Nigeria's external reserves has recorded its highest gain in 12 months, data collected from the website of the Central Bank of Nigeria

- This increase comes even as naira closed at 386 per dollar against the 388 it traded for previously

- There was also a drop of $77.2 million to a balance of $30.98 billion it recorded about seven days earlier

Nigeria's external reserves has recorded its highest gain in 12 months, data collected from the website of the Central Bank of Nigeria (CBN).

This increase comes even as naira closed at 386 per dollar against the 388 it traded for previously.

Checks also revealed that as at May 4, the reserve was at $30.98, an approximate of $31 billion compared to the year's balance of $26.94 - a $4 billion growth difference.

While the latest reserve balances at $30.922 billion on Thursday, May 11, which shows a decline of $11.3 million against $30.922 the previous day.


There was also a drop of $77.2 million to a balance of $30.98 billion it recorded about seven days earlier.

While at the end of January the reserve showed an increase of $2.3 billion.

Reacting to the reserve growth, the chief executive officer of Economic Associates Ayo Teriba said that the recession, inflation and weakness of the naira which has been experienced in Nigeria is likely to come to an end soon.

Teriba said the oil prices has risen from a low of $28 per barrel in the first quarter of 2016 to $55 in the first quarter of 2017.

He added that the price of oil may average to about $55 through 2017.

“The parallel market rate is beginning to appreciate in response to improvements in the central bank’s capacity to supply foreign exchange, with the parallel market rate rising to N380/$ in March 2015, after touching an all-time low of N520/$ the month before.

If the oil price holds up at the current level and external reserves continue to grow, the parallel market rate will continue to appreciate until it converges with the inter-bank rate," Teriba said.

Also advising the Central Bank of Nigeria (CBN) Teriba said: "A better response would have been for the CBN to look beyond the current account and boost foreign exchange inflows on the capital account to counter the downswing.

The problem was the sharp drop in foreign exchange supply that a fall in oil price from US$110 per barrel in 2014, to $53 in 2015, and $28 in the first quarter of 2016 implied. Boosting supply would have been a better way to stabilize the market than restricting demand to amplify the downswing, or attempting to float the exchange rate in the face of the supply shortfall as the CBN did," he said.


https://www.naij.com/1104709-nigerias-external-reserve-hits-4b-gain-highest-12-months.html

Great news. Now let's hope, preach, fast and pray that this money doesn't find its way into another Ikoyi mansion

bjyemson:
Great news. Now let's hope, preach, fast and pray that this money doesn't find its way into another Ikoyi mansion

lol

We always hear good news in Buhari's absence.

Despite the hostile environment we find ourselves at the international oil market.. Back then When we were selling at an average of $100pb, our foreign reserve still kept depleting..

Don't know how this is gonna have an immediate positive impact on the people, nonetheless, this is good news I suppose.

May God Bless Buhari!

Good news

One step at a time, Nigeria will become great one day. Looking forward to a reserve of $40 billions at least before the year ends but the road is still far especially at the moment when we don't have a functional refinery hence burning our reserve for fuel importation and defending our local currency.

Zombies will come here to self-service meanwhile cost of living keeps raising

And buhari no dey ooo... Weldon prof Osinbande

Osinbade has started again o,
Meanwhile the absent Boss will surely frown at any improvement that will be recorded in his absence. Make Osi.. better take care o

The money still be spent on Buhari's health,

I wonder why people thinks Old age is Cureble.

What Buhari is being treated nobody knew, yet Nigeria resources is being waisted in Renewing an Old body and soul..

....hmmm that's a good news..

But when will the common man feel the effect of all this...??



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NgeneUkwenu:
May God Bless Buhari!

That material was soiled, stained and torn.

He's doing a great job washing it, cleaning it but he needs to mend it as well.

bjyemson:
Great news. Now let's hope, preach, fast and pray that this money doesn't find its way into another Ikoyi mansion

That can only happen under ieefectual baboon..


Thank God for answering our prayers and giving us PMB..

nice one


buhari till 2050

Good news, waiting for dollar to drop make person for change car. Lexus wey person buy in 2015 @ N2M don turn 3.5M. Waris diz?

God bless PMB for Nigerians, Enemy of hate can continue hating soon they will have a change of mind to see positive thing..

still no economic improvement

GMB is trying his best to make Nigeria great but he is not a lucky man when its come to economy improvement . I appreciate his doggedness, his government might not doing well but next administration will enjoy it .


I have still not seen a better president than this old man called Buhari

Get well soon Mr President , I love you. with you Nigeria shall be great.

How many likes for my President??

Osibobo

Ok

Another lies from APC.

Osibande!
Osibande!!
Osibande!!!

How many times did I call you?

The gods of the land will continue to punish Buhari.
Godwin Emefiele is doing well at CBN. Thump up to him.

so

nice one........i expect some upward movement in the economy

omenkaLives:
Despite the hostile environment we find ourselves at the international oil market.. Back then When we were selling at an average of $100pb, our foreign reserve still kept depleting..

Don't know how this is gonna have an immediate positive impact on the people, nonetheless, this is good news I suppose.

You blame someone who embarked on large scale development and infrastructure and hail someone with a bloated budget, no subsidy, increased tax, excessive debt profile, double digit inflation and zero infrastructure.

In fact you don't even know how d news would help anybody but u just had to hail d 'effectual one' in London?

Please d ppl who call ur ilk zombies, do u think dey are wrong? If dey are, ur post actually justifies their claim I think

i Just noticed that the most achievements of this administration are only written on paper or heard in news. No tangible evidence to show for whatever achievements this administration claims to have done.