Nigeria’s External Reserves Rise To 5-year High Of $41.09bn - Politics - Nairaland
Nairaland Forum › Nairaland General › Politics › Nigeria’s External Reserves Rise To 5-year High Of $41.09bn (1009 Views)
| Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by eyesoflagos(op): 4:04am On Feb 13, 2018 |
NIGERIA’S EXTERNAL RESERVES RISE TO 5-YEAR HIGH OF $41.09BN source: http://www.eyesoflagos.com/2018/02/nigerias-external-reserves-rise-to-5.html Nigeria’s foreign external reserves reached a 5-year high of $41.09 billion in February 8, 2018, latest data on the website of the Central Bank of Nigeria revealed yesterday. This is even as the price of crude at the international market remained stable. The apex bank noted that the rising exports in the country as well as increased confidence and inflow of foreign exchange through the Nigeria Autonomous Foreign Exchange (NAFEX) window were also factors contributing to the accretion of the external reserves. The reserves this year rose by $2.18 billion or 5.6 per cent from $38.91 billion it was as at January 2, 2018. The reserves, which had dropped to below $24 billion at the height of the oil price crash in 2016, has been accruing crossing $41 billion, a level it last achieved in December 2013. Analysts project that the reserves will continue to accrue this year, rising to almost $50 billion. CBN director, banking supervision, Eyes Of Lagos gahered that Ahmed Abdullahi, noted the increasing optimism in the Nigerian economy, saying it is being fueled by “the fact that we have a very low risk rating in the economy and we have one of the lowest risk premium as per the debt market. “There is a very high confidence in the economy occasioned by the fact that the reserves is at the highest level and we are talking of reserves of about $42 billion at the moment. We closed the year at about $40 billion in 2017 and it has risen to about $42 billion”, he added. The CBN had introduced several polices to increase the flow of foreign exchange into the country and stem the volatility at the foreign exchange market. The most successful policy of the apex bank, according to analysts, is the NAFEX, also known as the Investors and exporters window, which has seen an inflow of over $32.9 billion since its launch in April last year. According to analysts at FBNQuest, based on the balance of payments for the 12 months through to September 2017, the reserves at the end of January 2018 covered 15.1 months’ merchandise imports, and 10.2 months when services are added. FBNQuest analysts noted that the rapid accumulation of $12.69 billion over 12 months “is due to two sizeable Eurobond launches, a small diaspora bond issue and the recovery in oil export revenues (through the NNPC’s share of production). “We have to add the CBN’s foreign exchange reforms in H1 2017 because the substantial autonomous inflows have reduced its need to supply forex to the various windows. We should stress that the data are gross and mask the swap transactions the CBN has entered into with local banks”, they added.
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| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by Yyeske(m): 4:09am On Feb 13, 2018 |
Some people will not like this |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by Otapipia: 5:29am On Feb 13, 2018 |
Of what use is foreign reserves, when the people are bearing the burden of untold hardship. Tell that to the gods, we are not interested in a foreign reserve that will be looted and squandered during elections. |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by omowolewa: 6:43am On Feb 13, 2018 |
This your foreign reserve thing won't work ooo oo o! Maybe you try another thing like infrastructures, good security, higher employment rate, strengthened Naira, ending fuel queues and fairness in appointments. Ever since, its all about one imaginary savings at EFCC, at budget spendings, at foreign reserves, at FIRS, at Customs, at JAMB etc but Nigerians are still not feeling it. |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by sunbilor(m): 6:45am On Feb 13, 2018 |
omowolewa: . Make I no talk |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by Sagamaje(m): 6:51am On Feb 13, 2018 |
Borrow and put in foreign reserve = Buharinomics. No food, no fuel, no light and high indebtedness. Buhari is truly a cow |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by aolawale025: 7:20am On Feb 13, 2018 |
Good work. The FG should find a way to make a positive impact on the economy with the reserves |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by tiger28: 7:54am On Feb 13, 2018 |
I will say this again. STATISTICALLY without bias,buhari has done well. How he implemented the banking reform which GEJ found difficult to implement (because it will make it difficult for him to steal more), just imagine an ordinary ministry of education in oyo state had several bank accounts at the discretion of the commissioner of education. Who is watching the money ?? Imagine all the other ministries all over the country . Now, all the monies must be deposited at the central bank (govt bank)..which is what should have been done before. JAMB, CUSTOMS , NIMASA are all making unprecedented revenues in billions. Jamb alone made over 5 billion compared to 50 million in one year before. We are now producing 80% of rice compared to 100% importation before. WITHOUT BIAS, we cannot feel the change right now but the impact on the long run will be appreciated by all soon. Yes buhari is still surrounded by thieves, its hard to find angels in Nigeria today. |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by tiger28: 7:58am On Feb 13, 2018 |
Sagamaje:See this UNEDUCATED response. I will say this again. Most of the haters of this govt are the uneducated ones who canr understand simple economic analysis but filled with ethnic hatred..Just see this uttering illiterate! |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by gabolak(m): 8:02am On Feb 13, 2018 |
Good for the economy |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by gabolak(m): 8:03am On Feb 13, 2018 |
Good for our economy. |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by madridguy(m): 8:08am On Feb 13, 2018 |
Shhhh! The more APC keep saying external reserve has increased from$23b to $42b,the More PDP desperately want come back to whack it. |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by madridguy(m): 8:11am On Feb 13, 2018 |
You're patriot. tiger28: |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by papoudaupolos: 8:26am On Feb 13, 2018 |
omowolewa: Sagamaje:So much ignorance |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by mrvitalis(m): 8:44am On Feb 13, 2018 |
Otapipia:This one thinks foreign reserves are money you can share..... Lol And this one would be the first to call buhari ilitrate lol Son download free economics text and stop embarrassing yourself |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by tuniski: 8:53am On Feb 13, 2018 |
tiger28:You sure is gullible and a poor student of finance and economics! |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by mrvitalis(m): 8:55am On Feb 13, 2018 |
The higher your foreign reserves the more confidence investors have ----the more confidence investors have the more they invest -------the more they invest the more tax and employment for the host country country |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by tuniski: 8:58am On Feb 13, 2018 |
madridguy:Apc/buhari goons are very poor with finance and economic matters. Smh for you better go and learn rather than yarning thrash! |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by madridguy(m): 8:59am On Feb 13, 2018 |
Keep you advise for yourself ![]() tuniski: |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by 989900: 9:00am On Feb 13, 2018*. Modified: 9:15am On Feb 13, 2018 |
tiger28:While he has done well in the above mentioned and some other areas like Boko Haram, railway, etc., nepotism, tribal and religious bias/sentiments (especially the Fulani-herdsmen issue), inability to take/instigate prompt and proactive economic decisions to drastically reduce inflation and quality of life across board will be his undoing. About the reserves, if the reserves are above 41b (goodnews), and the highest we've ever achieved (Yar'dua @ 47b with exchange rate @ around N130-N140) at a boom period, then with the reforms in agric, reduced import bill etc, and the Naira still trades at N360 to a dollar -- then we're inadvertently help strengthening the dollar against the Naira to the detriment of the populace, especially when some are even getting the same dollar at N280, N305, etc. |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by Otapipia: 9:45am On Feb 13, 2018 |
mrvitalis:I bet you don't have a better understanding of any academic subject than myself. Yes, the foreign reserves of a country is not to be shared but in our clime our foreign reserves has often times been depleted to service self centred projects. This administration cannot boast of piling foreign reserves when everything seem to be going wrong on the home front. Next time you want to boast of your intellectual sagacity, please choose your opponent wisely. Don't have time to banter with slow pokes like you. Don't expect a reply. Ewu. |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by mrvitalis(m): 9:52am On Feb 13, 2018 |
Otapipia:Lol a country like Nigeria needs 120bn reserve at minimum So Mr smart what would you rather have the reserves used for Lol see this one |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by commoditiesnig(m): 10:05am On Feb 13, 2018 |
Good news |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by koladebrainiac(m): 10:28am On Feb 13, 2018 |
oshey badest buhari |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by uzomagic(m): 2:37pm On Mar 26, 2018 |
This is impressive! |
| Re: Nigeria’s External Reserves Rise To 5-year High Of $41.09bn by Nobody: 2:40pm On Mar 26, 2018 |
That is old school. it is 46bn dollars now |
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. Make I no talk
. Now, all the monies must be deposited at the central bank (govt bank)..which is what should have been done before. JAMB, CUSTOMS , NIMASA are all making unprecedented revenues in billions. Jamb alone made over 5 billion compared to 50 million in one year before. We are now producing 80% of rice compared to 100% importation before. WITHOUT BIAS, we cannot feel the change right now but the impact on the long run will be appreciated by all soon. Yes buhari is still surrounded by thieves, its hard to find angels in Nigeria today.