₦airaland Forum

Nigeria’s foreign exchange (FX) reserves rose to $41 billion on August 19 – the highest in four years.

The current record marks the highest level recorded since December 3, 2021, according to data obtained from the Central Bank of Nigeria (CBN).

TheCable Index analysis showed that the foreign reserves steadily climbed by 3.69 percent from $39.54 billion reported on August 1 to $41 billion on August 19.

The upward trajectory was maintained throughout the month as the reserves rose from $39.54 billion on August 1 to $39.99 billion on August 6.

On August 12, TheCable Index observed that Nigeria’s FX reserves had moved to $40.64 billion, and on Monday, there was an increase of 0.79 percent to $40.96 billion.

Olayemi Cardoso, governor of the CBN, had always stressed efforts by the bank to sustain growth in the FX reserves.

At the end of the monetary policy committee meeting, on July 22, Cardoso said the country was witnessing “sustained stability in the foreign exchange market”.

Cardoso also said there were increased capital inflows, improved crude oil production, rising non-oil exports, and reduced imports.

The CBN governor added that gross external reserves rose to $40.11 billion as of July 18, providing about 9.5 months of import cover.

https://www.thecable.ng/breaking-nigerias-fx-reserves-rise-to-41bn-first-time-since-2021/[sub][/sub]

Breaking NEWS: Peter Obi will go silent for two days and then go on a twitter rant complaining about multidimensional poverty in the north, and comparing Nigeria with Bangladesh, Malaysia, Indonesia and China. Why can't he compare Nigeria using examples of Anambra he governed? Instead, he is listing countries he did not contribute to governance.

Next time they ask for savings from subsidy removal, show them where some of it enters. We shore up our reserves instead of using the forex to subsidize an abused dual foreign exchange market.

Under Tinubu, Nigeria is rising, and so shall it rise. May those who never wish this country well but want power continue to agonize about Bangladesh, China, Indonesia and Anambrasia, and also be jumping from APGA to PDP to LP to ADC to confusion and form coalition and run out of the country because they cannot manage the heat from the coalition they set on fire.

While we commend Tinubu for raising the foreign reserves, we want him to engage in massive infrastructural development. We need rural penetration and overhaul of the grid system.

We also heard that police and soldiers extort trucks carrying food items that total taxes paid to security personnel can be up to 700,000 per truck. We'd ask that the administration looks into this and stop the extortionist tendencies. One way to do it is to ensure that security personnel patrol highways and do not set up road blocks to extort drivers.

We should not normalize evil.

Nigeria’s foreign exchange (FX) reserves rose to $41 billion on August 19 – the highest....

How does it positively affect bag of garri in the market?

Thundafireseun:
I know PO will not like this news…
More characters needed

How has the forex reserves reduced inflation and improved the living standard of Nigerians?

Emkz

Funny thing about this foreign reserve increasing is that it didn't happen coz of our government's good policies... it's just the international price of crude oil and other factors surrounding it that determines the state of our reserve

Policies and reforms of this government are taking shape, the experts are confirming the progress.

Hahahah, what would the opposition now use to campaign against the reelection of president Tinubu...

No doubt tinubu has handled the economy and the security far well within two years than Buhari handled it in 8 years.

What we need to see now is the positive impact on citizens.

Amazing news .
We no see changes on ground sha.
Forex grows but desert in the homes

Nice development for the Tinubu's government. However, forex upwards climb with no commensurate decline in inflation is of no use to a nation

Please do not post adverts in this section, to avoid being banned.

Nigeria and Nigerians shall be great and prosperous during the tenure of President Bola Ahmed Tinubu.

Exousiang01:
Watching them come out to say it's fake news and propaganda, when the same body says our reserves drop they believe but when the same government body says we have an increase they will say it's fake news.
And these are the set of people who claim to want the best for the country.
How more evil can a citizen be?

Bro another angle to their confusion. It's only those who are supporting this government are going through the hardship, they don't experience anything like hardship because this government policies are working for them.

Abi, if they are not experiencing the hardship and they are Nigerians, which most reside in Nigeria, it means this government policies are working which they are enjoying. Those who are not experiencing hardship want to use it to campaign against the reelection of president Tinubu

No be juju be that

Without direct reflections on the streets...it only means this Junk news na lamba .... dollar was 440( Official rate ) and 500 ( parallel market) In 2021 ....the more FX in our reserves, the more dollar drops in price....it's simply economics .... if 40b dollars reflected 440 in exchange with naira... why is same amount reflecting 1500 today??

What is the unemployment rate now?
Inflation rate?
Foreign exchange rate?
Compare to what we had in the past.

victorazyvictor:
Nigeria’s foreign exchange (FX) reserves rose to $41 billion on August 19 – the highest....

How does it positively affect bag of garri in the market?

Go and pack the dollar to buy garri now.
Have you ever had money to buy garri before

Thundafireseun:
I know PO will not like this news…
More characters needed

Like I told one of you yesterday, pls while defending this government or any private person, do not leave your brain behind. This is not to defend PO, but I find it funny that APC depleted the reserve in question, another APC government has grown a segment of it and are expecting applause. For what? My son bashes my car, I repair it and expect the community to praise me? Common!
Let the president and his cohorts concentrate on making life better for the citizens and leave the need for constant validation. He asked for the job(no, not asked, but did all manner to get d job n doing all manner to retain same), why expect constant praise for doing little to nothing?

Is 50kg rice now 9000? Is petrol now 150/ltr? Do most average government workers' salary comfortably feed em and their immediate family? If all this becomes a yes then, why won't people hail d government? (Atleast 9ja for don dey whr e bn dey as d biggest economy in Africa b4 APC)

i need this commendable development on 50 billion by next year ending before i celebrate properly. For now, the floor is open for deep sorrow and gnashing of teeth by the usuals.

Tinubu is not paying subsidy.
Tinubu has devalued naira.
The foreign reserve should be hitting 100 billion dollars..

Peter Obi what do you say now? Atiku what do you say?

Pls will this reduce the price of garri and rice in the market.

Pls translate this to better life to common man on d streets

Congratulations.

Life just got easy for all Nigerians.

As at this morning, bag of rice is 10k and fuel is 200 per liter.

lexy2014:
How has the forex reserves reduced inflation and improved the living standard of Nigerians?

Emkz

So, you don't know that the level of forex reserve of any nation is a major factor at boosting the confidence of foreign investors?

Please remove hatred from your heart and embrace possibilities and progress.

It's my daily prayers that the prosperity of Nigeria shall return, and our captivity shall be turned during the tenure of President Bola Ahmed Tinubu to the glory of God Almighty.

I have the confidence that it can never be worse than this. Not anymore, bcoz we've turned the curve Halleluyah.

The chopping of statistics continues...

Where will I find 6 more characters now?

APC BREAKING APC’s DISASTROUS RECORDs

And celebrating it.

The problem is not the records but those celebrating it

Tueeeeehhh

PheelzAlmighty:
As at this morning, bag of rice is 10k and fuel is 200 per liter.

You can say anything you like and if you're waiting for that then you're not ready for the new Nigeria. Please get a living.

Thundafireseun:
I know PO will not like this news…
More characters needed

Foools.. is it not same APC government that was in sit then??
Apc Depleted the reserves and whenever it goes up like it was before. It’s an achievement

emkz:
Breaking NEWS: Peter Obi will go silent for two days and then go on a twitter rant complaining about multidimensional poverty in the north, and comparing Nigeria with Bangladesh, Malaysia, Indonesia and China. Why can't he compare Nigeria using examples of Anambra he governed? Instead, he is listing countries he did not contribute to governance.

Next time they ask for savings from subsidy removal, show them where some of it enters. We shore up our reserves instead of using the forex to subsidize an abused dual foreign exchange market.

Under Tinubu, Nigeria is rising, and so shall it rise. May those who never wish this country well but want power continue to agonize about Bangladesh, China, Indonesia and Anambrasia, and also be jumping from APGA to PDP to LP to ADC to confusion and form coalition and run out of the country because they cannot manage the heat from the coalition they set on fire.

While we commend Tinubu for raising the foreign reserves, we want him to engage in massive infrastructural development. We need rural penetration and overhaul of the grid system.

We also heard that police and soldiers extort trucks carrying food items that total taxes paid to security personnel can be up to 700,000 per truck. We'd ask that the administration looks into this and stop the extortionist tendencies. One way to do it is to ensure that security personnel patrol highways and do not set up road blocks to extort drivers.

We should not normalize evil.

where was it before Jonathan handed power to APC??
This news says since 2021

Rilwayne001:
No doubt tinubu has handled the economy and the security far well within two years than Buhari handled it in 8 years.

What we need to see now is the positive impact on citizens.

that’s the format they will use to deceive low thinkers.
Give us another four years for the masses to start feeling the change or reforms. Mugus

Estello:
Nigeria’s foreign exchange (FX) reserves rose to $41 billion on August 19 – the highest in four years.


https://www.thecable.ng/breaking-nigerias-fx-reserves-rise-to-41bn-first-time-since-2021/[sub][/sub]

If this is true then why are we not at N300/$1 despite having $84 billion in subsidy savings and $3.3 billion Afreximbank loan?

Who is fooling who

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp