s external reserves.

Due to the fact that the nation’s economy is sensitive to oil price shocks, to the extent that any development in the domestic and international oil markets has a ripple effect on most macro-economic indicators, the naira has come under immense pressure which has been largely sustained since August 2014 with the apex bank implementing strategies in a bid to maintain exchange rate stability.

Some of the various policy measures introduced by the CBN in recent months to ease the significant pressure on the naira were the movement of the midpoint of the official window of the foreign exchange market to N168/$1 in November 2014 and the closure of the RDAS/WDAS foreign exchange window in February 2015.

However, she pointed out that the renewed pressure on the naira in recent weeks has exacerbated the depletion of the nation’s external reserves as the CBN remains keen on defending the naira, as the external reserves steadily declined in the last one month to current level of $29.00 billion – the lowest in over 54 months considered.

More recently, the CBN issued a circular which excluded importers of 41 selected goods and services from accessing foreign exchange at the Nigerian foreign exchange markets. They include: rice, cement, margarine, palm kernel/ palm oil products/ vegetable oils, meat and processed meat products, poultry – chicken, eggs, turkey, private airlines/ jets, furniture, toothpicks, textiles, woven fabrics, clothes, plastic and rubber products, soap and cosmetics, tomatoes/ tomatoes paste and euro bond/ foreign currency bond/ share purchases, amongst others.

Dahveydson:
The system is just being more accountable because of PMB.

stevecantrell:


Does this mean Nigeria was losing about 90 million USD per day under GEJ ?

GEJ....smh.

Demdem2:


Most Likely more considering the fact that Crude was more expensive then than now.

luvinhubby:
Simple arithmetics.
CBN stopped selling forex to the highest forex consumers, including cement & rice importers. Meaning a decline of over 50% in forex sales for CBN & a sharp rise in foreign reserve.
The bad side is that those banned will resort to black market & an attendant sharp rise in parallel market price. N240 - $1 and still rising.

Demdem2:
Yet some fools will claim that they are yet to see change.
Never again will we have such a curse like Jonah-daft to govern us again.

luvinhubby:
Simple arithmetics.
CBN stopped selling forex to the highest forex consumers, including cement & rice importers. Meaning a decline of over 50% in forex sales for CBN & a sharp rise in foreign reserve.
The bad side is that those banned will resort to black market & an attendant sharp rise in parallel market price. N240 - $1 and still rising.

Realdeals:
This is a good policy, rather than banning or increasing import tariff on those product, these are product we can produce locally, I reallt hope it works.
It will enable our local industries that produce these goods to thrive. The government should then intervene by pumping the saved fund into the local industries that produce those goods and services to expand their production.

[b][/b]

luvinhubby:
Simple arithmetics.
CBN stopped selling forex to the highest forex consumers, including cement & rice importers. Meaning a decline of over 50% in forex sales for CBN & a sharp rise in foreign reserve.
The bad side is that those banned will resort to black market & an attendant sharp rise in parallel market price. N240 - $1 and still rising.

ECOTERRORS:
Credit goes to CBN governor

SonOfEl:


shut up dude.

Mind u business Son of Lucifer !!!

how does it concern Jonathan? always looking for cheap popularity.

Popularity my left arse. Quite a lot. We know where we are coming from and we know the fool in charge then.

the oil price fall was not Jonathan's fault, and because emefiele decided to increase the foreign purse did not mean they were wrong in using it to stabilize the economy initially. its simple discretion dude!

Who blamed him for oil price fall? Before it fell, how well did he use the resources when it was far above $100? Did we have savings even with such? How much when compared to what Obj saved even with far lower oil price? WHat economy did the fool stabilize? was it better off or worse off as at when he became President? What is the impact on the populace?
Goon, stop talking rubbish.

scribble:
APCshits an stupidity is like rice and beans


The reason reserve is rising was stated above in case you cannot read.

Liars Muhammad

SonOfEl:


shut up dude. how does it concern Jonathan? always looking for cheap popularity. the oil price fall was not Jonathan's fault, and because emefiele decided to increase the foreign purse did not mean they were wrong in using it to stabilize the economy initially. its simple discretion dude!

luvinhubby:
Simple arithmetics.
CBN stopped selling forex to the highest forex consumers, including cement & rice importers. Meaning a decline of over 50% in forex sales for CBN & a sharp rise in foreign reserve.
The bad side is that those banned will resort to black market & an attendant sharp rise in parallel market price. N240 - $1 and still rising.