The nation’s foreign exchange reserves have dropped to a three-month low of $47.303bn, data from the Central Bank of Nigeria showed on Wednesday.

The reserves, which stood at $47.697bn on July 11, dropped by $394m in 13 days.

Data from the CBN revealed that the reserves rose from $47.333bn in April 24 to $47.846bn on May 11.

It was reported on July 13 that the reserves, which rose from $47.605bn on May 31 to $47.789bn on June 29, dropped by $102m to $47.697bn on July 11.

The Managing Director, Blackbit Limited, Wale Ajibade, in a telephone interview with our correspondent, stated that the drastic decline in the reserves could be attributed to government action in supporting the exchange rate.

He said, “This is what is putting pressure on the external reserves. I believe that a free market should be allowed, but it is a complex situation because the exchange rate can go up and lead to heightened inflation. But in the long run, the exchange rate would likely see a further demolition in value because of the support.”

Source and more:
External reserves drop to three-month low http://punchng.com/external-reserves-drop-to-three-month-low/

CBN Governor is trying his best. That man was never at fault so don't blame him. This only dropped because Buhari withdrew so much money to appease the senators and placate members from leaving APC which was utter failure.

you ask me what's my source?
A wise man said when a which cries out at night and a baby dies in the morning waste not your time looking for the cause of death.
But it's funny that the old man sees no corruption in that.
That's why I keep saying that in Nigeria it's those in power that defines the meaning of corruption and not the dictionary.

Free market should definitely be allowed.

Our external reserve that has been on a steady rise drops just after we hear senators receiving 50 to a 100million each and all the cash moving around for vote buying in Ekiti?

I didn't say anything sha

Maol:
The nation’s foreign exchange reserves have dropped to a three-month low of $47.303bn, data from the Central Bank of Nigeria showed on Wednesday.

The reserves, which stood at $47.697bn on July 11, dropped by $394m in 13 days.

Data from the CBN revealed that the reserves rose from $47.333bn in April 24 to $47.846bn on May 11.

It was reported on July 13 that the reserves, which rose from $47.605bn on May 31 to $47.789bn on June 29, dropped by $102m to $47.697bn on July 11.

The Managing Director, Blackbit Limited, Wale Ajibade, in a telephone interview with our correspondent, stated that the drastic decline in the reserves could be attributed to government action in supporting the exchange rate.

He said, “This is what is putting pressure on the external reserves. I believe that a free market should be allowed, but it is a complex situation because the exchange rate can go up and lead to heightened inflation. But in the long run, the exchange rate would likely see a further demolition in value because of the support.”

Source and more:
External reserves drop to three-month low http://www.sanwomi.com/2018/07/external-reserves-drop-to-three-month.html

Lalasticlala
Mynd44
Ishilove
Marpol
Semid4lyfe
Obinoscopy
Seun

Hmm... Ekiti election.

Hmmm robbing peter to pay Paul..why can't these ancestors just die and leave the stage? So sad

They yaff dump bubu,now hes playing rough full time

Lol. External reserves and elections in Nigeria are like 5 and 6 naa. It will keep dropping till 2019 elections and start rising again after 2019. That has always been the case, are you guys new to Nigeria?

post=69710905:
Free market should definitely be allowed.

It will lead to inflation. Nigerians are too greedy. They will keep hoarding it

But who keeps removing it?

Mr. Integrity my foot.

I was made to believed that Buhari is the best president we will have in this country. But, opposite is what that's happening now.

Acjohn:
CBN Governor is trying his best. That man was never at fault so don't blame him. This only dropped because Bugatti withdrew so much money to appease the senators and Replace members from leaving APC which was utter failure.

you ask me what's my source?
A wise man said when a which cries out at night and a baby dies in the morning waste not your time looking for the cause of death.
But it's funny that the old man see no corruption in that.
That's why I keep saying that in Nigeria it's those in power that defines the meaning of corruption and not the dictionary.

hate will only lead to untimely death.

CBN sustains forex intervention, injects $210m
TAIWO OJOYE
18 JUL 2018
Feyisayo Popoola

The Central Bank of Nigeria on Tuesday injected the sum of $210m into the interbank foreign exchange market.

According to a statement, the CBN offered $100m to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment got the sum of $55m.

It said $55m was also allocated for invisibles such as tuition fees, medical payments and basic travel allowance.

The Acting Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, restated the apex bank’s resolve to continue to intervene in the interbank forex market, in line with its pledge to sustain liquidity in the market and maintain stability.

Okorafor maintained that the continued forex intervention was to ensure that the CBN met the requests of genuine customers in various segments of the market.

Meanwhile, the naira stood at an average of N360/$1 in the Bureau De Change segment of the market on Tuesday.


http://punchng.com/cbn-sustains-forex-intervention-injects-210m/

wristbangle:


It will lead to inflation. Nigerians are too greedy. They will keep hoarding it

You have a good point there also.
VERY good point.
We forgot for a minute how things work here!

Acjohn:
CBN Governor is trying his best. That man was never at fault so don't blame him. This only dropped because Bugatti withdrew so much money to appease the senators and Replace members from leaving APC which was utter failure.

you ask me what's my source?
A wise man said when a which cries out at night and a baby dies in the morning waste not your time looking for the cause of death.
But it's funny that the old man see no corruption in that.
That's why I keep saying that in Nigeria it's those in power that defines the meaning of corruption and not the dictionary.

slowpoke!

THIS IS A FAKE NEWS THREAD FILLED WITH BUHARI HATERS & CO. ( Chartered lazy youths)

MDVCONSULTANTS:
Our external reserve that has been on a steady rise drops just after we hear senators receiving 50 to a 100million each and all the cash moving around for vote buying in Ekiti?

I didn't say anything sha

But u pple said it was abacha loot nah y r u pple shifting goal post

Maol:
The nation’s foreign exchange reserves have dropped to a three-month low of $47.303bn, data from the Central Bank of Nigeria showed on Wednesday.

The reserves, which stood at $47.697bn on July 11, dropped by $394m in 13 days.

Data from the CBN revealed that the reserves rose from $47.333bn in April 24 to $47.846bn on May 11.

It was reported on July 13 that the reserves, which rose from $47.605bn on May 31 to $47.789bn on June 29, dropped by $102m to $47.697bn on July 11.

The Managing Director, Blackbit Limited, Wale Ajibade, in a telephone interview with our correspondent, stated that the drastic decline in the reserves could be attributed to government action in supporting the exchange rate.

He said, “This is what is putting pressure on the external reserves. I believe that a free market should be allowed, but it is a complex situation because the exchange rate can go up and lead to heightened inflation. But in the long run, the exchange rate would likely see a further demolition in value because of the support.”

Source and more:
External reserves drop to three-month low http://punchng.com/external-reserves-drop-to-three-month-low/

which dem dey do back up plan in case the unthinkable happens or money for election was kpankied(saffi pidgin)if U know U know.

Effect of Campaign has started

Positivepoint:


hate will only lead to untimely death.

CBN sustains forex intervention, injects $210m
TAIWO OJOYE
18 JUL 2018
Feyisayo Popoola

The Central Bank of Nigeria on Tuesday injected the sum of $210m into the interbank foreign exchange market.

According to a statement, the CBN offered $100m to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment got the sum of $55m.

It said $55m was also allocated for invisibles such as tuition fees, medical payments and basic travel allowance.

The Acting Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, restated the apex bank’s resolve to continue to intervene in the interbank forex market, in line with its pledge to sustain liquidity in the market and maintain stability.

Okorafor maintained that the continued forex intervention was to ensure that the CBN met the requests of genuine customers in various segments of the market.

Meanwhile, the naira stood at an average of N360/$1 in the Bureau De Change segment of the market on Tuesday.


http://punchng.com/cbn-sustains-forex-intervention-injects-210m/

Go and sit where the sun dnt shine, azz batchers.
when the last FG was doing same you lot screamed that the money was being diverted even though publications like these where rampant, so now it is happening in this FG you want us to go back and read same shyte we did B4 and make it white and positive abi? Una way nor clear I swear, Hence we will keep going back and fort like dead whale.

erico2k2:

Go and sit where the sun dnt shine, azz batchers.
when the last FG was doing same you lot screamed that the money was being diverted even though publications like these where rampant, so now it is happening in this FG you want us to go back and read same shyte we did B4 and make it white and positive abi? Una way nor clear I swear, Hence we will keep going back and fort like dead whale.

which last govt are talking about. the govt that left 28 billion dollars when crude was 140$? Kindly post any link that shows ur last govt forex intervention. Argue with fact not hearsay

Positivepoint:



which last govt are talking about. the govt that left 28 billion dollars when crude was 140$? Kindly post any link that shows ur last govt forex intervention. Argue with fact not hearsay

here we go, who was the CBN man then and who was the CBN man now?
DO you know how much we gonna have when this FG leaves??
Stop supporting these thieves, non of them mean well for Nigeria, all you or anyone post are hearsay, there is no verifiable source even if the CBN says so.

erico2k2:

here we go, who was the CBN man then and who was the CBN man now?
DO you know how much we gonna have when this FG leaves??
Stop supporting these thieves, non of them mean well for Nigeria, all you or anyone post are hearsay, there is no verifiable source even if the CBN says so.

or so u mean a govt dat depleted billions of dollars when the sun was shining bright is better than a govt that saved billions when the sky grew dark?


our reserve grew when crude was just above 50 $ and yet thesame reserve depleted when crude was 140$. bros i know where to pitch my tent.

Thought as much [[color=#000099][/color]

Positivepoint:


or so u mean a govt dat depleted billions of dollars when the sun was shining bright is better than a govt that saved billions when the sky grew dark?


our reserve grew when crude was just above 50 $ and yet thesame reserve depleted when crude was 140$. bros i know where to pitch my tent.

make we dey look nah, chay we go dey here 2019, we go see how much remain, you seem to forget the so called recovered loot, and when they where asked to provide the physical evidence, story die there, till date no one can account for the monies recovered, the forgot this is not 1983 where we cant keep records. believe any FG at your own peril. all these figures flying about might just be something to pacify MOPs.

erico2k2:

here we go, who was the CBN man then and who was the CBN man now?
DO you know how much we gonna have when this FG leaves??
Stop supporting these thieves, non of them mean well for Nigeria, all you or anyone post are hearsay, there is no verifiable source even if the CBN says so.

Present your facts or you shut the hell up...

erico2k2:

Go and sit where the sun dnt shine, azz batchers.
when the last FG was doing same you lot screamed that the money was being diverted even though publications like these where rampant, so now it is happening in this FG you want us to go back and read same shyte we did B4 and make it white and positive abi? Una way nor clear I swear, Hence we will keep going back and fort like dead whale.

Baseless argument. With respects to the maintenance of the country's foreign reserves, the last government failed woefully.

Until next election, expect more drop in external reserve except the Nigeria China currency swap yield positive fruition [size=8pt]Until next election, expect more drop in external reserve except the Nigeria China currency swap yield positive fruition

erico2k2:

make we dey look nah, chay we go dey here 2019, we go see how much remain, you seem to forget the so called recovered loot, and when they where asked to provide the physical evidence, story die there, till date no one can account for the monies recovered, the forgot this is not 1983 where we cant keep records. believe any FG at your own peril. all these figures flying about might just be something to pacify MOPs.

Most of the recovered loots are on temporary forfeiture awaiting legal conclusion. in lay mans term they are frozen funds even govt cant touch it until it is legal to do so. The govt are trying to establish a special court to fast track the process.

bros if anybody has any record of pmb corruption why cant they make it public? with the so much hate flying u should start wondering why arent any evidence of corruption against MR PMB available. The truth is they only hate him coz he aint like them and he aint gonna allow them treat nigerian resources as personal.


2019 is the final battle of the control of the soul of nigeria. The greatest battle of all time