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External Reserves Rise To $33.1bn, Highest Since 2015 - Politics - Nairaland

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External Reserves Rise To $33.1bn, Highest Since 2015 by Anasko(m): 11:09pm On Oct 13, 2017
External Reserves rise to $33.1bn, Highest Since 2015
October 13, 2017

By Kayode Tokede, Lagos
The nation’s external reserves hit $33.1 billion on October 11, following increased in global oil prices to $54 per barrel.
External reserves monitored by Central Bank of Nigeria (CBN) accretion in 2017 can be linked to higher oil exports and increased activity in the investor exporter window.
The price of Organization of Exporting Countries (OPEC) basket of 14 crudes countries stood at $54.44 per barrel on Thursday, the highest this year.
Hitting $33.1 billion on Wednesday, the highest in 2017, the external reserves have gained $610 million or 1.89 per cent from $32.49 billion it opened in October.
For the third quarter of 2017, the external reserves gained $6.6 billion or 25.7 per cent from $25.8 billion it opened January to $32.49 billion, the highest in 31-month.
However, in the second quarter, it rose by $4.44 billion or $17.2 per cent to $30.28 billion despite CBN sustained pressure in bridging the gap between official foreign exchange and parallel market rates with the introduction of several foreign exchange windows.
Experts had said steady increase in global oil prices continued to impact on CBN’s foreign exchange buffer and the nation’s economy at large.
CBN spokesman, Mr. Isaac Okorafor, had noted the increase in external reserves can be attributable to peace in the oil-rich Niger-Delta region of the country, which resulted into increased oil output and earnings.
Okorafor said with the sustained interventions, the apex bank has been able to push foreign exchange demand away from the parallel market into the formal regulated market.
With the increase in external reserves, Naira at the foreign exchange market continued to appreciate.
Analysts at Cordros capital, a Lagos based research and security firm, said, “We expect the naira to appreciate against the Dollar in the parallel market and the I&E window, as interventions by the apex bank persist, amid steady accretion to the foreign reserve – supported by relatively bullish outlook on oil price and production in the near term – in addition to inflows from portfolio investors.”


http://leadership.ng/2017/10/13/external-reserves-rise-33-1bn-highest-since-2015/

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Re: External Reserves Rise To $33.1bn, Highest Since 2015 by SalamRushdie: 11:11pm On Oct 13, 2017
Yet Buhari is desperately borrowing at every turn , Abeg this lying govt can't fool me again , the last time Buhari fooled me was when I voted for him but now I know better

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Re: External Reserves Rise To $33.1bn, Highest Since 2015 by Throwback: 11:17pm On Oct 13, 2017
Despite such low oil prices?

Buhari should have won the 2011 elections. That was when we needed him most.

Rather than get Joseph Buhari, we got a Jonathan who would freely give up his own inheritance to his friends to pillage and squander.
When the locust years came upon us, there was no grain saved up in the store room.

The day Jonathan can confidently explain how he inherited $47b foreign reserves from Yar Adua but left behind only $29b/$30b despite selling crude oil at an average of $100 per barrel for the first 4yrs of his 5yrs reign, then I might make a faint attempt to forgive him for his imbecilic buffoonery.

How can you explain how a regime was lucky enough to have crude oil sell so high that it earned about 51% of all we have ever earned from crude oil sales since 1956, in just 5yrs, yet we had to be borrowing to the tune of N470b to pay salaries in February, March and April 2015 when crude oil price had fallen but was still selling above $60pb?

How would a Jonathan regime have survived the eventual fall to $27b that Buhari survived?

What significant infrastructure did Jonathan regime invest all the funds previously saved and those newly earned under him?

Did he build 2nd Niger Bridge?
Did he build Abuja stadium?
Did he build Azikiwe Airport in Abuja?
Did he build the 3rd Mainland Bridge?
Did he build Egbin power station?
Did he build any of the Dams we have?
Did he build or successfully repair any of our refineries?
Did he significantly increase power generation from the 3800MW that OBJ was generating from 4000MW installed capacity as at May 2007, seeing that he only managed to hand over just slightly above 4000MW generation in May 2015?

Some will say he spent all the earned revenue and those previously saved on Almajiri schools, 9 new universities, and increased youth corper's allowance. The funds for security ended up in his party's purse to fund political campaigns, spiritual Alhajis, and special assignment of Olisa Methuselah.

That is all we were able to achieve with all he earned?

He couldn't even pay the over $5b his own regime was owing IOC's that were NNPC partners on the JV oilfield developments despite the fantastic revenue earnings while still selling at 100pb, such that once the oil prices began falling the oil industry began downsizing, while PDP, Diezani and Patience Jonathan, continued acquiring.

Jonathan was too mentally handicapped and purposeless to have been saddled with a responsibility that was beyond the level of a local government councillor.

His responsibility even at the local government level should have been as one sharing drinks to entertain citizens who visit the local government office.

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Re: External Reserves Rise To $33.1bn, Highest Since 2015 by jumper524(m): 11:22pm On Oct 13, 2017
one thing about these govt is the moment there is increase in revenue, the impact doesn't take time to reflect..
kudos Buhari and team..
Re: External Reserves Rise To $33.1bn, Highest Since 2015 by Paperwhite(m): 11:29pm On Oct 13, 2017
shocked grin grin grin cheesy.And yet Buhari & his band of santimonious looters have mortgage Nigeria's future with borrowings cum debts APC government and propaganda gimmick.Believe this @ your own peril.Another issue to further distract attention from the $26billion scam.Oya all ye zombies them start feasting.
Re: External Reserves Rise To $33.1bn, Highest Since 2015 by GavelSlam: 11:40pm On Oct 13, 2017
SalamRushdie:
Yet Buhari is desperately borrowing at every turn , Abeg this lying govt can't fool me again , the last time Buhari fooled me was when I voted for him but now I know better

Just admit you are a complete hater.

The external reserves keep growing yet you keep doing everything to detract the government.

Re: External Reserves Rise To $33.1bn, Highest Since 2015 by aolawale025: 12:04am On Oct 14, 2017
Throwback:
Despite such low oil prices?

Buhari should have won the 2011 elections. That was when we needed him most.

Rather than get Joseph Buhari, we got a Jonathan who would freely give up his own inheritance to his friends to pillage and squander.
When the locust years came upon us, there was no grain saved up in the store room.

The day Jonathan can confidently explain how he inherited $47b foreign reserves from Yar Adua but left behind only $29b/$30b despite selling crude oil at an average of $100 per barrel for the first 4yrs of his 5yrs reign, then I might make a faint attempt to forgive him for his imbecilic buffoonery.

How can you explain how a regime was lucky enough to have crude oil sell so high that it earned about 51% of all we have ever earned from crude oil sales since 1956, in just 5yrs, yet we had to be borrowing to the tune of N470b to pay salaries in February, March and April 2015 when crude oil price had fallen but was still selling above $60pb?

How would a Jonathan regime have survived the eventual fall to $27b that Buhari survived?

What significant infrastructure did Jonathan regime invest all the funds previously saved and those newly earned under him?

Did he build 2nd Niger Bridge?
Did he build Abuja stadium?
Did he build Azikiwe Airport in Abuja?
Did he build the 3rd Mainland Bridge?
Did he build Egbin power station?
Did he build any of the Dams we have?
Did he build or successfully repair any of our refineries?
Did he significantly increase power generation from the 3800MW that OBJ was generating from 4000MW installed capacity as at May 2007, seeing that he only managed to hand over just slightly above 4000MW generation in May 2015?

Some will say he spent all the earned revenue and those previously saved on Almajiri schools, 9 new universities, and increased youth corper's allowance. The funds for security ended up in his party's purse to fund political campaigns, spiritual Alhajis, and special assignment of Olisa Methuselah.

That is all we were able to achieve with all he earned?

He couldn't even pay the over $5b his own regime was owing IOC's that were NNPC partners on the JV oilfield developments despite the fantastic revenue earnings while still selling at 100pb, such that once the oil prices began falling the oil industry began downsizing, while PDP, Diezani and Patience Jonathan, continued acquiring.

Jonathan was too mentally handicapped and purposeless to have been saddled with a responsibility that was beyond the level of a local government councillor.

His responsibility even at the local government level should have been as one sharing drinks to entertain citizens who visit the local government office.



What has Buhari built?

1 Like

Re: External Reserves Rise To $33.1bn, Highest Since 2015 by GavelSlam: 12:37am On Oct 14, 2017
aolawale025:



What has Buhari built?

At a time of low oil prices our Buhari has built our external reserves.

1 Like

Re: External Reserves Rise To $33.1bn, Highest Since 2015 by Shorsky1(m): 2:16am On Oct 14, 2017
So,why is Nigeria still borrowing loans?

1 Like

Re: External Reserves Rise To $33.1bn, Highest Since 2015 by CriticMaestro: 3:02am On Oct 14, 2017
When will Nigeria's wealth and riches reflect on it's development? Cuz at it's stands now, d country dey like pikin wey im papa no get

1 Like

Re: External Reserves Rise To $33.1bn, Highest Since 2015 by dannytoe(m): 4:48am On Oct 14, 2017
Ipob e-warriors now!

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