₦airaland Forum

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has stated that the country’s external reserve has increased to $36.89 billion as of July, 16 2024.

CBN Governor, Mr. Olayemi Cardoso, made this statement during an engagement with the Senate Committee on Banking, Insurance, and Other Financial Institutions in Abuja on Friday. He noted that the CBN’s monetary policies and actions have stimulated growth and stability in the nation’s economy.

According to him, the nation’s external reserves of the end of June, could finance over 11 months of imports for goods and services, or 14 months for goods alone.

Cardoso explained that this is significantly higher than the international benchmark of 3.0 months, indicating a strong buffer against external shocks.

He also noted that the banking sector remains robust and diverse, comprising 26 commercial banks, six merchant banks, and four non-interest banks.

He said, “The spread between official and BDC rates has narrowed significantly from N162.62 in January to N47.22 in June indicating successful price discovery, increased market efficiency and reduced arbitrage opportunities.

“The stock of external reserves increased to 36.89 billion dollars as of July 16, compared with 33.22 billion dollars as at end-Dec 2023, driven largely by receipts from crude oil-related taxes and third-party receipts. In the first quarter of 2024, we maintained a current account surplus and saw improvements in our trade balance.”

Source: https://nairametrics.com/2024/07/20/nigerias-external-reserve-has-risen-to-36-89-billion-cardoso/

Just like the Naira.

Ok

Bitter Obi fans in the mud

Let’s take it to $50billion.

Then we will have enough arsenal to control the forex narrative and stabilize the naira to a bearable level.

Bitter Obi, bring the hero beer, let us celebrate.

Paraman:
Bitter Obi fans in the mud

Clown

LegendHero:
Let’s take it to $50billion.

Then we will have enough arsenal to control the forex narrative and stabilize the naira to a bearable level.

Arsenal ko, Liverpool ni😂

Make believe!

Buhari handed down $35.09b to Thiefņubu in May 2023, so what's the big deal?

Something that hit 40 billion at some point in previous administration.


Na ignoramus go dey dance makosa cos of this news.

Shikini:
Buhari handed down $35.09b to Thiefņubu in May 2023, so what's the big deal?

He handed $35b with over $7bn backlog that Tinubu had to clear.

This Tinibu Government and lies ... They are inseparable 🙄🙄🙄

God on our side

But some people won't still be happy I know

Reserve keep rising yet people keep dying
Well done Mr but can we just work effectively on bringing down inflation and the dollar rate

The figures are gradually getting better!
Na make he translate to wealth and prosperity for the masses remain!

God bless Nigeria!

Audio Risen, how did this reduce the food commodity at the local market

Is only a foolish and senseless people that will take Olayemi Cardoso and his drug baron master seriously.

#EndbadgovernmentinNigeria#

Leave grammar. Open the borders.

Let's hope so. Let's hope this is not audio.

Just shows how broke we are as a nation.

Strong nations are..exporters of manufactured goods and services

Enemies of Nigeria, come and wail.

Hehehe

Bad news just full everywhere for Sunday morning.

Another bad news for those who cannot fight against bad governance in their region but want to liberate other regions.

Awon eranko jatijati

Lol. Will all this reduce the high cost of living in Nigeria? I don't think so.

This was the fundamental reason for colonisation. To rope Africa into this criminal international financial system.

Whereby a country will have tens of billions of dollars ''in foreign reserves'' while children walk around hungry.

Nonsense.

Make hackers thief all the money

99thEnemy:

Enemies of Nigeria come and wail.

36 billion is not enough for a nation our size

It has been 30 something before Buhari
Yar’adua took it much higher
This is not an achievement

Can someone tell this incompetent propagandist that a tuber of yam is 10,000

I repeat 10k

I used to buy it 800 naira during Jonathan's tenure before Tinubu brought Buhari

The country is collapsing and they're spreading propaganda

LegendHero:
Source: https://nairametrics.com/2024/07/20/nigerias-external-reserve-has-risen-to-36-89-billion-cardoso/

Propaganda as usual

Audio talks