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External Reserves Hit Three Month High Near $25bn - Politics - Nairaland

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External Reserves Hit Three Month High Near $25bn by DelGardo: 10:59am On Dec 12, 2016
The nation’s foreign exchange reserves have risen to a three-month high of $24.97bn from a low of $23.89bn on October 19, the latest data from the Central Bank of Nigeria has shown. The reserves have dropped by 15.9 per cent from last year when they closed at $29.7bn.

The reserves declined to $24.92bn on September 14 from $25.11bn on September 9, according to the data. At the end of November, the reserves stood at $24.77bn, up from $23.95bn on October 31. The CBN had on June 20 lifted its 16-month-old currency peg and auctioned about $4bn on the spot and futures market to clear a backlog of dollar demand to help boost interbank market trading.

The reserves fell from $26bn on August 4, 2016 to $25.97bn on August 5 as the central bank stepped up dollar sales to boost liquidity at the interbank market and support the ailing naira. The naira, which touched an all-time low of 365.25 per dollar on August 18 at the official market, has consistently closed around 305.5 in recent weeks.

Analysts at FBNQuest, a part of the FBN Holdings Group, in a note entitled ‘A rare increase in reserves,’ said the CBN data showed that gross official reserves picked up by $820m in November on a 30-day moving average basis to $24.8bn.

They noted that the monthly average movement had been an outflow of $430m over the past 12 months.

“This first sizeable increase since July 2015, when the forex holdings of public bosies were transferred to the CBN, is apparently due to the disbursement of $600m by the African Development Bank in the form of budget support. We do not see another inflow on this scale until the first quarter of 2017, when the sovereign Eurobond is due to be launched,” the analysts said.

According to FBNQuest, the reserves may appear comfortable according to one traditional measure: on the basis of the balance of payments for the 12 months through to end-June, they provide cover for 6.6 months’ merchandise imports and for 4.6 months when we add services.

It said, “The cushion is not wholly the CBN’s. Its latest figures (from June) show that it is the owner of 73 per cent of reserves.

“Given the oil price and allowing for the OPEC accord in Vienna last week, and seeing still robust import demand, the CBN is playing cautiously. Since August, it has sold just $1.5m per day. In addition, it has honoured four forward contracts since the devaluation/liberalisation in June, and held a special forex auction for petroleum marketers this week.”


http://punchng.com/external-reserves-hit-three-month-high-near-25bn/

1 Like

Re: External Reserves Hit Three Month High Near $25bn by madridguy(m): 11:02am On Dec 12, 2016
Ok
Re: External Reserves Hit Three Month High Near $25bn by Firefire(m): 11:18am On Dec 12, 2016
The guy below me should tell Nigerians how we arrived at 2 quarter's negative GDP?

The recent minutus External Reserves growth is due largely to the continuous fixing of the FX rate by CBN, and continuous unavailability of FX to meet the current and growing trade deficit.

Nigeria is in DEEP shit. embarassed

4 Likes

Re: External Reserves Hit Three Month High Near $25bn by HtwoOw: 11:27am On Dec 12, 2016
Buhari with no economic team managed gather $25B external reserves


If there was anything in the reserve, would the total be $25B?


Anyways, wailers will still come and curse Buhari , even though their own father's failed woefully at controlling thier own family, not to talk of a whole nation of mind Fucccked people



I hope the reserves continue to rise, that's only how our exchange rate to usd will reduce


Kudos baba Buhari

51 Likes 2 Shares

Re: External Reserves Hit Three Month High Near $25bn by Nobody: 12:00pm On Dec 12, 2016
HtwoOw:
Buhari with no economic team managed gather $25B external reserves


If there was anything in the reserve, would the total be $25B?


Anyways, wailers will still come and curse Buhari , even though their own father's failed woefully at controlling thier own family, not to talk of a whole nation of mind Fucccked people



I hope the reserves continue to rise, that's only how our exchange rate to usd will reduce


Kudos baba Buhari

Go to school I beg you because you have economic sense. It is stupidity to save what you can't keep. Invest what you have to generate what you need.

Furthermore, your tin god did not save $25 billion. Go read again

55 Likes 2 Shares

Re: External Reserves Hit Three Month High Near $25bn by agabusta: 12:07pm On Dec 12, 2016
Nice. I would advise the Niger Delta Destroyers to cease their destructive activities and let the forex reserve grow.

The high inflation is mainly caused by non availability of forex for imports. And everybody is feeling the impact, them inclusive.

1 Like

Re: External Reserves Hit Three Month High Near $25bn by Ijaya123: 12:12pm On Dec 12, 2016
That's good news. And bad news to the wailers who don't like to hear good things about this country.

Father Lord, for all those who don't like to hear good about this country, let good news be far from them and theirs...Amen!!!

8 Likes 1 Share

Re: External Reserves Hit Three Month High Near $25bn by Nobody: 12:14pm On Dec 12, 2016
HtwoOw:
Buhari with no economic team managed gather $25B external reserves


If there was anything in the reserve, would the total be $25B?


Anyways, wailers will still come and curse Buhari , even though their own father's failed woefully at controlling thier own family, not to talk of a whole nation of mind Fucccked people



I hope the reserves continue to rise, that's only how our exchange rate to usd will reduce


Kudos baba Buhari
Zombie celebrating mediocrity. cheesy grin

It rose from $23.89bn to $24.98bn.

39 Likes 3 Shares

Re: External Reserves Hit Three Month High Near $25bn by malton: 12:14pm On Dec 12, 2016
.
Re: External Reserves Hit Three Month High Near $25bn by malton: 12:35pm On Dec 12, 2016
Benita27:
Zombie celebrating mediocrity. cheesy grin

It rose from $23.89bn to $24.98bn.

Mediocrity you call it?

Your hero met over 40 billion US dollars in foreign exchange account and the excess crude account at over 20 billion US dollars. With oil selling over 100 dollars per barrel almost throughout his reign, imagine if he added roughly 2 billion US dollars every two months.

That will leave you with what? 2 x 30 = 60 + 47 = 107 billion US dollars. That's asides the 20 billion in the excess crude account.

But what did we end up having? He left 32 billion US dollars in Forex account and almost nothing in ECA.

So, where did the $75b go? How about the $20b?

This is despite having that overated woman in glasses as coordinating minister for the economy within the same period.

What's your definition of mediocrity again?

63 Likes 4 Shares

Re: External Reserves Hit Three Month High Near $25bn by veekid(m): 12:45pm On Dec 12, 2016

buhari sef
Re: External Reserves Hit Three Month High Near $25bn by Akshow: 12:45pm On Dec 12, 2016
Forgive my naivety o. But, why then are they trying to borrow money?? ? Any one pls explain.

6 Likes

Re: External Reserves Hit Three Month High Near $25bn by adioolayi(m): 12:47pm On Dec 12, 2016
Something is happening somewhere... God bless Nigeria

1 Like

Re: External Reserves Hit Three Month High Near $25bn by Promismike(m): 12:48pm On Dec 12, 2016
ok
Re: External Reserves Hit Three Month High Near $25bn by EmeeNaka: 12:48pm On Dec 12, 2016
It's the result of stoppage of bombing by Niger Delta Militants
Re: External Reserves Hit Three Month High Near $25bn by Swahili0(f): 12:48pm On Dec 12, 2016





am not understanding
Re: External Reserves Hit Three Month High Near $25bn by Mavrick2012: 12:49pm On Dec 12, 2016
I came here to see APC minions.
They have been scarce and am sure topics like this can wake them and make them come out.
Lol

1 Like

Re: External Reserves Hit Three Month High Near $25bn by erico2k2(m): 12:50pm On Dec 12, 2016
HtwoOw:
Buhari with no economic team managed gather $25B external reserves


If there was anything in the reserve, would the total be $25B?


Anyways, wailers will still come and curse Buhari , even though their own father's failed woefully at controlling thier own family, not to talk of a whole nation of mind Fucccked people



I hope the reserves continue to rise, that's only how our exchange rate to usd will reduce


Kudos baba Buhari
I take it you did not understand what you read?

13 Likes 1 Share

Re: External Reserves Hit Three Month High Near $25bn by Lanre4uonly(m): 12:50pm On Dec 12, 2016
This is nice. It's a gradual process, Nigeria will surely get there. God bless Nigeria.

2 Likes

Re: External Reserves Hit Three Month High Near $25bn by eleojo23: 12:50pm On Dec 12, 2016
I have two questions to ask.
1. What is the effect of this on the value of the Naira?
2. Discuss with the aid of examples how this will affect Nigeria's current inflation rate?

Economists over to you.

4 Likes

Re: External Reserves Hit Three Month High Near $25bn by juman(m): 12:52pm On Dec 12, 2016
Nothing special at all. Nonsense
Government that implements less than five percent of the budget.

When jonathan did that nigerians complained of inefficiency even the house of representative threatened him of impeachment.

In a civilized country the clueless buhari government would be impeached for not implementing the budget.

2 Likes

Re: External Reserves Hit Three Month High Near $25bn by Swahili0(f): 12:52pm On Dec 12, 2016
HtwoOw:
Buhari with no economic team managed gather $25B external reserves


If there was anything in the reserve, would the total be $25B?


Anyways, wailers will still come and curse Buhari , even though their own father's failed woefully at controlling thier own family, not to talk of a whole nation of mind Fucccked people



I hope the reserves continue to rise, that's only how our exchange rate to usd will reduce


Kudos baba Buhari

am not understanding


what are u saying

4 Likes

Re: External Reserves Hit Three Month High Near $25bn by laffwitmi: 12:53pm On Dec 12, 2016
Sai BABA Till 2023!!!

2 Likes 1 Share

Re: External Reserves Hit Three Month High Near $25bn by borntosuccess(m): 12:53pm On Dec 12, 2016
impressive, but they can do better
Re: External Reserves Hit Three Month High Near $25bn by Vetnor: 12:53pm On Dec 12, 2016
Firefire:
Interesting...
Re: External Reserves Hit Three Month High Near $25bn by Sibrah: 12:53pm On Dec 12, 2016
That's cos the bad boys are focused on election, as soon as they are done, they will resume with the pipelines and their cyber-thugs will follow them.

2 Likes

Re: External Reserves Hit Three Month High Near $25bn by DelGardo: 12:54pm On Dec 12, 2016
malton:


Mediocrity you call it?

Your hero met over 40 billion US dollars in foreign exchange account and the excess crude account at over 20 billion US dollars. With oil selling over 100 dollars per barrel almost throughout his reign, imagine if he added a billion US dollars every two months.

That will leave you with what? 2 x 30 = 60 + 47 = 107 billion US dollars. That's asides the 20 billion in the excess crude account.

But what did we end up having? He left 32 billion US dollars in Forex account and almost nothing in ECA.

So, where did the $75b go? How about the $20b?

This is despite having that overated woman in glasses as coordinating minister for the economy within the same period.

What's your definition of mediocrity again?

Hero was a disaster.
Now someone is building up reserves despite fall in oil prices and economic/political sabotage.

We are making progress. May clueless and greedy people never lead us again.

15 Likes 1 Share

Re: External Reserves Hit Three Month High Near $25bn by toocoded: 12:55pm On Dec 12, 2016
Akshow:
Forgive my naivety o. But, why then are they trying to borrow money?? ? Any one pls explain.
Thank you very much oooooooo. angry

3 Likes

Re: External Reserves Hit Three Month High Near $25bn by nextprince: 12:59pm On Dec 12, 2016
soulpeppersoup:


Go to school I beg you because you have economic sense. It is stupidity to save what you can't keep. Invest what you have to generate what you need.

Furthermore, your tin god did not save $25 billion. Go read again

O boy, na u need to go to school oh cos u don't seem to know the Economics of External Reserve. Even Somalia, a very poor country, has External Reserve.

3 Likes

Re: External Reserves Hit Three Month High Near $25bn by grownaira: 1:00pm On Dec 12, 2016
Good development
Re: External Reserves Hit Three Month High Near $25bn by Pylony(m): 1:00pm On Dec 12, 2016
External reserves sky rocketing while Internally Nigerians are Hungry and angry.

2 Likes

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