By Modupe Gbadeyanka

The external reserves of Africa’s largest economy returned to $42 billion after one month it fell below this present level.

Data obtained by Business Post from the online portal of the Central Bank of Nigeria (CBN) showed that as at Wednesday, November 2, 2018, the amount left in Nigeria’s foreign reserves was $41.992 billion, approximately $42 billion.

On October 31, 2018, the reserves depleted to $41.995 billion from $42.062 billion the previous day and since then, things have been going badly.

At a point this month, precisely on November 22, the external reserves dropped to $41.523 billion, before starting to pick up since the next day to its present level.

Business Post reports that the decline in the foreign reserves was almost becoming a source of worry for analysts, coupled with the gradual fall in the prices of crude oil in the global market.

Nigeria depends mainly on the sale of the Brent crude oil to earn foreign exchange and at the moment, the commodity goes for $58 per barrel.

For a long time, the CBN, which manages nation’s reserves, has been supporting the Naira with the weekly sale of about $210 million to currency traders in the country.

This has left Naira relatively stable at N363 to a Dollar for a long time at the parallel market until few days ago when the local currency started to lose its value against the Dollar, hitting N370 at the close of transactions yesterday.

With the price of crude oil gradually declining as well as election spendings by politicians ahead of the 2019 polls, there are renewed fears that the Naira will continue to fall.

https://businesspost.ng/2018/11/30/nigerias-external-reserves-climb-back-to-42b/

Anything Buhari touches Dies

I just tire

Nigeria abeg make we explore other resources

When this oil go finish we go hear am oo

..

Issokay

Empty thread. Nigerians don't like positive news.

Na who give am the ladder wey e take climb?




Due to the current financial situation caused by the slowdown in the economy, the Government has decided to implement a scheme to put workers of 50 years of age and above on early, mandatory retirement, thus creating jobs and reducing unemployment.

This scheme will be known as RAPE (Retire Aged People Early).

Persons selected to be RAPED can apply to the Government to be considered for the SHAFT program (Special Help After Forced Termination).

Persons who have been RAPED and SHAFTED will be reviewed under the SCREW program (System Covering Retired-Early Workers).

A person may be RAPED once, SHAFTED twice and SCREWED as many times as the Government deems appropriate.

Persons who have been RAPED could get AIDS (Additional Income for Dependents & Spouse) or HERPES (Half Earnings for Retired Personnel Early Severance).

Obviously persons who have AIDS or HERPES will not be SHAFTED or SCREWED any further by the Government.

Persons who are not RAPED and are staying on will receive as much SHIT (Special High Intensity Training) as possible. The Government has always prided its self on the amount of SHIT it gives our citizens.

Should you feel that you do not receive enough SHIT, please bring this to the attention of your Representative at either the Senate or house of rep who has been trained to give you all the SHIT you can handle.

Sincerely,

The E.V.I.L. (Economic Value of Individual Lives) Committee

GOD BLESS NIGERIA

I was expecting to see BUHARI littered in this thread but now I get the fact that 60% nairalanders are just waiting for bad news... God b with ya all

Where can I find Nigeria ?

So we get this kin money wey dey save?
When hunger wan finish people

dipoolowoo:
By Modupe Gbadeyanka

The external reserves of Africa’s largest economy returned to $42 billion after one month it fell below this present level.

Data obtained by Business Post from the online portal of the Central Bank of Nigeria (CBN) showed that as at Wednesday, November 2, 2018, the amount left in Nigeria’s foreign reserves was $41.992 billion, approximately $42 billion.

On October 31, 2018, the reserves depleted to $41.995 billion from $42.062 billion the previous day and since then, things have been going badly.

At a point this month, precisely on November 22, the external reserves dropped to $41.523 billion, before starting to pick up since the next day to its present level.

Business Post reports that the decline in the foreign reserves was almost becoming a source of worry for analysts, coupled with the gradual fall in the prices of crude oil in the global market.

Nigeria depends mainly on the sale of the Brent crude oil to earn foreign exchange and at the moment, the commodity goes for $58 per barrel.

For a long time, the CBN, which manages nation’s reserves, has been supporting the Naira with the weekly sale of about $210 million to currency traders in the country.

This has left Naira relatively stable at N363 to a Dollar for a long time at the parallel market until few days ago when the local currency started to lose its value against the Dollar, hitting N370 at the close of transactions yesterday.

With the price of crude oil gradually declining as well as election spendings by politicians ahead of the 2019 polls, there are renewed fears that the Naira will continue to fall.

https://businesspost.ng/2018/11/30/nigerias-external-reserves-climb-back-to-42b/

since when?

What is the need of increasing the external reserve when the populace is plaqued with intense hardship and poverty. Until we learn to respect the naìra more than any other currency in the world, the naira and it users will continue to suffer.

If na to athiefulate na so they will flex thier muscle in the thread .lazy youth

Isnt it voodoo economics to save but your debt profile is over N11tr?

Even a year 1 under graduate know that there is no point saving money when there is economic downturn. It was keysian economic principles that bailed out America during d global depression. Buhari just is a mess.

NaijaOlosho:


Anything Buhari touches Dies

I just tire

Except the savings apparently.

Much better than a certain someone who drained the savings.....

I thought it was 47 billion dollars some months back

NaijaOlosho:


Anything Buhari touches Dies

I just tire

it was 25 billion dollars as as January 1st

Good

hmm

What is the need of increasing the external reserve when the populace is plaqued with intense hardship and poverty. Until we learn to respect the naìra more than any other currency in the world, the naira and it users will continue to suffer.IUKUK

Tolani0167:
What is the need of increasing the external reserve when the populace is plaqued with intense hardship and poverty. Until we learn to respect the naìra more than any other currency in the world, the naira and it users will continue to suffer.

No savings means one dollar exchanges for 10000 naira.

With severe inflation.

NaijaOlosho:


Anything Buhari touches Dies

I just tire

When your Otuoke fisherman left the external reserves at $27b even when the crude was at its peak. Are you not ashamed

NaijaOlosho:


Anything Buhari touches Dies

I just tire

You mean the way GEJ touched our foreign reserves and killed it to $27b but PMB has raised it above the $41b mark?

Buhari has a midas touch compared to the PDP death grip of 16 years

Its always climbing up and coming down, isn't God a wonderful God?

GavelSlam:
Post a thread that says "Nigeria's Foreign Reserves Now Down to 30 Billion Dollars" and see the vermins comment with multiple accounts.

God Bless Buhari.

E pain am

theoldpretender:


No savings means one dollar exchanges for 10000 naira.

With severe inflation.

You have the time to respond to these economically atikulooted brains