FOREIGN RESERVES ROSE BY $554.7M IN JULY – CBN
source : http://www.eyesoflagos.com/2017/08/foreign-reserves-rose-by-5547m-in-july.html

The Central Bank of Nigeria (CBN) has disclosed that foreign reserves appreciated by $554.7 million or 1.8 per cent in July, to bring the year till date growth to 19.3 per cent. The foreign reserves closed July at $30.8 billion from $30.29 billion it opened the month under review.
The $30.8 billion foreign reserve reordered by CBN was the highest since May 12, 2017, as global oil prices stabilized and inflow from International Money Transfer Operations continued to increase.
In 2017, the foreign reserves appreciated by estimated $5billion from $25.8 billion it opened despite CBN unrelenting intervention in the foreign exchange market.
The nation’s foreign reserves appreciated by $4.45 billion in first three months (Q1) of 2017 amid CBN sustained pressure in bridging the gap between official foreign exchange and parallel market rates with the introduction of several foreign exchange windows.
Statistics on the CBN website revealed that the foreign exchange reserves increased by 17.2per cent to $30.29 billion on March 30, 2016 from $25.84 billion it opened this year. Specifically, the foreign reserves for the first time in 2017 hit $30 billion on March 8, and hovering around $29 billion and $28 billion in February.
According to reports gathered by Eyes Of Lagos, The Organization of Petroleum Exporting Countries (OPEC) price basket of 14 crudes stood at $50.04 a barrel on Monday, compared with $49.94 the previous Friday. Finance analysts said the steady increase in global oil prices has positively impacted on CBN’s weekly intervention and foreign reserves.
An economic expert, Prof. Uche Uwaleke, said recent rise in global oil price has continued to up thrust the nation’s foreign reserves. He said, “Of recent, we have witnessed growth in global oil prices and Nigeria oil output has continued to grow to 1.8 million barrel per day. Mind you the global oil prices have grown to an average $50 per barrel. The increase in crude oil price and stability in Nigeria output continued to impact positively on the foreign reserves.

Another wonderful news this morning

Allah Akbar


One of the more reasons why APC/ Buhari needs to be there till 2023 , otherwise , the fraudsters will just loot again and make Nigeria broke

Even our President is now a foreign reserve.

They should stop churning such callous news and reports. Translate it to effect on the masses or just give the data to those who need it. Using such invalid data to score political goal is useless.

PDP is coming back in 2019 to finally finish this country. The way this government is saving money that PDP will share out in 2020 to girlfriends and babe mama's.

What is the direct effect on the common man in the street, Nigerians are tired of all these millions and billions always been mentioned by the government, please translate it to good life and basic amenities for the common man.