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Nigeria’s External Reserves Hit $44bn First Time In 2019 - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria’s External Reserves Hit $44bn First Time In 2019 (9939 Views)

At $43.507bn, External Reserves Hit Five-month High / Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b / Nigeria’s External Reserves Hit $40.4bn (2) (3) (4)

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Nigeria’s External Reserves Hit $44bn First Time In 2019 by dipoolowoo: 4:29am On Mar 27
By Dipo Olowookere

For the first time in 2019, the external reserves of Africa’s largest economy, Nigeria, reached $44 billion on Monday, March 25, 2019.

Data obtained by Business Post from the website of the Central Bank of Nigeria (CBN) showed that the amount grew to the present level from $43.7 billion on Friday, March 22, 2019, representing 0.69 percent increase.

Business Post reports further that the last time the foreign reserves stayed in the $44 billion region was on October 2, 2018.

From October 3, 2018, the reserves started declining gradually to even $41 billion at some point in the year.

The CBN Governor, Mr Godwin Emefiele, who leaves office in June 2019, has managed the nation’s reserves effectively.

He has also regularly used part of the reserves to keep the local currency, the Naira, relatively stable at the foreign exchange market.

Every week, the apex bank intervenes in the forex market with the sale of $210 million to traders at the market.

This has kept the Naira relatively stable at N360-N363 per Dollar at the currency market since early 2016 when the intervention started.

The main source of forex for Nigeria is the sale of crude oil, though the present administration made efforts to diversify the economy when oil prices crashed in 2016.

https://businesspost.ng/2019/03/27/nigerias-external-reserves-hit-44bn-first-time-in-2019/

6 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by BuhariAdvocate: 4:36am On Mar 27
Good development .Dear God we Nigerians pray against the PDP era in Nigeria.

60 Likes 5 Shares

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Prompto: 4:40am On Mar 27
PDP Igbo people will still wail they prefer Ebele spending it like yahoo boy after all what is the saving for when the masses are suffering.

Buhari as no integrity but to list PDP politicians with beta integrity they find that excessively tasking.

PDP Igbo logic #

69 Likes 7 Shares

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Bizmagnet: 4:46am On Mar 27
Sign of good things!

No website for that business of yours yet? Don't run business again as if you're still in the 19th century. Get your website/blog/software today at affordable price. Check my signature for contacts.

3 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by eliwa47: 5:09am On Mar 27
One a serious note the government of the day is trying his possible best to make sure all is well with Nigerian, take a closer look at the reserve from 2016/2019 its increasing, look at the exchange rate its been stable for quite some which is not too bad, but a lot has to be done on diversification most especially on agriculture, mining and tourism.
Education also have to be looked into, unemployment among our youths is the results of all the social vices. lastly irrespective of party affiliations corruption has to be stamped out of this country then we will have a better united Nigeria.

63 Likes 4 Shares

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by semyman: 5:09am On Mar 27
Criiminals are not welcome near it

45 Likes 5 Shares

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by bolt000(m): 5:09am On Mar 27
shocked shocked
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by SimplePlan34: 5:11am On Mar 27
External reserve $44 billion and Nigerians are suffering. How can a nation have money and not carrying out infrastructural projects.

18 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by damola1: 5:11am On Mar 27
$1 = N1

Worst worst $1 = 210 ( as Apc met it)

Anything else. Na sakamanje

19 Likes 1 Share

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Demogorgon(m): 5:13am On Mar 27
On paper.

7 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Nogodye(m): 5:18am On Mar 27
PMB is working!

8 Likes 1 Share

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by wethebest(m): 5:19am On Mar 27
Nice
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by kolafolabi(m): 5:23am On Mar 27
Good for Nigeria, the Giant of Africa.

7 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by jy2kbeyond(m): 5:25am On Mar 27
Then why still running to china at the slightest opportunity to borrow?

4 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by contigiency(m): 5:25am On Mar 27
By this time after 2years of Jonathan, they had already squandered everything. Thank God for giving us Buhari.

20 Likes 1 Share

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by iammo(m): 5:27am On Mar 27
smiley


A stable and robust Foreign reserve gives foreign investors confidence to invest in the economy, as they are sure whenever they want to pull out their investment from the country, the apex bank is capable of such transaction, this makes the economy attractive to foreign investors, and they bring there money and business to the most accomodating, educated, stable and secure zone in Nigeria.... SOUTHWEST Yoruba land while Piglets continue to wail.
With us not been among the top 6 most indebted country far behind Ethiopia, Kenya, Rwanda and Ghana things are beginning to look good all thanks to buhari's frugality


And to be fair and honest to PDP, Obasanjo and Yaradua maintained an healthy foreign reserve, it was Mr stealing isn't corruption that deflated it, even when okonjo iweala and sanusi advised him not to, Mama patience was his chief economic adviser




.

45 Likes 2 Shares

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by omega2128(m): 5:28am On Mar 27
I hate it when people are just throwing figures around without development to back it up.

show us numbers of people, your govt lifted above poverty level,
show us current debt level against foreign reserve. you can't keep borrowing and claiming you are saving at the same time.

masses don't care about amount saved but can they get jobs, security, good road,good hospitals, good schools. etc

9 Likes 2 Shares

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Habibsocial080: 5:30am On Mar 27
Some folks will not be happy 4 these developments again

7 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by contigiency(m): 5:30am On Mar 27
SimplePlan34:
External reserve $44 billion and Nigerians are suffering. How can a nation have money and not carrying out infrastructural projects.

If you are blind such that you are not seeing infrastructural projects going on everywhere in the country since the inception of this administration, then it's a pity.

43 Likes 4 Shares

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by backnbeta(f): 5:32am On Mar 27
And the debt profile... undecided

2 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by begwong: 5:32am On Mar 27
Bring it and share to every Nigerian before the cabals siphon it b4 the end of 2023 biko!
1billion now will be taken for honorarium, power bike purchases and vacation illegally for the cabals reward for rigging back to power

2 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by olas24u(f): 5:35am On Mar 27
This figure always!it's 419

2 Likes 1 Share

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by xperiencelove(m): 5:36am On Mar 27
SimplePlan34:
External reserve $44 billion and Nigerians are suffering. How can a nation have money and not carrying out infrastructural projects.
Look around and if you don't travels, ask people that travels a lot. Federal government is trying with the infrastructure with the ordinary $44billion quoted as foreign reserve though they can do more . The main culprit of this are the governors. Over inflation of infrastructural projects by the governors is killing this country.
I worked with them for 3 years and I know what am saying.

26 Likes 5 Shares

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Truefaith: 5:38am On Mar 27
Our major problem is the surfeit of sorcerers promoting themselves as " anointed men of God " in our land. They do incalculable harm in preventing us from knowing the true God and being blessed by Him.

Do you know the difference between the true faith of the Lord Jesus Christ and sorcery?

Are you a follower of Christ or His commander?

Do you fear God or you have been taught you, too, are a god now?

The evil of Pentecostalism is not small: wise people run from witchcraft.


www.thetruechristianfaith.com/2017/08/11/Christianity-or-sorcery/
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by xperiencelove(m): 5:44am On Mar 27
Norway is embarking on a single covered bridge that will pass in the midst of ocean that is 4000ft deep and 3000ft wide to cut a journey of 23hours to 10hours, the first of its kind. The cost of the project is $45billion which is higher than our current foreign reserve and will be completed in 2035.
We could have saved enough money when our crude oil price was higher and stable and was selling well in the market before the crash in price world wide. I won't swear for those that milked this country dry but I hope they change their ways.

16 Likes 2 Shares

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Toosure70: 5:47am On Mar 27
jy2kbeyond:
Then why still running to china at the slightest opportunity to borrow?

borrowing in our blood ni, nothing
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by yuanexchanger: 5:55am On Mar 27
we want it manifested in the life of common man on the street.pay your chinese suppliers through us.
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by IjebuWarrior: 5:56am On Mar 27
Ignorant folks on here be ranting like that's a hell of money. BS, Nonsense, Crap!

A nation of 200 Million people couldn't boast of a foreign reserves of a several individual's net worth... Jeff Bezos is worth > $130 Billion, Bill Gates, Zuckerburg, Buffet et al... are all worth more than paltry foreign reserves yet, foolish ignorant folks on here think that's a hell of money for a nation of 200 Million monsters!

5 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by Amuocha: 5:58am On Mar 27
Who the thing epp
Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by heysquare(m): 6:12am On Mar 27
omega2128:
I hate it when people are just throwing figures around without development to back it up.

show us numbers of people, your govt lifted above poverty level,
show us current debt level against foreign reserve. you can't keep borrowing and claiming you are saving at the same time.

masses don't care about amount of saved but can they get jobs, security, good road,good hospitals, good schools.

kindly show us cedis to naira conversion and then google ghana cedis to learn more about d crdis re-dinomination

5 Likes

Re: Nigeria’s External Reserves Hit $44bn First Time In 2019 by aku626(m): 6:19am On Mar 27
Most Nigerians are clueless on how this affects the country and they don’t even bother researching they’re ok with positive vibes alone while underneath ROT

3 Likes 1 Share

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