By Dipo Olowookere

For the first time in 2019, the external reserves of Africa’s largest economy, Nigeria, reached $44 billion on Monday, March 25, 2019.

Data obtained by Business Post from the website of the Central Bank of Nigeria (CBN) showed that the amount grew to the present level from $43.7 billion on Friday, March 22, 2019, representing 0.69 percent increase.

Business Post reports further that the last time the foreign reserves stayed in the $44 billion region was on October 2, 2018.

From October 3, 2018, the reserves started declining gradually to even $41 billion at some point in the year.

The CBN Governor, Mr Godwin Emefiele, who leaves office in June 2019, has managed the nation’s reserves effectively.

He has also regularly used part of the reserves to keep the local currency, the Naira, relatively stable at the foreign exchange market.

Every week, the apex bank intervenes in the forex market with the sale of $210 million to traders at the market.

This has kept the Naira relatively stable at N360-N363 per Dollar at the currency market since early 2016 when the intervention started.

The main source of forex for Nigeria is the sale of crude oil, though the present administration made efforts to diversify the economy when oil prices crashed in 2016.

https://businesspost.ng/2019/03/27/nigerias-external-reserves-hit-44bn-first-time-in-2019/

Good development .Dear God we Nigerians pray against the PDP era in Nigeria.

PDP Igbo people will still wail they prefer Ebele spending it like yahoo boy after all what is the saving for when the masses are suffering.

Buhari as no integrity but to list PDP politicians with beta integrity they find that excessively tasking.

PDP Igbo logic #

Sign of good things!

No website for that business of yours yet? Don't run business again as if you're still in the 19th century. Get your website/blog/software today at affordable price. Check my signature for contacts.

One a serious note the government of the day is trying his possible best to make sure all is well with Nigerian, take a closer look at the reserve from 2016/2019 its increasing, look at the exchange rate its been stable for quite some which is not too bad, but a lot has to be done on diversification most especially on agriculture, mining and tourism.
Education also have to be looked into, unemployment among our youths is the results of all the social vices. lastly irrespective of party affiliations corruption has to be stamped out of this country then we will have a better united Nigeria.

Criiminals are not welcome near it

External reserve $44 billion and Nigerians are suffering. How can a nation have money and not carrying out infrastructural projects.

$1 = N1

Worst worst $1 = 210 ( as Apc met it)

Anything else. Na sakamanje

On paper.

PMB is working!

Nice

Good for Nigeria, the Giant of Africa.

Then why still running to china at the slightest opportunity to borrow?

By this time after 2years of Jonathan, they had already squandered everything. Thank God for giving us Buhari.

A stable and robust Foreign reserve gives foreign investors confidence to invest in the economy, as they are sure whenever they want to pull out their investment from the country, the apex bank is capable of such transaction, this makes the economy attractive to foreign investors, and they bring there money and business to the most accomodating, educated, stable and secure zone in Nigeria.... SOUTHWEST Yoruba land while Piglets continue to wail.
With us not been among the top 6 most indebted country far behind Ethiopia, Kenya, Rwanda and Ghana things are beginning to look good all thanks to buhari's frugality


And to be fair and honest to PDP, Obasanjo and Yaradua maintained an healthy foreign reserve, it was Mr stealing isn't corruption that deflated it, even when okonjo iweala and sanusi advised him not to, Mama patience was his chief economic adviser




.

I hate it when people are just throwing figures around without development to back it up.

show us numbers of people, your govt lifted above poverty level,
show us current debt level against foreign reserve. you can't keep borrowing and claiming you are saving at the same time.

masses don't care about amount saved but can they get jobs, security, good road,good hospitals, good schools. etc

Some folks will not be happy 4 these developments again

SimplePlan34:
External reserve $44 billion and Nigerians are suffering. How can a nation have money and not carrying out infrastructural projects.

If you are blind such that you are not seeing infrastructural projects going on everywhere in the country since the inception of this administration, then it's a pity.

And the debt profile...

Bring it and share to every Nigerian before the cabals siphon it b4 the end of 2023 biko!
1billion now will be taken for honorarium, power bike purchases and vacation illegally for the cabals reward for rigging back to power

This figure always!it's 419

SimplePlan34:
External reserve $44 billion and Nigerians are suffering. How can a nation have money and not carrying out infrastructural projects.

Look around and if you don't travels, ask people that travels a lot. Federal government is trying with the infrastructure with the ordinary $44billion quoted as foreign reserve though they can do more . The main culprit of this are the governors. Over inflation of infrastructural projects by the governors is killing this country.
I worked with them for 3 years and I know what am saying.

Our major problem is the surfeit of sorcerers promoting themselves as " anointed men of God " in our land. They do incalculable harm in preventing us from knowing the true God and being blessed by Him.

Do you know the difference between the true faith of the Lord Jesus Christ and sorcery?

Are you a follower of Christ or His commander?

Do you fear God or you have been taught you, too, are a god now?

The evil of Pentecostalism is not small: wise people run from witchcraft.


www.thetruechristianfaith.com/2017/08/11/Christianity-or-sorcery/

Norway is embarking on a single covered bridge that will pass in the midst of ocean that is 4000ft deep and 3000ft wide to cut a journey of 23hours to 10hours, the first of its kind. The cost of the project is $45billion which is higher than our current foreign reserve and will be completed in 2035.
We could have saved enough money when our crude oil price was higher and stable and was selling well in the market before the crash in price world wide. I won't swear for those that milked this country dry but I hope they change their ways.

jy2kbeyond:
Then why still running to china at the slightest opportunity to borrow?

borrowing in our blood ni, nothing

we want it manifested in the life of common man on the street.pay your chinese suppliers through us.

Ignorant folks on here be ranting like that's a hell of money. BS, Nonsense, Crap!

A nation of 200 Million people couldn't boast of a foreign reserves of a several individual's net worth... Jeff Bezos is worth > $130 Billion, Bill Gates, Zuckerburg, Buffet et al... are all worth more than paltry foreign reserves yet, foolish ignorant folks on here think that's a hell of money for a nation of 200 Million monsters!

Who the thing epp

omega2128:
I hate it when people are just throwing figures around without development to back it up.

show us numbers of people, your govt lifted above poverty level,
show us current debt level against foreign reserve. you can't keep borrowing and claiming you are saving at the same time.

masses don't care about amount of saved but can they get jobs, security, good road,good hospitals, good schools.

kindly show us cedis to naira conversion and then google ghana cedis to learn more about d crdis re-dinomination

Most Nigerians are clueless on how this affects the country and they don’t even bother researching they’re ok with positive vibes alone while underneath ROT