External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m - Business - Nairaland
Nairaland Forum › Nairaland General › Business › External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m (15368 Views)
| External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by STFUand4kMeHARD(op): 3:15am On Apr 06, 2016 |
After weeks of gradual build-up, Nigeria’s external reserves have begun to deplete again, dropping by $30.23 million as foreign investors exit the Nigerian markets. The reserves had dropped to $27.858 billion within 11 days as at Friday, April 1, 2016 from $27.888 billion which it was on March 21, 2016. The reserves had gradually risen since early February when it reached $27.894 billion. Foreign investors repatriating profits and others exiting the Nigeria equities and bond markets had last week triggered a rise in foreign exchange disbursement by some banks. Many of the investors, after liquidating their investments, secured forex to repatriate their funds through Stanbic IBTC Bank. The lender disbursed $19,305,571.50 to 68 customers, according to published disbursement data for last week. JPM London secured $3,331,564.24 from Stanbic IBTC for its divestment of equities and Federal Government of Nigeria (FGN) Bonds. There was also $2,010,690.01 disbursed to State Street/Stanbic Nominees-E by the lender for the same purpose. BP2S/BNP Pribas obtained $130,167.61; Standard Bank of South Africa, $541,671.31; Merrill Lynch International $63, 767.89; HSBC Funds Services London, $394,210.30; and The Bank of New York Mellon 2, $206,317.82. The foreign investors have been pressurising the Central Bank of Nigeria (CBN) to devalue the naira, which it has vehemently resisted. Last week’s repatriation of investments is expected to continue in the months ahead as the margin between the official exchange rates has continued to widen. Source: http://leadership.ng/news/515529/external-reserves-drop-27-85bn-foreign-investors-repatriate-30-2m 1 Like |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by STFUand4kMeHARD(op): 3:17am On Apr 06, 2016 |
  Oya let the zombies come sing once more of how this is next best thing for the economy after bole and ewa 66 Likes 2 Shares |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Jirate(m): 4:09am On Apr 06, 2016 |
Another Sign that this Administration is a Complete Failure, which ever way you might want to look at it. Despite their so call War on Corruption, foreign investors are all leaving in droves, when we talk, they say we are wailing. They forget that He who wears the Shoe knows exactly where it pinches. Buhari is Bad Luck. I am yet to see the benefit of having him as our Leader at this point in time.  91 Likes 4 Shares
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| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by ATERI(m): 4:16am On Apr 06, 2016 |
To hell with foreign investors!! 8 Likes 2 Shares |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by onatisi(m): 4:16am On Apr 06, 2016 |
Jirate: 27 Likes 2 Shares
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| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Nobody: 4:36am On Apr 06, 2016 |
NAIJA is crashing like a plane, not just any plane crash but BELLVIEW plane crash. I don't have too many regrets because none of my folks contributed to this mess of voting for APC. 55 Likes 1 Share |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by TPAND(f): 6:14am On Apr 06, 2016 |
Buhari's mental capacity to understand the present economic woes is in diminution. Each passing day the level of his foolishness increases by 20 light years. Take it or leave it, he can't handle the demands & pressures of being the No. 1 man of Nigeria. Age is telling on him, he face is shrinking faster than expected, same goes for his brains Before Buhari destroys the future of Nigeria, we better collect signatures to get him out before December. Obviously Buhari is the clueless one 58 Likes 3 Shares |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by NavierStokes(m): 6:16am On Apr 06, 2016 |
I thought CBN said Nigerians have $20billion sitting idle in their accounts, remittances from diaspora for 2015 was $21billion, so why is the reserve still around $27billion? Lies everywhere!!!!! 20 Likes 1 Share |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by ajepako(f): 6:18am On Apr 06, 2016 |
Source is Leadership Newspaper..a real mouthpiece of APC Now they are wailing? l cant ' fit' laugh.....  50 Likes 4 Shares |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Pidggin(f): 6:49am On Apr 06, 2016 |
Buhari is an economic Sunami 24 Likes 1 Share |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by slap1(m): 7:14am On Apr 06, 2016 |
Where are all those brainwashed zombies that voted the dullard? Zombies be missing in action since Buhari, the cattle rearer of Daura, has shown there is really a limit to what he can do at 74.  We warned them. Where is Wole Soyinka (I still respect you, my prof)? David West? Father Mbaka? OBJ and the other despicable creatures who hypnotized the zombies with impeccable thoroughness? Where are they? 49 Likes 2 Shares |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Nobody: 7:15am On Apr 06, 2016 |
Wailers....food is ready. On a more serious note... The problem is that we are not earning enough forex from oil. And we should have saved money last time....but GEJ somehow did not improve on Yaradua's success in raising our ECA to 60bn....he knocked it down to 32bn. Let's be frank, we have a situation where we are no longer earning enough from oil.(And we are going to earn less as the glut continues) And PMB is not doing what needs to be done....cutting subsides, raising taxes, spending more on power and transport...so that eventually Nigeria would be able to get off oil for good. Nigeria needs to be free from oil. We need to become a manufacturing power....who manufactures goods for the export market...so that we can be like China....a superpower who gives loans to other poor nations. So....if you want your ECA imporved....you have to go manufacturing. Oil is a spent force. 21 Likes 2 Shares |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Sijo01(f): 7:15am On Apr 06, 2016 |
Why won't it drop when booohari is still the president . I know apc gonna blame PDP for the drop 25 Likes 1 Share |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Nobody: 7:15am On Apr 06, 2016 |
slap1:Takes one to know one  7 Likes |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Shokoloko(f): 7:15am On Apr 06, 2016 |
Which way Nigeria? 2 Likes |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Nobody: 7:16am On Apr 06, 2016 |
Sijo01:It is dropping because our economy is pegged to oil...which your dear darling PDP did nothing about for 16 years...despite being given the money to deal with it. And diversification takes time. 13 Likes 2 Shares |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Nobody: 7:17am On Apr 06, 2016 |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by ifyalways(f): 7:17am On Apr 06, 2016 |
Economists in the house, how does this concern or affect the common man? Another bout of inflation? We shall overcome this government and all their unfriendly policies. I pay : PIT VAT FIRS company tax Stamp duty charge Land use charge Yet, I take care of my water, light, security etc. When will the Government start working for the masses? 27 Likes 1 Share |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by vayne(m): 7:18am On Apr 06, 2016 |
We shouldn't wait till 2019 before give this kunu man some impeachment knockout punch! 13 Likes |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by obynocute(m): 7:18am On Apr 06, 2016 |
how iz dat buharis fault.... mk una free d man joor..... 4 Likes 1 Share |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Isangad1(m): 7:18am On Apr 06, 2016 |
but they said Ajala travel is bringing in investors.
am confused o 21 Likes 1 Share |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Nobody: 7:18am On Apr 06, 2016 |
Isangad1:How will any right thinking investor come invest in a place where there is no electricity, no infrastructure to support your investments Its just like saying you want to marry a wife but you dont have a house to put her in. You go meet the girl and her parents to help you build a house where two of you will reside in. 16 Likes 1 Share |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Nobody: 7:19am On Apr 06, 2016 |
I See War Coming 4 Likes |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Tallesty1(m): 7:19am On Apr 06, 2016 |
7 Likes |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by glook(f): 7:19am On Apr 06, 2016 |
Jirate:Do you want him to satisfy the foreign investors which will lead to more sufferings for Nigerians? What is your solution? 8 Likes 2 Shares |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Firefire(m): 7:19am On Apr 06, 2016*. Modified: 7:42am On Apr 06, 2016 |
President Mohomodu Buhari is an economic disaster, the earlier he resign or 'CHANGE GEAR', the better for the Nigerian economy and for Nigerians. Few more delays might collapse the country's economy completely. I sense state of anarchy soon. May God help Nigeria. 17 Likes 3 Shares
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| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by adedam007(m): 7:19am On Apr 06, 2016 |
1 Like |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Firefire(m): 7:19am On Apr 06, 2016 |
ajepako:Nigeria is sinking faster into the abyss, we cannot continue like this... _Ngenekwenu  4 Likes 1 Share |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Nobody: 7:20am On Apr 06, 2016 |
I don't believe the Govt, news, pastors, bloggers and even Nairalanders anymore. What do you expect from a lawless nation where someone can eat A billion and sleeps at night peacefully without worrying about the law. 2 Likes |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by Nobody: 7:20am On Apr 06, 2016*. Modified: 7:45am On Apr 06, 2016 |
By the time buhari finish with this country our foreign reserve will be in Ghanaian Cedi 9 Likes 1 Share |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by disloman(m): 7:21am On Apr 06, 2016 |
Lies Lies Lies |
| Re: External Reserves Drop To $27.85bn As Foreign Investors Repatriate $30.2m by tolexy007(m): 7:22am On Apr 06, 2016 |
TPAND:may God save us, 1 Like 1 Share |
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