Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,702 members, 7,809,672 topics. Date: Friday, 26 April 2024 at 12:50 PM

Foreign Reserves Hit $25bn – First Time In Five Months - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Foreign Reserves Hit $25bn – First Time In Five Months (12600 Views)

Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b / Ezekwesili To Buhari: Hope You Aren’t Planning To Bury ‘$25bn NNPC Scandal’ / "There Is No $25bn NNPC Contract Anywhere" - Laolu Akande (2) (3) (4)

(1) (2) (Reply) (Go Down)

Foreign Reserves Hit $25bn – First Time In Five Months by dre11(m): 6:37pm On Dec 17, 2016
Nigeria’s foreign exchange reserves is back at the $25 billion mark, for the first time in five months.

The reserves, which shows the state of the country’s financial funds in other currencies, had fallen to an 11-year-low of $24.76 billion, earlier in 2016, recording its lowest point since June 2005.

According to data from the Central Bank of Nigeria (CBN), the reserves rose to $25,043,149,161 as at Friday, December 16, 2016.

Since the introduction of the new foreign exchange regime, the CBN has said the inflow of foreign exchange into the Nigerian economy, had been on the rise, with hopes of beating demand.

“The Committee observed that total foreign exchange inflows through the CBN increased by 89.14 per cent, from US$1,092.21 million recorded in July to US$2,065.79 million in August 2016,” Godwin Emefiele, governor of the bank, had said in September.

“This increase was due mainly to receipts of foreign flows within the month. Total outflows, however, decreased by 4.57 per cent from US$2,728.12 million to US$2,603.35 during the same period.

“In direct efforts to deepen the foreign exchange market and stabilize the financial markets generally, a number of policy instruments were deployed since the last MPC meeting, including an increase in the benchmark interest rate.

“Complementary administrative measures were also taken towards achieving this goal, among which was the directive to IMTOs to sell forex directly to Bureau de Change Operators, in order to improve liquidity in that segment of the foreign exchange market.”

As the foreign reserve increases, the naira has however remained “immune” to the rise in foreign exchange, with the naira sliding to 487 against the dollar on Friday, at the parallel market.

The British pound and euro, went for N605 and N510 respectively. The official side of the market traded a dollar for N315 on Friday.

Nigeria’s foreign reserves is dominated in dollars, yuan, pound, euro and a few other currencies.

https://www.thecable.ng/foreign-reserves-hit-25bn-first-time-five-months

2 Likes 1 Share

Re: Foreign Reserves Hit $25bn – First Time In Five Months by TippyTop(m): 6:53pm On Dec 17, 2016
Meanwhile Buhari want $30bil loan

9 Likes

Re: Foreign Reserves Hit $25bn – First Time In Five Months by Glaxx(m): 7:25pm On Dec 17, 2016

Can you keep a secret? I hope not. Visit my profile to learn how you can register and refer 2 people in order to earn more than 5 million naira.
Re: Foreign Reserves Hit $25bn – First Time In Five Months by kingphilip(m): 8:08pm On Dec 17, 2016
It's time good news stop reflecting on paper only but also in the lives of individual citizens..

I pray it'll get to a time Nigerians will celebrate and I hope it's during our lifetime too

Long live the federal Republic of Nigeria

13 Likes 1 Share

Re: Foreign Reserves Hit $25bn – First Time In Five Months by sarrki(m): 8:10pm On Dec 17, 2016
We will surely get there

Baba show Wailers you are in control

30 Likes 3 Shares

Re: Foreign Reserves Hit $25bn – First Time In Five Months by sarrki(m): 8:11pm On Dec 17, 2016
TippyTop:
Meanwhile Buhari want $30bil loan

Do you know the mean of foreign reserve ?

Google and comment later

50 Likes 5 Shares

Re: Foreign Reserves Hit $25bn – First Time In Five Months by sarrki(m): 8:13pm On Dec 17, 2016
Akby:
.


Lost of words?
Re: Foreign Reserves Hit $25bn – First Time In Five Months by TippyTop(m): 8:21pm On Dec 17, 2016
sarrki:


Do you know the mean of foreign reserve ?

Google and comment later
No Sir.
What is foreign reserve Mr sarrki?

7 Likes

Re: Foreign Reserves Hit $25bn – First Time In Five Months by hezy4real01(m): 8:23pm On Dec 17, 2016
Na small small God bless Nigeria

1 Like

Re: Foreign Reserves Hit $25bn – First Time In Five Months by sarrki(m): 8:23pm On Dec 17, 2016
TippyTop:

No Sir.
What is foreign reserve Mr sarrki?

is money or other assets held by a central bank or other monetary authority so that it can pay if need be its liabilities, such as the currency issued by the central bank, as well as the various bank reserves deposited with the central bank by the ...

That's the essence if Google

Incase you don't know about something

23 Likes 3 Shares

Re: Foreign Reserves Hit $25bn – First Time In Five Months by Aburi001: 8:23pm On Dec 17, 2016
This news just made my day... shocked

Slowly but Surely, Naija will soon bid a farewell to Recession in Jesus Name cool

I hope bubu can now jettison the idea of borrowing $30 billion grin

1 Like 1 Share

Re: Foreign Reserves Hit $25bn – First Time In Five Months by d33types: 8:24pm On Dec 17, 2016
Oil is the major contributor to our reserves. Just saying

3 Likes

Re: Foreign Reserves Hit $25bn – First Time In Five Months by UnknownT: 8:25pm On Dec 17, 2016
Na this week wey I wan withdraw some perfectmoney wey i go use flex for this xmas na em dollar cum fall sad
Re: Foreign Reserves Hit $25bn – First Time In Five Months by lilprinze: 8:25pm On Dec 17, 2016
Only zombies would believe this APC propaganda.

3 Likes 1 Share

Re: Foreign Reserves Hit $25bn – First Time In Five Months by abumeinben(m): 8:25pm On Dec 17, 2016
Hurray


Kindly endeavor not to let Babachir Lawal to hear of this.

3 Likes

Re: Foreign Reserves Hit $25bn – First Time In Five Months by emmygzy(m): 8:25pm On Dec 17, 2016
Who d reserve EPP apart from Dullard Buhari and his family.

6 Likes 1 Share

Re: Foreign Reserves Hit $25bn – First Time In Five Months by brokenplate: 8:25pm On Dec 17, 2016
Re
Re: Foreign Reserves Hit $25bn – First Time In Five Months by ednut1(m): 8:25pm On Dec 17, 2016
lies, that figure shud be like 1billion usd. dem don loot d rest

2 Likes

Re: Foreign Reserves Hit $25bn – First Time In Five Months by Adesiji77: 8:26pm On Dec 17, 2016
cheesy

1 Like

Re: Foreign Reserves Hit $25bn – First Time In Five Months by Mutuwa(m): 8:26pm On Dec 17, 2016
sarrki:
We will surely get there

Baba show Wailers you are in control


Ditto
Re: Foreign Reserves Hit $25bn – First Time In Five Months by Chienex24(m): 8:27pm On Dec 17, 2016
can someone tell me the difference between 24.76bn and 25bn? SMH.....

9 Likes 1 Share

Re: Foreign Reserves Hit $25bn – First Time In Five Months by Lanre4uonly(m): 8:27pm On Dec 17, 2016
It's a gradual process, Nigeria will surely get there.
Re: Foreign Reserves Hit $25bn – First Time In Five Months by Buharimustgo: 8:27pm On Dec 17, 2016
We are tired of the propaganda, let it translate to the reduction in the price of USD, as well as the prices of items in the market

1 Like

Re: Foreign Reserves Hit $25bn – First Time In Five Months by peculiar3(m): 8:28pm On Dec 17, 2016
so?? ?
Re: Foreign Reserves Hit $25bn – First Time In Five Months by Moneyyy: 8:28pm On Dec 17, 2016
.
Re: Foreign Reserves Hit $25bn – First Time In Five Months by Firefire(m): 8:29pm On Dec 17, 2016
Temporary!

1 Like

Re: Foreign Reserves Hit $25bn – First Time In Five Months by martineverest(m): 8:29pm On Dec 17, 2016
wailers are 'sharing' tears

2 Likes

Re: Foreign Reserves Hit $25bn – First Time In Five Months by puma90: 8:30pm On Dec 17, 2016
i dn,t believe in good news by p.m.b administration, coz noting as changed scince. rice dollars fuel price .dis govment is full of b u l l s h i t

1 Like

Re: Foreign Reserves Hit $25bn – First Time In Five Months by martineverest(m): 8:30pm On Dec 17, 2016
Chienex24:
can someone tell me the difference between 24.76bn and 25bn? SMH.....
200 million dollars is enoff to save ur poverty-striken state

11 Likes

Re: Foreign Reserves Hit $25bn – First Time In Five Months by emerged01(m): 8:34pm On Dec 17, 2016
Chienex24:
can someone tell me the difference between 24.76bn and 25bn? SMH.....
If dem give u the difference,u go overthrone the king of your state.

12 Likes 2 Shares

(1) (2) (Reply)

Rivers Rerun Violence: Why Wike Is Desperate To Stop Probe - IGP / 2023 Presidency: Vincent Udume Odogbor Faults Atiku/Okowa Ticket / Buhari’s Government Hasn’t Spent A Penny On Refineries – Kachikwu

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 20
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.