Nigeria’s foreign reserve has recorded 18.2 per cent accretion since its recent uptrend, standing at $27.4 billion with the latest figures from the Central Bank of Nigeria, CBN, for January 2017.

The uptrend which began October 20, 2016 had persisted with minor pullbacks recorded on November 1, 2016 and December 14, 2016, reversing the over one-year persistent decline which bottomed out at $23.2bn on October 19, 2016.

In the 12 weeks upward trend, the reserve added $4.2 billion as against $8.6 billion it had lost since President Muhammadu Buhari came into power in 2015.

The latest figure of the reserve is also on 10 months high over the last one year while indications are that accretion would continue on the back of improved oil revenue.

The month-on-month trend shows an increasing tempo in the month of January 2017 when it garnered $2.002 billion, a huge 7.9 per cent rise.

December 2016 accretion was $1.025 billion, about 4.2 per cent rise while November recorded accretion of $840 million, about 3.6 per cent rise.

The uptrend was largely as a result of the rises in the international oil price (Nigeria’s major foreign exchange earner) in the recent month especially in January when it settled above $55 per barrel, as against last year’s average of $43 and 2015 average of $38.

The positive development in the international oil price began mid last year but Nigeria could not benefit much from it due to worsened militancy in the Niger Delta which curtailed oil production and exports with output at a record low of about 1.4 million barrels a day.

However, the positive development could not roll back the massive exchange rate pressure which had come on the Naira since last year. Eventually the Naira/USD value crashed beyond N500/USD1 this week as supply of foreign exchange remained elusive.

Also the positive development in the external sector seems not to have resonated with the revenue pressure the federal government has been experiencing since 2015.

In addition to over N400 billion the government had borrowed from the money market in the month of January 2017, it plans to raise $300m (almost N100bn) by selling a Diaspora Bond targeting Nigerians living abroad.

The bond, which will have a maturity of five to seven years, is expected to be issued by June this year.

Nigeria has asked Goldman Sachs and Stanbic IBTC Bank, the local unit of South Africa’s Standard Bank , to advise it on the sale of the maiden bond. It also appointed United Bank for Africa and First Bank of Nigeria as advisors on the deal.

The government is also pressing on with its request on the National Assembly to approve its external borrowing plan targeting $30bn (about N10tr).

http://www.kikiotolu.com/2017/02/nigerias-foreign-reserve-now-274bn.html

God bless PMB. 'They' won't sleep tonight.

Lalasticlala Mynd44 seun Dominique our reserves is growing.

great

Why are there no more "sai baba" chanters even in a seemingly good news?

Will that put food on our table? People are hungry. No light, nothing is working at the moment.

...

Very Good!

And some foolish once would come here to say who gives a Bleep,
We crawling out of recession

Who highest reserve don epp?

Who cares?


Dollar is 500 naira..

flyca:
Why are there no more "sai baba" chanters even in a seemingly good news?

What is the good news about it when common man can not feel the impact ?

Some people here on Nairaland will not see anything good in this news becos of their hatred for PMB.

gradually but surely...we will get there

Hmmm... I hope it has positive impact on the economy in the long run.

so much in reserve so little in circulation.

I applaud efforts mad by pmb's government to boost our foreign reserve....In the long run it shows the wealth of a nation, the standard of living and boost investors confidence.
.
But on the flip side, Mr president revamping an economy or growing our foreign reserve should not be exclusively dependent on increase or decrease in crude oil prices...it likewise tell investors how fluid and monodependent economy we operate.
.
Mr president, the government have to be sincere in tackling real issues that can boost our reserves. I was part of both state sponsored BOI program as well as the federal govt sponsored BANK OF INDUSTRY program...sincerely speaking Mr president, if there should be an economy revolution...it starts with BOI, thier sole responsibility should be sponsoring ideas that have real time effect on Nigerian economy but I can tell u this bank is far from doing that. They intentionally put stringent milestones as conditions to meet to assess their loan, I assume they do other trade with money allocated for enterprenuer to yield higher returns, reasons they make assessing loan very stringent.. .I got a very fantastic business idea that will add up immersely to our reserve but unfortunately it might not see the light of the day due to inadequate finance even after undergoing enterprenueral class to assess BOI loan.
.
Likewise many other individuals with brilliant ideas...we can only achieve sustainability by taking a hoslistic approach. Ideas they say rule the world.

OK...:\

who he EPP

richeeyo:
And some foolish once would come here to say who gives a Bleep,
We crawling out of recession

By God's grace.

Nice One........

Atiku2019

What next... .wi they share d money

Lol, watch how the zombies will come and start masturbating on this thread, where is that sarrki of a boy... This wasn't "good news" in the last administration, it was normal, we were still enjoying, but this zombies kept saying that we were suffering, but look at this once "normal event", now "good news", and apparently "pmb is working"..

As for me, this is good, but it's nothing, after 2years? By now we should have been enjoying at least 22hrs of electricity, but do we still have electricity in Nigeria? I doubt..

This is nothing special, polithiefcians and morons in the presidency are obligated to do these things, and therefore it's no "good news" or "thank the president", because that is his work, and as far as we know, they are not working in this country, come 2019 we will send the walking dead and his zombies out!

And Naira depreciates further.
You guys should continue.

pls can someone lecture me on d usefulness of d foreign reserve can't we just empty it and use it judiciously in building our economy or better still we all share it

Walexey:
so much in reserve so little in circulation.

The depletion of that reserve is partly responsible for the recession.

If they pump half of that money into our economy with a reputable CBN governor and well educated finance minister.

And well meaning president.. Believe me our economy will bounce back to what it use to be, or even better

jesus500:
Will that put food on our table? People are hungry. No light, nothing is working at the moment.

wailer rufe mama baki