The Nigeria’s capital importation increased significantly in the last month of the year, following a surge in global oil prices, according to the Central Bank Governor, Mr. Godwin Emefiele.

The foreign exchange inflows rose 82.45 percent in December 2016 owing mainly to OPEC production cut that saw crude oil prices trading above $50 a barrel.

The governor further stated that the foreign exchange policy of the apex bank was well crafted to aid speedy economic recovery. For instance, the 60 percent of the available foreign exchange allocated to the manufacturing sector had started yielding based on the current manufacturing index released by the National Bureau of Statistics, the governor stated.

Currently, the external reserves stood at $28.9 billion, adding about $2 billion dollars within two weeks, from $27 billion recorded two weeks ago.

On the issue of surging inflation, Emefiele said, “The committee noted that inflationary pressures would begin to subside as non-oil output recovers and the Naira exchange rate stabilises.” This projection is in line with the Investors King analysis that inflation pressures will start to subside in the first quarter of 2017.

However, the governor stated that until then, a rate cut would worsen the current progress and undermine the outlook of foreign exchange market.

“The committee also feels that doing so will further aggravate demand pressures, while undermining the existing income levels in the face of the already expansionary monetary policy and increasing inflationary pressure, which will make the economy unattractive for foreign and domestic investment.”

“Given these limitations, the committee was reluctant to lower the policy rate on this occasion, but remains committed to doing so when the conditions permit.”

This means that the 10 member committee that made up the Monetary Policy, who attended the monetary policy meeting between Monday and Tuesday voted to maintain the current monetary policy rate at 14 percent, while Cash Rate remains 22.5 percent.

http://investorsking.com/foreign-exchange-inflows-surge-82-5-cbn/

Lalasticlala Mynd44 seun Dominique

Nonsense.

So without oil we won't grow as a nation?

But then Our Boss said He's diversifying

All motion yet no movement. Nigeria is a basket case and would continue to retrogress even in the next decades to come. The only option left is true fiscal federalism or total break up.

feldido:
So without oil we won't grow as a nation?

But then Our Boss said He's diversifying

Without oil we will grow, but after we've successful diversify the economy.

We need the oil to diversify.

Truth234:


Without oil we will grow, but after we've successful diversify the economy.

We need the oil to diversify.

Let them keep deceiving themselves, when they are busy looking for oil in the north.

---

Buhari sef

Following

http://www.naijalabel.com/2017/01/1-180-tweet-nigerians-come-for-die-hard.html?m=1

Let us drop our hatred/bias in relation to this govt, yes they have made some bad policies and decision which we the citizens have rightly argued against.

But lets give credit when due, this is good news though it was not a decision by the govt but that of opec but at least it is good news after a lot of terrible news.

Ok Sir.

cool

They way negative bile filled narcissist flood blogs these days is alarming.

For some people there is nothing like good news in their life

We ve invested sooooooo much time and effort trying to enlighten the dull brains especially on NL, that the recession was caused by lack of savings and low crude oil pric. But the refused to shift ground and argued like the dummies they re, blinded by hate for PMB.
Pple like Obailala is sEverely despised by a section of NL critics over his position that the current recession was caused by low oil price.
I can bet my last buck that if Oil pRice hits 70$/barrEl Niaja will automatically slide out of recession.
The govt hasn't done any spectacular to attract all these positive forecast coming frm exparts.
Its simply oil prices.
If oil price goes up Nigerians ll enjoy, if it goes down we all suffer.

RentALodge:
This is a short term solution to a very serious problem. Are we always going to depend on oil?

We are, to say the truth, paying the price for the failure of the Nigerian leadership elite to diversify the Nigerian economy and expand the country’s revenue base. We found oil in 1958, and since then we have been as a country, a victim of the curse of oil. The curse of oil in our context has meant indolence, the emergence of a rentier class, a squandering of riches and the alienation of the poor by the rich.

Every country afflicted by the curse of oil has found it difficult to escape from the curse. In our case, it is worse. Crude oil accounts for 90% of Nigeria’s exports, 70% of Federal revenue and about 15% of GDP. The point has been made for years that without oil, or with great falls in the spot price of the Brent crude, Nigeria will be in trouble.

Every scholar has spoken about the need for diversification, but oil money is so cheap, it does not allow our ruling elite to think.

Oil, everyone said, is a wasting asset. But our leaders never listened. Instead, they argue that we have more gas than oil and that if nobody buys our oil, shale oil or no shale oil, Nigeria will sell gas. A country built on a philosophy of wealth without work or sense, commits a grievous sin. We have confronted the curse of oil on so many occasions. It caused the civil war of 1967-70. It resulted in the desperation of the North to seize Federal power and get a bigger share of the national cake by all means.

It led to the agitations in the Niger Delta, the death of Ken Saro-Wiwa and the Ogoni Eight, pipeline vandalism, Niger Delta insurgency, environmental degradation and the potent threat of a resurgent militancy in the Niger Delta, which is bound to cripple the Nigerian economy finally and tragically. The curse of oil is the source of a national cake mentality that has turned public service into an arena for primate accumulation. It is the root of corruption in Nigeria.

It is not a Buhari vs. Jonathan apotheosis therefore. To reduce it to that level is to ignobly avoid the messages of history. If anyone must be blamed, it must be all Nigerian leaders from independence at all levels. They have focused more on the fundamentals of ethnic, religious, regional and personal benefits, more than the fundamentals of national benefit. The leaders at the state levels are no better than gluttonous beggars. Elsewhere, states are centres of productive, economic activities.

In Nigeria, every Governor is interested in what comes from the easy monthly allocation from Abuja. For IGR, they tax the people, multiple, punitive taxes. They create the impression that government exists to punish the people. Not every problem is Abuja-sourced. We need Governors who can think creatively economically and turn their states into economic units, not cowboys who spend more time in Abuja doing eye service. Truth is: some Governors are so cheap when they go to the Villa, they even expect to be given transport fare!

Oya what is the solution

jiinxed:
Nonsense.

NOETHNICITY:
We ve invested sooooooo much time and effort trying to enlighten the dull brains especially on NL, that the recession was caused by lack of savings and low crude oil price, but argued like the dummies they re, blinded by hate for PMB.
Pple like Obailala is sEverely hated by a section of NL critic over his position that the current recession was caused by low oil price.
I can bet my last buck that if Oil pRice hits 70$/barrEl Niaja will automatically slide out of recession.

$70/barrel is even too much, we just need a stable $55 - $60 price range for the next two-quarter. The Foreign reserves would have been above $40 billion, going by current progress, and we will be able to support the economy comfortable with 2.2 trillion stipulated in the 2017 budget.

Regardless of the situation, we should be out of recession in the second half of the year, provided the militant cease attacks.

Ok

The average Greenberg oil price had been about $38 in the last 12 months.The was a sharp contrast from the usual $105 in the last 6 years, yet the past govt left about $33b in the JP Morgan chase acct.Analysts have opined that there ought to b at least $80-90$b in oir reserve before they left power.
Buhari came amidst of these crisis of price fall in oil and yet was able to muscle himself out.Lots of NL did not know the recession was basically because of this crisis.

Truth234:


$70/barrel is even too much, we just need a stable $55 - $60 price range for the next two-quarter. The Foreign reserves would have been above $40 billion, going by current progress, and we will be able to support the economy comfortable with 2.2 trillion stipulated in the 2017 budget.

Regardless of the situation, we should be out of recession in the second half of the year, provided the militant cease attacks.

unintelligent minds will be like; $55-$60? U don't mean it!

NOETHNICITY:
unintelligent minds will be like; $55-$60? U don't mean it!

Anything above $60/barrel will bring us back to where we started as Shale and other big producers will resume production. Hurting current progress by increasing global supply.

Very objective comments so far. I guess the "children of hate" haven't woken up. Or they just abhor good news, no matter how minute or seemingly insignificant it is.

The say BDC must sell not above 400 as CBN has sold 250million dollars to them, I've not found any. Black market is still 493, government needs to do something fast

I would have reacted positively to this news if the inflow was from non-oil resources.

NOETHNICITY:
unintelligent minds will be like; $55-$60? U don't mean it!

From the pic, u can easily see that even at $35/bbl Nigeria is making a profit. The price has been fairly consistently above $50/bbl in the last couple weeks. We should be out of recession!! Just Imagine the MAD profit we were making when the price per barrel was over 100% higher!! Truth is the Nigeria treasury has been set up like a tightly woven basket with small holes everywhere but with a constant gush of financial 'water' pouring in, the basket is 'holding some water, with constant leaks and steady inflow. we plunged suddenly into recession because inflow suddenly drops while outflow continues or even increased (as in the case of the Jonathan Administration). The recession is an opportunity to go back and fix our leaky spots. Should we learn, Yes. Can we learn? Yes, Will we learn, I doubt. Until the youth begins to take their destiny in their own hands, impunity will continue because those in the corridors of power will continue to juggle and shuffle it between their families and their lackeys. Hence, we new ideas. Our leaders really don't have anything new to offer. the ideas to take Nigeria out of the current situation doesn't need to be imported. we have it here. but the custodians of those ideas may never have the chance to even share it or execute it because they may never have what it takes to rise to the position. Our Problem is structural, its fundamental, its intrinsic. when we go back to the rule of law and begin to run by the books, we will begin to see the change that starts from everyone.

NIGERIAN YOUTHS!!,
All we do is WHINE!! WHINE!!! WHINE!!!! NO MATTER WHAT!!!!! Got money on our minds, and we'll never give it up!!!
Im hoping we can set up a youth forum where we can have a platform for discussion on topical issues, come up with what is best for the nation and the people, then take action on how to make it happen. Here is an example of what I mean;

Government come up with their usual idea of pump price of say from 145/ltr to 160. Nigerian youth meets at the forum to discuss this new price increase and we conclude its a bad idea.

Next line of action: Protests everywhere (As peaceful as possible)
I mean like, schools shut down,
Major highways shut down,
Gas stations/Fuelling stations shut down,
practically shutting down the country
Groups of youths gathered in different locations at the same time with placards to express our displeasure
We keep this up until we see the situation reverted.

The point here is WHAT HAVE WE DONE!!?? we need to leave the realm of whining. We need to DO something. Enough of "complaining and adjusting anyways" that's why they keep doing the nonsense they do. they push us to the wall, instead of fighting back, we bore a hole in the wall, why wont they keep pushing us!!??

Oh yeah, I get it! we are all scared of dying! ahhh, that's why! .... and that's why the future is dying, if its not dead already!!

MY POINT IS, WE NEED TO START DOING SOMETHING, MAKE A MOVE, DONT JUST SIT DOWN AND COMPLAIN

feldido:
So without oil we won't grow as a nation?

But then Our Boss said He's diversifying

And you think diversification happen overnight? it's not magic my brother it's take year to fully diversify..

admax:
Lol, yet exchanged rates remained the same!

I really don't understand why Buhari hasn't sacked Emefiele.

Immediately he sacked Emiefiele you will see our brothers from the yeast wailing up and down..