[size=13pt]Foreign reserves fall to $32.3bn[/size]

Written by Odidison Omankhanlen, Lagos
Wednesday, 07 September 2011
The foreign exchange reserves fell to $32.3 billion by September 2, the same level they were on June 24, and down from a six-month high in August, according to the Central Bank of Nigeria (CBN).

The foreign reserves peaked at $35.9 billion on August 8, its highest in six months, but fell to $32.92 billion at the close of last month.

The forex reserves were also lower than a year ago, when they stood at $36.01 billion.

Meanwhile, the apex bank has finalised arrangements to diversify its external reserves holdings by including the Chinese Renminbi (RMB) to the existing currency mix of United States Dollars (USD), the Euro (EUR) and the British Pound Sterling (GBP).

According to a statement from CBN signed by the Head, Corporate Affairs, Mohammed Abdullahi, the decision was taken after due consultations with the Federal Government and other stakeholders in the country, adding that the apex bank had gone ahead to engage the Chinese financial regulatory authorities with a view to building strategic and mutually beneficial relationships with key Chinese financial institutions.

“Given the growing economic importance of China in the world, and the increasing trade flows between the two countries, the CBN initiative is expected to secure a strategic advantage for Nigeria in its economic and trade relationship with the People’s Republic of China,”the statement declared.

It stated further that in order to strengthen collaboration between the monetary authorities of  the two countries, the CBN, on Monday, in Beijing, signed a Memorandum of Understanding (MoU) with the People’s Bank of China (PBoC) to foster greater cooperation in various areas of central banking. Governor Zhou Xiao Chuan signed on behalf of the PBoC while Mallam Sanusi Lamido Sanusi signed on behalf of the CBN. The signing ceremony was witnessed by His Excellency Alhaji Aminu Wali, Nigeria’s Ambassador to the People’s Republic of China and Mr Tunde Lemo, Deputy Governor (operations) of the CBN.

The statement noted that the current move by the apex bank to diversify the nation’s external reserves was consistent with the Transformation Agenda of President Jonathan.

http://tribune.com.ng/index.php/news/27830-foreign-reserves-fall-to-323bn

E hen, soo na lie GEJ SA Abati dey lie in the article 100 days of promising less and delivering more.

Foreign Reserves Rises by 10% to $34 Billion
GDP Growth Rate Holds Firm: Nigeria's GDP growth rate month over month has continued to grow from 6.7% in May to 6.9% in July of 2011.

http://www.nigeriavillagesquare.com/newsflash/100-days-of-promising-less-and-delivering-more-the-jonathan-transformational-agenda.html

Why are this people lying to u every God damn day

OAM4J:

[size=13pt]Foreign reserves fall to $32.3bn[/size]


The statement noted that the current move by the apex bank to diversify the nation’s external reserves was consistent with the Transformation Agenda of President Jonathan.

http://tribune.com.ng/index.php/news/27830-foreign-reserves-fall-to-323bn

we are waiting to see the outcome

wetin consign me if the thing fall to zero kobo, Wetin be the effect for man pikin when the thing be $300B, mpheeeew e never fall reach, useless fisherman,useless leaders

im just tired of discussing about this nation. even if it rises or drop there is no impact on the masses

show it to Reuben Abati, Goodluck mouthpiece.

sley4life:

im just tired of discussing about this nation. even if it rises or drop there is no impact on the masses

Abi o! we just keep hearing it nothing to show for it!

How are we sure there is a foreign reserve sef!

^^^
Atleast e dey on papers

Come on people, it's just a 11.14% decrease. Mr Sansusi wants to encourage more imports from China, so leave him to drain the entire reserve.

These pple have nothing to offer us (Nigerians) they are just after their own selfish interest.

[size=15pt]Nigeria to convert 10% of foreign reserves into Chinese Yuan[/size]

September 7  2011

The Governor of Nigeria’s Central Bank has announced its decision to convert up to ten percent of the country’s foreign reserve into the Chinese currency, the Yuan.

This would mean some 3.3 billion of the 33 billion dollar reserve would now be held in Yuan.

It makes Nigeria the first African country to do so.



Governor Lamido Sanusi says the move is to help the country reduce its reliance on the US dollar.

He told a conference in Beijing the state of the US economy means there is less appetite for holding the dollar.

A Kenyan Financial Analyst, Ali Khan Satsu told the BBC the move is in the right direction.

“Out of all the foreign reserves in the world, 67 per cent are held in US Dollars and then about 26 per cent the Euro and the balance is between these various other currencies but if you look at the state of the global economy now, China is such a big part of that equation,” he said.

Source: http://world.myjoyonline.com/pages/news/201109/72500.php