₦airaland Forum

Nigeria’s foreign exchange reserves which stood at $29.00 billion as at June 30 rose to $29.719 billion on July 8, indicating that it grew by $719 million during the eight day period, data from the Central Bank of Nigeria (CBN), showed on Sunday.

Since June 30, the reserves have been increasing consistently. The figure was $29,077,255,136 on July 1, $29,157,103,039 on July 2, $29,276,820,453 on July 3, $29,548,987,037 on July 6, and $29,630,428,497 on July 7.

The nation’s foreign exchange reserves declined 22.1 percent year-on-year from $37.26 billion as at the end of June.

As at January 5 this year, the CBN had pegged the nation’s foreign exchange reserves at $34.49 billion.

The Federal Government had through fiscal policies made attempts since 2013 to shore up the foreign reserves to $50 billion.

The CBN had in 2014 relied heavily on external reserves to support the Naira which came under pressure following falling international prices of crude oil.

Rather than continue to defend the Naira in order to maintain exchange rate stability, Kate Isabota, an analyst at Dunn Loren Merrifield, advised the CBN to further devalue the currency in the current year to ease the rapid depletion of the nation’s external reserves.

Due to the fact that the nation’s economy is sensitive to oil price shocks, to the extent that any development in the domestic and international oil markets has a ripple effect on most macro-economic indicators, the naira has come under immense pressure which has been largely sustained since August 2014 with the apex bank implementing strategies in a bid to maintain exchange rate stability.

Some of the various policy measures introduced by the CBN in recent months to ease the significant pressure on the naira were the movement of the midpoint of the official window of the foreign exchange market to N168/$1 in November 2014 and the closure of the RDAS/WDAS foreign exchange window in February 2015.

However, she pointed out that the renewed pressure on the naira in recent weeks has exacerbated the depletion of the nation’s external reserves as the CBN remains keen on defending the naira, as the external reserves steadily declined in the last one month to current level of $29.00 billion – the lowest in over 54 months considered.

More recently, the CBN issued a circular which excluded importers of 41 selected goods and services from accessing foreign exchange at the Nigerian foreign exchange markets. They include: rice, cement, margarine, palm kernel/ palm oil products/ vegetable oils, meat and processed meat products, poultry – chicken, eggs, turkey, private airlines/ jets, furniture, toothpicks, textiles, woven fabrics, clothes, plastic and rubber products, soap and cosmetics, tomatoes/ tomatoes paste and euro bond/ foreign currency bond/ share purchases, amongst others.

Source: http://dailyindependentnig.com/2015/07/foreign-reserves-rise-719m-eight-days/

Please do let us know the final outcome. The immigration officers are beginning to act funny these days. See if you can also be compensated assuming the seizure affected you negatively.

Pidggin:
Post all information you know about studying in Ireland. From what I hear the standard of education in Ireland and Northern Ireland is as good as it is in UK and other western countries, plus it is not as expensive as studying in UK. I don't think obtaining their study visa is as difficult as UK study visa, and life is cheaper and more opportunity for work. I will be doing a bit of research on this. Join me and post what you know about studying and working in Ireland. I promise I will be learning and becoming a pro on this issue. Ask any questions or post your thoughts.

Is Northern Ireland no longer part of the UK?

tai2:
http://www.dailymail.co.uk/news/article-3158012/Foreign-students-banned-working-forced-leave-UK-course-ends.html

U.K has just announced plans to force students to leave when their course ends. After spending 6 or 7 million they will send you home with your qualifications. Compared to Canada and Australia them that allow you to work for several years after graduation. Yet some would have you believe that the U.K of 7 years ago is the same now. If you're not a top-tier professional, getting ILR is difficult through normal means, talk less of finding work. People should do research before they just wake up and go anywhere to avoid stories that touch.

Mbok does the N7m include right to stay? If not then they have the right to choose whether they want them to stay or not. If the students are not happy then they can go elsewhere, abi?

EverestdeBliu:
...Diffa is in Niger Republic,not Niger state
Cc Lalasticlala edit the topic

Nairaland is becoming a "soft sell" site. Seun needs to train his super moderators or employ new ones. Even when it is obvious that it is in Niger republic, the moderators have not deem it fit to modify the title - Perhaps to cause chaos in the land.

Why would they put the complete card number there? What if the card is still active?

kene05:
As we all know whatsapp has bin in existence for a long while before telegram came up, i will always prefer telegram to whatsapp for the following reasons
1. File sharing is very swift and durable on telegram, one can share files of 100mb or more to friends and loved ones, whereas on whatsapp you can only share the link to those files which i see as a long process.

2. Telegram has some added functions which can keep one busy incase your friends are not online e.g trivia bot, facts, quizz, and so, this feature is not available on whatsapp

3. Telegram have many more fun smileys and funny icons than whatsapp...
My last kobo whatsapp is just up there because of the traffic they have acquired over the years, i bet if they came out the same time telegram would have surpassed whatsapp! What's your take on this?

Please what do you mean by "durable"?

It may be an error in printing the date.

5 cars for presidential movement = $400m
2 cars for airport movement = $200m
Why haven't anyone arrested the former aviation minister?

barcanista:
We will have to do plus and minus to get that. If the FG and states shared N6.21trn, and the FG still spend $2bilion and left $2billion in savings, that should tell how much was saved by GEJ's government between 2011 and 2014 (until the drop in oil price).

Remember as at August 2010 the ECA was meagre $450m

That's roughly $42B at the rate of N160 to the $.
This is besides the actual revenue accruable to the government from oil and other sources. I personally can't point to anything tangible done by the state and Federal governments with all the money.

Also, you keep referring to $450m left by Yaradua as if President Jonathan was not part of that government. You asked what Oshiomole and other governors said or did to prevent withdrawals from the ECA, now I ask, what did GEJ do to prevent withdrawals form the ECA as the then VP? He was the head of the National Economic council so he was very influential.

barcanista:
.

Please how much was the total amount accruable to the ECA during GEJs tenure?

If the Governors of Gombe and Akwa Ibom can't prevent a witch-hunt, blame them.

Pride. Just like the PDP said they'll rule for 60 years. I personally don't see APC winning Lagos in 2019 except Ambode delivers exceptionally.

neocortex:
In saner clime , people celebrate conviction not court appearance.
He could appear in court a million times with no conviction
at the end of the day.
Remember the man ran away after being impeached.

Absolutely. I was trying to let him know that he jumped the gun when he alleged that Nyako had been let off.

But Barcanista wrote a lengthy piece claiming he has been let off the hook. So what happened?

Why? and where is the source? Don't ask me to click that thing you put there as source because it could be a virus.

It may be morally wrong, but he can do what he likes with his money as long as it is legal.

barcanista:
Thank you GEJ for prosecuting Nnamani. Thank you Chime for cooperating with the EFCC.


When will Buhari start his own probe of corrupt officials?

if he is discharged by the court then it's Buhari's fault but when convicted it is GEJs doing. Double standard.

I have noticed that companies have been recruiting massively since may 29. Has anyone else noticed or is it just me?

I studied my school map for several months before my arrival that I knew most roads and buildings in and around the school. I used google maps streetview so I was able to recognise some of the buildings when I saw them.

Abagworo:
There is walkway but you cannot see it from the pictures because of trees. The walkways are cool and well off the road.

Ok, that's excellent.
The lawns look well kept. I wish Nigerians could take good care of their immediate environment like that.

Abagworo:
Every city has the dense side and resultant challenges.

I can't see walkways, any reason for that? How do residents go for a walk or early morning exercise without the danger of being hit by a car?

Good news for the suspects and their families. The Army, like the Police, went about arresting innocent people as Boko Haram suspects most of whom have been in detention for many months without trial. They should ensure that those they are releasing are not involved in the insurgency.

What? Was he the one that forged it?

This man sabi maths so?

[quote author=Jobaye1 post=35455634][/quote]Curious, why do you want to liquefy it?

Jobaye1:
Focus on the big picture.lol

Nna na wetin I see for the picture o.

But your kitchen looks very dirty.

Better safe than sorry.

Can we at least wait for major appointments like the ministers to be made first? All this bickering won't take us anywhere.

Goodluck Jonathan o...

CENTRAL bankers may talk in martial terms of defending currencies against bloodthirsty speculators, but they seldom suffer wounds more grievous than a bruising of their egos. They can, however, cause untold harm to economies, as the Central Bank of Nigeria (CBN) is doing in puffing up its exchange rate.

The naira has been hit hard by a fall in the price of oil, Nigeria’s main export. The official exchange rate has slumped by almost 20% over the past year to about 196 naira per dollar. The black market rate, a more accurate gauge, is close to 230. Instead of allowing the naira to devalue, the central bank is trying to defend it by blocking imports. It has drawn up a list of disfavoured goods, and will not grant foreign exchange to import them.

Godwin Emefiele, the governor of the central bank, said he wants to conserve foreign reserves (which have fallen by about a fifth over the past year and now cover only six months of imports) and stimulate local production. “Nigeria cannot attain its true [potential] by simply importing everything,” he said.


The hit list appears to have been drawn up by someone wandering around a home and a building site and randomly pointing at items. It includes Indian incense, toothpicks and wire rods as well as more obvious luxuries such as private jets (demand for which could be slashed by simply barring government officials from flying in them). It also includes basics such as rice and tinned fish. Nigeria does not produce enough of these things to feed itself, but no matter. The nation must be shielded from foreign sardines.

Economists find the policy baffling. Central banks usually prop up their currencies if they are worried about inflation, or allow them to devalue to depress imports and stimulate exports. Nigeria, by contrast, appears to be set on achieving both an uncompetitive exchange rate and higher inflation. Whereas many investors were impressed by the previous CBN governor, Lamido Sanusi, who was sacked for exposing corruption, they fret about the harm being inflicted by the current one. Some wonder which would be worse for Nigeria: allowing him to serve the remaining four years of his term or undermining the independence of the central bank by sacking him.

http://www.economist.com/news/middle-east-and-africa/21656700-desperate-measures-bank-toothpick-alert?fb_action_ids=10153486954544343&fb_action_types=og.likes&fb_ref=scn%2Ffb_ec%2Ftoothpick_alert

Forced out you mean?