₦airaland Forum

Nigeria’s External
Reserve Gains $2.29
Billion In One Month
Under Buhari –CBN
Governor

The governor of Central Bank of Nigeria, Mr
Godwin Emefiele on Wednesday raised hope
on possible revival of the ailing Nigerian
economy disclosing that the apex bank has
been able to generate the sum of $2.29
billion into Nigeria’s external reserve within
a month.
The past government of former President
Goodluck Jonathan had allegedly deflated
the Nigeria’s external reserve with acts of
profligacy and impunity as a large chunk of
money was reportedly drawn from the
reserve to fund the last Presidential
election.
Newspot Nigeria quotes Emefiele as saying
that the feat was possible within the Period
President Muhammadu Buhari was sworn in
and now, just as he commended the
initiatives put in place by the President form
attaining the good result.
According to him, the Nigeria’s external
reserve started witnessing increase
following some measures taken by the
government to cushion the effects of the
sharp drop in the crude oil prices to the
tune of 45 percent.
He gave the cheering news after a closed
door meeting he held with the Senate
President, Bukola Saraki which lasted more
than 3 hours in the Senate.
He said, “Follwing the drop in crude prices as
high as 45%, and the fact that we had to
depreciate our currency from N155 to N197,
we also had to take certain decisions, to
ensure that we keep our reserve still looking
good.
“I commend the president, Muhammadu
Buhari for his dogged approach that all
leakages will be blocked.
“With those singular efforts and strong
determination, we have seen our foreign
reserves moving from $29bn when his
Excellency took office on the 29th of May to
$31.89bn.
“We briefed the Senate extensively on all
the actions we have taken, and other things
that we are going to do to continue to
strengthen Nigerian economy, make it
possible for our people to create jobs for
our people.
“And we are saying if we cannot employ
people, what action are we going to take to
ensure those who have entrepreneurial
skills create jobs for themselves and for
other people.
“I am delighted to mention to you that the
senate after almost about three hours
deliberation has graciously endorsed our
actions today for everything that we have
done.
“But I want to assure Nigerians that
whatever action we have taken is done in
the interest of our country”
“And I say that our reserve is our
commonwealth, and we have a right to
protect our foreign reserve.
“We are going to continue to avoid situation
where speculators and round strippers come
into the country and think of how they can
take advantage of what is happening as a
result in the drop in food prices to plunder
our reserves.
Responding, the Senate President expressed
delight in the report of improvement in the
national reserve given by the CBN governor.
He said the Senate would always cooperate
with the apex bank of Nigeria towards
ensuring full implementation of policies and
programmes aimed towards improving the
economy of Nigeria, most especially on
provision of gainful employment to teeming
majority of Nigerian.
Saraki commended the recent policies
initiated by CBN on rice, chicken, palm oil
and textiles, stressing that the Senate would
fully support the policies to develop the
Nigerian economy.

www.newspotng.com/nigerias-external-reserve-gains-2-29-billion-in-one-month-under-buhari-cbn-governor/


Seun, Lalasticlala, "CHANGi"

Day dreaming

Political exile till d ministerial list comes out

Dat wud be magic

LIEZIO

Typical effect of dangerous combo. The broom had indeed done more harm than good.

Nonsense

Na..sounds cheap propaganda and unprofessional reportage. A quick check on cbn website shows our reserves as at 7th July 2015 still at 29.5bn Naira. With the new circular by CBN yesterday curtailing use of Naira debit cards abroad simply tells me that our reserves are still troubled!

sholatech:
Na..sounds cheap propaganda and unprofessional reportage. A quick check on cbn website shows our reserves as at 7th July 2015 still at 29.5bn Naira. With the new circular by CBN yesterday curtailing use of Naira debit cards abroad simply tells me that our reserves are still troubled!

I think you should read this document from the CBN website. It is a press report uploaded today.


http://www.cenbank.org/Out/2015/CCD/Revised%20Governor's%20Opening%20RemarksSenate%20Leadership%20PresentationJuly%202015.pdf

sholatech:
Na..sounds cheap propaganda and unprofessional reportage. A quick check on cbn website shows our reserves as at 7th July 2015 still at 29.5bn Naira. With the new circular by CBN yesterday curtailing use of Naira debit cards abroad simply tells me that our reserves are still troubled!

If dey tell ya type to get a stable internet device so as to always get yasef well informed on current happenins in ya own Fathers land, una go say "Mba".

Why am I even replyin u sef?

Yup


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MichaelSokoto:
If dey tell ya type to get a stable internet device so as to always get yasef well informed on current happenins in ya own Fathers land, una go say "Mba".

Why am I even replyin u sef?

Just comparing what you type and my statement shows anyone and everyone who is more informed. Im sure you dont know what is meant by 'a check on CBN's website...'

TonySpike:
I think you should read this document from the CBN website. It is a press report uploaded today.


http://www.cenbank.org/Out/2015/CCD/Revised%20Governor's%20Opening%20RemarksSenate%20Leadership%20PresentationJuly%202015.pdf

Thanks Tonyspike.. This is now factual, but you can see that the reportage by Eaglesonline was unprofessional and several 'Jara' added. I guess CBN's moving average by tomorrow will reflect this

Foreign Reserve grew under Emefeile, same dude APC children of anger called for his sack.