With Nigeria’s foreign reserve standing at $28.9 billion, the Central Bank of Nigeria (CBN) has warned against reckless depletion of the kitty.

Addressing reporters at the end of the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja yesterday, CBN Governor, Godwin Emefiele said the reserves today stands at $28.9 billion.

“The fact that we have began to see some accretion to the reserve does not mean we should be reckless,” he warned.

He said the CBN “will continue with the policy of ensuring that forex is made available to those who are importing raw materials and supporting the agricultural sector but not to those who want to engage in less important sectors of the economy.”

“It is exciting to see this (rise in foreign resreves) happen. We do not run a floating regime, we run a managed float. What that means is that from time to time we will continue to intervene in the market to ensure that the exchange rate does not go beyond our expectations and those interventions would be to moderate the risk as we deem necessary,” he said.

Reacting to accusations that the apex bank is keeping multiple exchange rates, the CBN governor appealed to “those who are out there fomenting this bad stories in order to portray the monetary authorities in bad light to please assist us, if they have questions they should please approach us, we would respond to them as appropriate.”

Emefiele said the allegations of multiple rates is unfortunate and unfair from those with direct access to information in the CBN. “What I had expected is that they would talk to us, I know they know but of course the objectives they’re pursuing is best known to them,” he said.

He explained the “budget rates are forecast rates which has always been there from history; it is a rate used to determine the budget, we seized the opportunity when the issue of pilgrimage came up last year to explain what happened and you must put yourself in the position of a businessman where you have struck a deal but because the conditions have changed you now pull back and begin to change the conditions.

That is an unfair business practice. What happened was that sometime last year the pilgrims commissions (both Christian and Muslim) approached the CBN when the rate was N197/$ and those who were going on pilgrimages started to make payments at N197/$.”

He added that “they made their full payments in advance of the pilgrimages so when they now wanted to embark on their pilgrimages in July and August, somebody says because market has moved they should pay N300+/$. That would have, on the part of the CBN, been seen to be an unfair business practice just like if the rate had gone down. All other rates operate within the interbank segment and operate within the range.”

On the recent call by Vice President Yomi Osinbajo for both monetary and fiscal authorities to meet on the fate of the naira, the CBN governor stated that “we have been operating flexible exchange rate policy since June 2016 and that document is sound. There may be a few fine tuning in terms of the implementation strategies; we would look at it from time to time but there is nothing wrong with that document and there is nothing wrong with what the CBN is doing at this time to stabilise exchange rate but we will see to it that the currency stabilises at a rate that we consider to be in line with any model that anybody wants to use to determine the price and value of our currency. There is no need for anybody to panic.”

http://www.kikiotolu.com/2017/01/289b-reserves-cbn-warns-against.html

Lalasticlala Mynd44 seun Dominique

You people should warn yourself and not me....


as if am the in chart of spending

thank you baba buhari

Some good news coming for the economy. I know that once the Dollar/Naira exchange rate is fix the healing process of the economy will begin, but sadly I doubt the commitment on the part of the government to do so. firstly the rise in our foreign reserve is in no way attributed to any policy of theirs but the in rise in the price of crude oil. secondly, there is still a bit of politic in the exchange rate and access to the it. After over a year, we are yet to see the benefits of the currency swap agreement with china.

I just pray and hope that the "Auto Pilot" flying our nation steers us to a more favourable economic clime

I see the reserve approaching 40 billion dollars or more towards the end of 2017. Ofcos a high foreign reserve boost investors confidence, especially foreign investors. We may soon begin to witness significant increase in FDI too.

God bless PMB
God Bless Nigerians
God bless Nigeria.

like joke like joke.....xternal reserve wll hit 30 billion by month

Is FORM A still working for school fees abroad?

ok

Issorite..

PMB is just the right man

Another story for the gods

Crude oil rescuing Nigeria for the last time. If Nigeria fail to diversify, it will take half a century to do that with the crop of leaders we have. These earnings must reflect in oil producing communities with meaningful project.

Good jab

One doesn't fight corruption by encouraging it.

Policy Somersault.

Reckless spending CBN warned! Who and who has access to the account? I guess ,EMIEFELE & AUNTY ADEOSUN..

In DJ kahlid voice "Its another one"

I am proudly Igbo.

•The first Black Vice Chancellor of the University of Ibadan was an Igbo man named Professor Kenneth Dike.

•The first Vice Chancellor of the University of Lagos was an Igbo man named Professor Eni Njoku.

•The first Nigerian Rector of the then Yaba College of Technology was also an Igbo man

•The first Nigerian Professor of Mathematics was an Igbo man named Professor Chike Obi – the man who solved Fermat’s Last Theorem. He was followed by another Igbo man named Professor James Ezeilo, Professor of Differential Calculus and the founder of the Ezeilo Constant.

•The first Nigerian professor of history was an Igbo man Professor Kenneth Dike who also became the first black vice chancellor of the University of Ibadan.

•The first Nigerian Professor of Botany was an Igbo man named Professor Eni Njoku. He went on to become the very first vice chancellor of the university of LAGOS.

•The first Nigerian Professor of Anatomy and Physiology is Professor Chike Edozien an Igbo man who is also the current Obi of Asaba.

•The first Nigerian Professor of Physics was Professor Okoye an Igbo man who became a Professor of Physics at the Massachusetts Institute of Technology, USA in 1960. He was followed by the likes of Professor Alexander Anumalu who has been nominated for the Nobel Prize for Physics three times for his research in Intermediate Quantum Physics.

•In Nuclear Physics and Chemistry – again another Igbo man – Professor Frank Ndili who gained a Ph.D in his early ’20s at Cambridge Univesity in Nuclear Physics and Chemistry in the early ’60s. This young Asaba man had made a First Class in Physics and Mathematics at the then University College Ibadan in the early ’50s.
First Professor of Statistics – Professor Adichie who’s research on Non-Parametric Statistics led to new areas in statistical research.

•What about the first Nigerian Professor of Medicine – Professor Kodilinye – he was appointed a Professor of Medicine at the University of London in 1952. He later became the Vice Chancellor of the University of Nigeria Nsukka after the war.

•What about Astronomy – again another Igbo man was the first Professor of Astronomy – please, look up Professor Ntukoju – he was the first to earn a double Ph.D in Astronomy and Mathematics.

•Let’s go to the Social Sciences – Demography and statistical research into population studies – again another Igbo man – Professor Okonjo who set up the first Centre for Population Research in Ibadan in the early ’60s. A double Ph.D in Mathematics and Economics.

•Philosophy – Professor G D Okafor, who became a Professor of Philosophy at the Amherst College USA in 1953.

•Economics – Dr. Pius Okigbo who became a visiting scholar and Professor of Economics at the University of London in 1954. He is also the first Nigerian Ph.D in Economics.

•Theology and theological research – Professor Njoku who became the first Nigerian to earn a Ph.D in Theology from Queens University Belfast in Ireland. He was appointed a Professor of Theology at the University College Zambia in 1952.

The Nigerian Universities Commission (NUC) has a record of the state with the highest number of professors in Nigeria and as at 2014 that state is Imo State. You can go to this commission and verify.

Anambra state was the first in WAEC, UNITY SCHOOLS ENTERANCE EXAMS, NECO AND PRESIDENTIAL DEBATE in 2013, 2014 and 2015.

Therefore, whenever some people address you Igbos as mere traders and Keke riders, tell them that in addition to doing very well in business, science, technology and SPORTS you are also ahead in academia. No amount of hatred can change blessings from God. IF YOU ARE FROM IGBOLAND, SAY "I AM" Igbo Kwenu! Kwezoonu!

How is FG going to increase the inflow?
Thats the main thing.

Good to hear that we are experiencing high inflow of forex, at least FG don't have to give excuses why the economy is in shambles.. By 2019, we will read the scorecard.

Onopa:
Is FORM A still working for school fees abroad?

It still works...my bros own was just processed at first bank... But u gara b patient.It can take 1-3 weeks because they treat based on availability. In any case it shud not exceed 2-3 weeks.

kaykay1980:
I am proudly Igbo.

•The first Black Vice Chancellor of the University of Ibadan was an Igbo man named Professor Kenneth Dike.

•The first Vice Chancellor of the University of Lagos was an Igbo man named Professor Eni Njoku.

•The first Nigerian Rector of the then Yaba College of Technology was also an Igbo man

•The first Nigerian Professor of Mathematics was an Igbo man named Professor Chike Obi – the man who solved Fermat’s Last Theorem. He was followed by another Igbo man named Professor James Ezeilo, Professor of Differential Calculus and the founder of the Ezeilo Constant.

•The first Nigerian professor of history was an Igbo man Professor Kenneth Dike who also became the first black vice chancellor of the University of Ibadan.

•The first Nigerian Professor of Botany was an Igbo man named Professor Eni Njoku. He went on to become the very first vice chancellor of the university of LAGOS.

•The first Nigerian Professor of Anatomy and Physiology is Professor Chike Edozien an Igbo man who is also the current Obi of Asaba.

•The first Nigerian Professor of Physics was Professor Okoye an Igbo man who became a Professor of Physics at the Massachusetts Institute of Technology, USA in 1960. He was followed by the likes of Professor Alexander Anumalu who has been nominated for the Nobel Prize for Physics three times for his research in Intermediate Quantum Physics.

•In Nuclear Physics and Chemistry – again another Igbo man – Professor Frank Ndili who gained a Ph.D in his early ’20s at Cambridge Univesity in Nuclear Physics and Chemistry in the early ’60s. This young Asaba man had made a First Class in Physics and Mathematics at the then University College Ibadan in the early ’50s.
First Professor of Statistics – Professor Adichie who’s research on Non-Parametric Statistics led to new areas in statistical research.

•What about the first Nigerian Professor of Medicine – Professor Kodilinye – he was appointed a Professor of Medicine at the University of London in 1952. He later became the Vice Chancellor of the University of Nigeria Nsukka after the war.

•What about Astronomy – again another Igbo man was the first Professor of Astronomy – please, look up Professor Ntukoju – he was the first to earn a double Ph.D in Astronomy and Mathematics.

•Let’s go to the Social Sciences – Demography and statistical research into population studies – again another Igbo man – Professor Okonjo who set up the first Centre for Population Research in Ibadan in the early ’60s. A double Ph.D in Mathematics and Economics.

•Philosophy – Professor G D Okafor, who became a Professor of Philosophy at the Amherst College USA in 1953.

•Economics – Dr. Pius Okigbo who became a visiting scholar and Professor of Economics at the University of London in 1954. He is also the first Nigerian Ph.D in Economics.

•Theology and theological research – Professor Njoku who became the first Nigerian to earn a Ph.D in Theology from Queens University Belfast in Ireland. He was appointed a Professor of Theology at the University College Zambia in 1952.

The Nigerian Universities Commission (NUC) has a record of the state with the highest number of professors in Nigeria and as at 2014 that state is Imo State. You can go to this commission and verify.

Anambra state was the first in WAEC, UNITY SCHOOLS ENTERANCE EXAMS, NECO AND PRESIDENTIAL DEBATE in 2013, 2014 and 2015.

Therefore, whenever some people address you Igbos as mere traders and Keke riders, tell them that in addition to doing very well in business, science, technology and SPORTS you are also ahead in academia. No amount of hatred can change blessings from God. IF YOU ARE FROM IGBOLAND, SAY "I AM" Igbo Kwenu! Kwezoonu!

And has this put food in your mouth this morning?

Story

Tomorrow them go thief am finish...

Cbn gives bdcs $8000 at #381 Bi monthly as such they needs to monitor the sales of fx to the public by the bdcs.

RentALodge:
It is good that we have increase in our reserves, but it is sad that the CBN retained the Monetary Policy Rate (MPR) at 14 per cent with +/- 200 and 500 asymmetric corridor.

First, the current inflation is a production cost inflation, not liquidity inflations, which is excess cash in the system. Production cost inflation is due to increase in production cost, FX, transport, energy, raw material.

This production cost inflation can't be tackled with high interest rate, as a matter of fact, it only makes it worst. How does any sensible central bank believe it can bridge the gap between the official FX market and the black market.

The black market is the true reflection of the market rate and can only be bridged by allowing the naira to operate within true market forces. What the central bank is doing is encouraging corruption and enriching just a few. Any manufacturer that can get his hands on official FX, would immediately take it to the black market and sell it for much more profit. Why would he waste his time and energy trying to produce anything in this crazy market, when there is easy money selling FX.

This is why the banks are not even bothering to do any actual banking business. They can invest in central bank treasury that would pay them 14% and then sell FX to the black market for 50% profit. which bank is going to do any kind of lending to the real economy. This central bank is killing the economy and destroying lives. It is time we get rid of all of them.

Summarize this pls

brodalikeme:
Some good news coming for the economy. I know that once the Dollar/Naira exchange rate is fix the healing process of the economy will begin, but sadly I doubt the commitment on the part of the government to do so. firstly the rise in our foreign reserve is in no way attributed to any policy of theirs but the in rise in the price of crude oil. secondly, there is still a bit of politic in the exchange rate and access to the it. After over a year, we are yet to see the benefits of the currency swap agreement with china.

I just pray and hope that the "Auto Pilot" flying our nation steers us to a more favourable economic clime

@ the emboldened, presently below $60 and for the past 6 months, averagely below $45. The unanswered question is; rather than increasing the reserve when it was averagely over $80 over a period of 6yrs, it was depleted without anything tangible to show apart from cheap rice etc, why?

Is going on vacation abroad and police chiefs visiting abroad not reckless spending?

Ok

kaykay1980:
I am proudly Igbo.

•The first Black Vice Chancellor of the University of Ibadan was an Igbo man named Professor Kenneth Dike.

•The first Vice Chancellor of the University of Lagos was an Igbo man named Professor Eni Njoku.

•The first Nigerian Rector of the then Yaba College of Technology was also an Igbo man

•The first Nigerian Professor of Mathematics was an Igbo man named Professor Chike Obi – the man who solved Fermat’s Last Theorem. He was followed by another Igbo man named Professor James Ezeilo, Professor of Differential Calculus and the founder of the Ezeilo Constant.

•The first Nigerian professor of history was an Igbo man Professor Kenneth Dike who also became the first black vice chancellor of the University of Ibadan.

•The first Nigerian Professor of Botany was an Igbo man named Professor Eni Njoku. He went on to become the very first vice chancellor of the university of LAGOS.

•The first Nigerian Professor of Anatomy and Physiology is Professor Chike Edozien an Igbo man who is also the current Obi of Asaba.

•The first Nigerian Professor of Physics was Professor Okoye an Igbo man who became a Professor of Physics at the Massachusetts Institute of Technology, USA in 1960. He was followed by the likes of Professor Alexander Anumalu who has been nominated for the Nobel Prize for Physics three times for his research in Intermediate Quantum Physics.

•In Nuclear Physics and Chemistry – again another Igbo man – Professor Frank Ndili who gained a Ph.D in his early ’20s at Cambridge Univesity in Nuclear Physics and Chemistry in the early ’60s. This young Asaba man had made a First Class in Physics and Mathematics at the then University College Ibadan in the early ’50s.
First Professor of Statistics – Professor Adichie who’s research on Non-Parametric Statistics led to new areas in statistical research.

•What about the first Nigerian Professor of Medicine – Professor Kodilinye – he was appointed a Professor of Medicine at the University of London in 1952. He later became the Vice Chancellor of the University of Nigeria Nsukka after the war.

•What about Astronomy – again another Igbo man was the first Professor of Astronomy – please, look up Professor Ntukoju – he was the first to earn a double Ph.D in Astronomy and Mathematics.

•Let’s go to the Social Sciences – Demography and statistical research into population studies – again another Igbo man – Professor Okonjo who set up the first Centre for Population Research in Ibadan in the early ’60s. A double Ph.D in Mathematics and Economics.

•Philosophy – Professor G D Okafor, who became a Professor of Philosophy at the Amherst College USA in 1953.

•Economics – Dr. Pius Okigbo who became a visiting scholar and Professor of Economics at the University of London in 1954. He is also the first Nigerian Ph.D in Economics.

•Theology and theological research – Professor Njoku who became the first Nigerian to earn a Ph.D in Theology from Queens University Belfast in Ireland. He was appointed a Professor of Theology at the University College Zambia in 1952.

The Nigerian Universities Commission (NUC) has a record of the state with the highest number of professors in Nigeria and as at 2014 that state is Imo State. You can go to this commission and verify.

Anambra state was the first in WAEC, UNITY SCHOOLS ENTERANCE EXAMS, NECO AND PRESIDENTIAL DEBATE in 2013, 2014 and 2015.

Therefore, whenever some people address you Igbos as mere traders and Keke riders, tell them that in addition to doing very well in business, science, technology and SPORTS you are also ahead in academia. No amount of hatred can change blessings from God. IF YOU ARE FROM IGBOLAND, SAY "I AM" Igbo Kwenu! Kwezoonu!

From one Igbo to another you need to look at your life properly if the only thing you have going for you is your tribe?
Wow!!! what are your own achievements? those people dont need you to sing their praises... sing your own!
Its your type that make us look un-serious!
WHAT KIND OF RATIONAL BEING DOES THIS?