External Reserves Rise Further To N26.2bn - Politics - Nairaland
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FG Petrol Subsidy Now N26 Per Liter / Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End / External Reserves Rise Further, Now $25.4bn (2) (3) (4)
| External Reserves Rise Further To N26.2bn by Truth234(m): 4:17am On Jan 06, 2017 |
The country’s external reserves rose to $26.2bn on January 4, 2017, up from $25.8bn on December 30, 2016, the latest data from the Central Bank of Nigeria showed on Thursday. The data also showed that the foreign exchange reserves ended last year with $25.84bn balance on December 30, 2016. The foreign exchange reserves had risen to over four-month high of $25.7bn on December 28, up from $25.4bn on December 23. The foreign exchange reserves have been rising in recent weeks following the gradual increase in oil price and production output. In less than one week, the reserves rose by almost $300m from $25.084bn on December 16, 2016 to $25.361 on December 22. However, currency and economic experts are not sure if the tiny upticks in the external reserves’ level are sustainable amid a falling naira and acute shortage of dollar in the foreign exchange markets and the economy. Despite the staggering crash in the value of the naira against the United States dollar and other major foreign currencies last year, the CBN spent $4bn from the nation’s external reserves to defend the local currency in 12 months. On December 22, 2015, the reserves stood $29.341bn. On December 22, 2016, the foreign exchange reserves stood at $25.361bn. This means that the external reserves were depleted by $4bn in 12 months. The drop was estimated at 14 per cent. On December 31, 2015, the last day of the year, the external reserves stood at $29.069bn, compared to $25.84bn recorded on December 30, 2016. The controversial defence of the naira by the CBN has come under severe criticism by economists, who believe that the forces of demand and supply should be allowed to determine the exchange rate of the naira, at least to a considerable level. A senior associate in investment banking at Afrinvest, a research and investment firm, Mr. Ayodeji Ebo, said the gradual increase might only be sustainable if the oil price maintained its current level and there was a continuous ramp up in oil production. Earlier, the reserves had fallen 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 country’s fast-depleting reserves had recorded $23.89bn low on October 19. At the end of November 2016, the reserves stood at $24.77bn, up from $23.95bn on October 31. The reserves have dropped by 15.9 per cent between 2015 and 2016. An analyst at EY, Mr. Bisi Sanda, said there were indications that oil price and output would rise further this year. He, however, said that the Federal Government needed to use this to the country’s advantage. The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said aside from the increases in oil price and output, the upticks in the external reserves could also be linked to the slowdown in the allocation of forex to the market by the CBN. http://investorsking.com/external-reserves-rise-n26-2bn/ Mynd44 5 Likes 1 Share |
| Re: External Reserves Rise Further To N26.2bn by Nobody: 4:29am On Jan 06, 2017 |
 FTC...  OP Check your title...is it in Naira or Dollars? 6 Likes |
| Re: External Reserves Rise Further To N26.2bn by Iamwrath: 4:42am On Jan 06, 2017 |
Sai Baba We will get there eventually Haters will claim this story is a lie when they wake up But most importantly , thank God that Mr Chop n Clean mouth and Sons limited were booted out sarrki , omenka , modath , gmbuhari , dabullit, htwoow , dropshot come and chichumchin 33 Likes 4 Shares |
| Re: External Reserves Rise Further To N26.2bn by Iamwrath: 4:51am On Jan 06, 2017 |
In how many months ? this last november it jumped up , now it's flying hopefully soon |
| Re: External Reserves Rise Further To N26.2bn by Aristo3146(m): 5:38am On Jan 06, 2017 |
Jonathan met a reserve that was above 50b USD, he depleted the reserves to less than 30b USD with nothing to show for it. Who is a scam here... 36 Likes 3 Shares |
| Re: External Reserves Rise Further To N26.2bn by hmuhammad(m): 5:55am On Jan 06, 2017 |
We'll surly get there, a very sad news to wailers this early morning. This news go pain them well well 11 Likes 1 Share |
| Re: External Reserves Rise Further To N26.2bn by Flyingngel(m): 6:04am On Jan 06, 2017 |
It better rise oo 1 Like |
| Re: External Reserves Rise Further To N26.2bn by QuotaSystem: 6:06am On Jan 06, 2017 |
2017 so far has been filled with good news for patriotic Nigerians and bad news for the enemies of Nigeria; the growth of our reserves portend bright prospects for the health of the Naira and this trend is set to continue with the gradual recovery of oil prices. May this good news continue for Nigeria and may our enemies continue to wail in delusion. 27 Likes |
| Re: External Reserves Rise Further To N26.2bn by Standing5(m): 6:17am On Jan 06, 2017 |
Aristo3146:Ha ha ha . . . 2 Likes |
| Re: External Reserves Rise Further To N26.2bn by Standing5(m): 6:21am On Jan 06, 2017 |
QuotaSystem:True . . 12 Likes 1 Share |
| Re: External Reserves Rise Further To N26.2bn by Springup: 6:28am On Jan 06, 2017 |
Aristo3146:Stop comparing Jonathan regime with Buhari’s regime lad. Look at how things are expensive today, people are staving, malnutrition everywhere,naira has lost its value, the economy is in a mess. Firms can't access foreign exchange, Job losses and so on. When the rise in reserve does not reflect in the life of the ordinary man.... It means nothing. When Jonathan was there at least we could the ordinary man could feel the impact of governance . What we are suffering today happened in 1984 when same man was in power 20 Likes 3 Shares |
| Re: External Reserves Rise Further To N26.2bn by Bari22: 6:30am On Jan 06, 2017 |
i have been hearing good news in this year 1 Like |
| Re: External Reserves Rise Further To N26.2bn by Springup: 6:34am On Jan 06, 2017 |
Atiku2019:Pls stop supporting all those old recycled men... Get a job 5 Likes 1 Share |
| Re: External Reserves Rise Further To N26.2bn by Springup: 6:34am On Jan 06, 2017 |
Atiku2019:Pls stop supporting all those old recycled men... GEJ a job 1 Like 1 Share |
| Re: External Reserves Rise Further To N26.2bn by Atiku2019: 6:36am On Jan 06, 2017 |
Springup: I have a job. Good Morning Bro 1 Like |
| Re: External Reserves Rise Further To N26.2bn by Nobody: 6:41am On Jan 06, 2017 |
Nonsense... Cost of living is extremely high.... Dollars is almost at N500... neccessary supermart items are sky high.. even regular food items.. Fuel - N145... Vehicles part ... double prices Engine oil - 12k for 4 ltrs (mobile 1 5w 30 recommended oil) Of what point is the reserve, when school fees are being increased, transport fluctuating, clothing (no go area). its good the reserve is increasing no doubt.. But if the past regime had a lot of expense heads such as subsidy payments etc and still retained our reserve at 30b... while we all lived a comfortable and affordable life, why should i jump for 25b and cant afford the basics of life..? Am sorry if my statement affects some.... "he who wears the shoe knows where it pinches" 7 Likes 2 Shares
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| Re: External Reserves Rise Further To N26.2bn by Corrinthians(m): 6:41am On Jan 06, 2017 |
Aristo3146:Jonathan, the ipob slave master, is not just a scam, he is also a war criminal.  7 Likes |
| Re: External Reserves Rise Further To N26.2bn by sarrki(m): 6:48am On Jan 06, 2017 |
Iamwrath: You are a parriot God bless you God bless Muhammadu Buhari God bless Federal republic of Nigeria 8 Likes 3 Shares |
| Re: External Reserves Rise Further To N26.2bn by Truth234(m): 7:14am On Jan 06, 2017 |
Springup: Oil prices started falling in June 2014. But before then Jonathan administration generated $30.3 billion in 2012 alone, and about $32.9 from gas (total $63.1 billion). That was administration that earned $68.4 billion preceding year. That same administration generated over N1.161 trillion in the first quarter of 2014, a year before they left office. What happened to those funds? This current administration is not earning anything close to these figures yet our external reserves is growing. In fact, almost the same with $29.75 billion recorded under Jonathan administration when oil was $107 a barrel and our output was 1.9 mbpd. Currently, output stood at 1.7mbpd and was 1.4mbpd for about 5 months. Yet external reserves is $26.2 billion, even with oil reaching all-time low of $26 a barrel in February and has been trading below $40 a barrel 90% of the time. Oga, then try. 15 Likes 1 Share |
| Re: External Reserves Rise Further To N26.2bn by GMBuhari: 7:16am On Jan 06, 2017 |
sarrki: Correct person 3 Likes |
| Re: External Reserves Rise Further To N26.2bn by GMBuhari: 7:18am On Jan 06, 2017 |
Iamwrath: Ooshe badoo Sai Buhari , is it me or is threads getting to Fp has less insults? Could it be a change of heart or flattties don't have network in Thier village? 8 Likes 1 Share |
| Re: External Reserves Rise Further To N26.2bn by sarrki(m): 7:23am On Jan 06, 2017 |
GMBuhari: Thanks boss |
| Re: External Reserves Rise Further To N26.2bn by korel9: 7:33am On Jan 06, 2017 |
Aristo3146:. . . All these APC zombies sef, must u always mention GEJ? How is he stopping u from achieving anything good at d moment? In short, all APC zombies on NL... 2 Likes 1 Share
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| Re: External Reserves Rise Further To N26.2bn by Mopolchi: 7:33am On Jan 06, 2017 |
APC go still deplete am. |
| Re: External Reserves Rise Further To N26.2bn by kokosin: 7:34am On Jan 06, 2017 |
money wey u go still use fly Germany 2 Likes 1 Share
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| Re: External Reserves Rise Further To N26.2bn by takenadoh: 7:34am On Jan 06, 2017 |
isn't this suppose to strengthen the naira anyway I don't know which one sef if its Official bank rate or black market or Pilgrims rate or Western union rate or others confused.com 1 Like 1 Share |
| Re: External Reserves Rise Further To N26.2bn by chiefolododo(m): 7:35am On Jan 06, 2017 |
Hope this is not propaganda |
| Re: External Reserves Rise Further To N26.2bn by GMBuhari: 7:38am On Jan 06, 2017 |
Esseite: Engine oil. 16k? Is it Jesus's or heavenly engine oil?? Liar liar pants on fire 2 Likes |
| Re: External Reserves Rise Further To N26.2bn by GMBuhari: 7:39am On Jan 06, 2017 |
unclezuma: Weed is bad 2 Likes |
| Re: External Reserves Rise Further To N26.2bn by sammyj: 7:41am On Jan 06, 2017 |
Some enemies of progress will not be happy with this report!!! Thumps up to the government! !  2 Likes |
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