Nigeria’s foreign reserves is now on a steady decline against the backdrop of
the decision by Central Bank of Nigeria, CBN, to protect the Naira from depreciation. Naira-Dollar As at last trading day on Wednesday, September 23, the reserves had fallen to $30.485 billion, about $1.139 billion drop from this year’s peak of $ 31.624 billion recorded about six weeks ago, August 9. Foreign reserves, which mirrors an economy’s relative strength and ability to finance its imports and foreign investors’ obligations, had witnessed an upward growth since June from $ 29 billion, reversed the trend on August 9 and has since been on the decline. The declining trend, according to financial sector analysts, is a result of CBN’s operations in the foreign exchange market, where it tries to meet demands at a predetermined exchange rate amidst declining oil revenue. However, foreign exchange market reports still indicate continued excess demand which has continued to put pressure on exchange rate, while premium on parallel market continue to widen. The National Bureau of Statistics, NBS, said that the weak performance of the external sector and its vulnerability to external shocks reflect the dismal contributions of the non-oil sector and low produc-tion in the economy. Many financial analysts have also attributed the outflows to recent announcement by USA investment banker, JP Morgan, that it was withdrawing Nigeria from its Government Bond Index for Emerging Markets, GBI-EM. Afrinvest Group, a Lagos-based investment banker, said the development would further pressure the external reserves as funds attracted to the economy through GBI-
EM, will be expected to leave the financial system.
http://www.vanguardngr.com/2015/09/foreign-reserves-in-steady-decline/

The difference between six and half a dozen is in our minds.......
Welcome to reality Baba.

Ebubeslym:
The difference between six and half a dozen is in our minds......

Welcome to reality Baba.

I agree. For instance, one can choose to see that Foreign Reserves has increased under PMB from $28b+ to $30b+ or one can choose to see that it has reduced from a peak of $31b+ to $30b+.

Jonathan's effort were working for the govt in the past 3-4months without the govt doing anything to compliment those efforts. now is now the time for people to see the inefficiencies and dullness of this administration.

bonechamberlain:
Jonathan's effort were working for the govt in the past 3-4months without the govt doing anything to compliment those efforts. now is now the time for people to see the inefficiencies and dullness of this administration.

bro, u can lie. Just tell me why it didn't work wen he was in power till after he left ?

shidof:
bro, u can lie. Just tell me why it didn't work wen he was in power till after he left ?

it didn't work because apc wanted to get power by all means, therefore sabotaging all efforts of the previous govt at the detriment of Nigerians .

bonechamberlain:
it didn't work because apc wanted to get power by all means, therefore sabotaging all efforts of the previous govt at the detriment of Nigerians .

Anoda lie, who was d commander and Chief of army staff?

bonechamberlain:
Jonathan's effort were working for the govt in the past 3-4months without the govt doing anything to compliment those efforts. now is now the time for people to see the inefficiencies and dullness of this administration.

I knew people like u will come up with talk like this and now ur here. Welcome!
You people are now predictable.

bonechamberlain:
it didn't work because apc wanted to get power by all means, therefore sabotaging all efforts of the previous govt at the detriment of Nigerians .

Just hear yourself speak! Apc sabotaging GEJ

Its a pity

bonechamberlain:
it didn't work because apc wanted to get power by all means, therefore sabotaging all efforts of the previous govt at the detriment of Nigerians .

Even the devil will blush with envy the way you guys lie and does this statement of yours make any sense to you?

Dannyset:

I knew people like u will come up with talk like this and now ur here. Welcome!
You people are now predictable.

ok.

Dannyset:

I knew people like u will come up with talk like this and now ur here. Welcome!
You people are now predictable.

ok. thanks for observing our predicability.

Yeske2:
Even the devil will blush with envy the way you guys lie and does this statement of yours make any sense to you?

ok.

Buharinometrics! Welcome back to earth. For how long will the CBN use our reserve to defend naira?

What do you expect from a man that has only mud houses in 21st century as assets

PMB only see mud mud everywhere he goes


Join APC and loss some sense.

shidof:
bro, u can lie. Just tell me why it didn't work wen he was in power till after he left ?

I wonder why some ppl lie like they're talking to blind idiots ?

When the cosmetic governance fades away then the true challenges of governance sets in. The other day there was loss of about 330MW from the national grid due to gas pipeline vandalisation and now falling reserves....these are the challenges of governance not cosmetics of slashing salary by 7million/annum when the economy has lost 3trillion in 100 days. welcome to change

gassdon:
What do you expect from a man that has only mud houses in 21st century as assets.

PMB inherited mud houses from his late father and elder and he is proud to keep those Legacy Assets.

But because you have been blinded by prejudice & hatred, you did not see the other assets in Katsina, Kaduna & Abuja that he also owns.

Bevista:
PMB inherited mud houses from his late father and elder and he is proud to keep those Legacy Assets.

But because you have been blinded by prejudice & hatred, you did not see the other assets in Katsina, Kaduna & Abuja that he also owns.

Mumu like what?

Buhari is a certified dullard, not an economist. So let him be

stevecantrell:


I wonder why some ppl lie like they're talking to blind idiots ?

I taya for dere hypocrisy

bonechamberlain:
it didn't work because apc wanted to get power by all means, therefore sabotaging all efforts of the previous govt at the detriment of Nigerians .

Very daft.... Extremely daft and stupid!!!!!

ElFenomeno1:

Very daft.... Extremely daft and stupid!!!!!

ok