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Nigeria's Foreign Reserve Rises To $41.3billion - Business - Nairaland

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Nigeria's Foreign Reserve Rises To $41.3billion by HammedSodiqq: 9:26am On Oct 04, 2012
The nation’s foreign exchange rose further to $41.3 billion even as the Central Bank of Nigeria, CBN, sold $177 million at the bi-weekly Wholesale Dutch Auction System, WDAS, session.
According to the CBN, foreign reserves rose to $41.33 billion on Tuesday from $41.186 billion at the end of last month. This represented a 0.3 per cent increase and a 26 month high when compared with its level  of $38.59 billion as at August 10, 2010.
Meanwhile, the CBN sold $177 million at the WDAS session, while the naira appreciated in official market and interbank market.

Result of the WDAS showed that the official exchange rate dropped to N155.77 per dollar from N155.78 last week, representing one kobo appreciation for the naira.
At the interbank foreign exchange market, the naira gained 10 kobo following foreign exchange sales by two oil firms.
Consequently, the interbank exchange rate dropped to N157.15 per dollar from N157.25 the previous day.

On the international scene, the dollar rose against most of its major peers as investors seeking a refuge from signs of slower global growth ignored U.S. reports showing the service industries and private employment expanded more than forecast.

Australia ’s dollar slid to the least in almost a month after the nation had its widest trade deficit since 2008 and data showed China ’s services industry expanded the least in more than a year.
The euro was little changed versus the greenback after a report showed the region’s services and manufacturing shrank.
The U.S. jobless rate rose, a report may show Oct. 5. “The overall backdrop is still that of weak data around the world,” Vassili Serebriakov, a currency strategist at Wells Fargo & Co. in New York, said in a telephone interview. “There’s also probably some caution around more subdued market trends ahead of key events later this week.”

The dollar gained 0.5 percent to 78.57 yen at 11:58 a.m. New York time and touched 78.59 yen, the highest level since Sept. 19. It traded at $1.2913 per euro. The 17-nation currency advanced 0.5 percent to 101.45 yen.
Implied volatility, which signals the expected pace of currency swings, was at almost a five-year low. It was 7.80 percent, after touching 7.73 percent on Sept. 28, the least since October 2007, a JPMorgan Chase & Co. index for the currencies of Group-of-Seven nations showed. Lower volatility makes investments in currencies with higher benchmark lending rates more attractive because the risk in such trades is that market moves will erase profit.

The Dollar Index  , which tracks the U.S. currency against those of six major trading partners, rose 0.2 percent to 79.899, snapping a two-day decline.
“The dollar is being bid up to some degree on the back of uncertainties that maybe perhaps be emanating from the euro zone,” said Jack Spitz, Managing Director of foreign exchange at National Bank of Canada in Toronto.

http://www.vanguardngr.com/2012/10/nigerias-foreign-reserve-rises-to-41-3bn/
Re: Nigeria's Foreign Reserve Rises To $41.3billion by Joeadamu86: 9:40am On Oct 04, 2012
This is a positive development,it shows how prudent this administration,let this tempo be maintained..
Re: Nigeria's Foreign Reserve Rises To $41.3billion by bubadaniel13: 10:40am On Oct 04, 2012
Hurray!the govt is not doing badly at all....more of that.
Re: Nigeria's Foreign Reserve Rises To $41.3billion by Vogue50: 11:28am On Oct 04, 2012
This is great ! I commend the present administration. It's nice experiencing economic growth.
Re: Nigeria's Foreign Reserve Rises To $41.3billion by HammedSodiqq: 1:29pm On Oct 04, 2012
Good for GEJ'S admin
Re: Nigeria's Foreign Reserve Rises To $41.3billion by FrankC3: 1:51pm On Oct 04, 2012
Now this is not a front page new. You know why? because it does not look like this: "Nigeria Accounts For 25% Of Global Kidnappings"

I wonder what will make people to celebrate bad news about their country while dismissing any good news emanating from same. Very pathetic!!!

2 Likes

Re: Nigeria's Foreign Reserve Rises To $41.3billion by Nobody: 2:53pm On Oct 04, 2012
0.3 per cent increase is bullshit. I expected higher increase in reserve based on the Economic Growth Indices, but its a sign of positivism no doubts.
Re: Nigeria's Foreign Reserve Rises To $41.3billion by solomon111(m): 3:06pm On Oct 04, 2012
Why are the ACN sycophants,arm-chair critics,and pseudo-intellectual analysts missing from this thread?
Lol.
Re: Nigeria's Foreign Reserve Rises To $41.3billion by solomon111(m): 3:09pm On Oct 04, 2012
solomon111: Why are the ACN sycophants,arm-chair critics,and pseudo-intellectual analysts missing from this thread?
Lol.
lest i forget,i remember NOI setting a target of $50billion at the beginning of her tenure.
She is well on her way to accomplish that.
Re: Nigeria's Foreign Reserve Rises To $41.3billion by usmanyaro17: 3:19pm On Oct 04, 2012
Frank-C:
Now this is not a front page new. You know why? because it does not look like this: "Nigeria Accounts For 25% Of Global Kidnappings"

I wonder what will make people to celebrate bad news about their country while dismissing any good news emanating from same. Very pathetic!!!
Walahi my brother,when something like this is happening some unpatriotic citizens are not happy,as if they have another different country,we must celebrate our country when things are getting better,kudos to the Economic team of GEJ for this feat it's an indication that our financial future is secured....

1 Like

Re: Nigeria's Foreign Reserve Rises To $41.3billion by Euroclydon(m): 3:26pm On Oct 04, 2012
Frank-C:
Now this is not a front page new. You know why? because it does not look like this: "Nigeria Accounts For 25% Of Global Kidnappings"

I wonder what will make people to celebrate bad news about their country while dismissing any good news emanating from same. Very pathetic!!!



[size=14pt]you are so negative....too bad for this country! i bet you hate your job too...thats if you have any,and u must have series of complain about your girlfriend,wife or partner....jeez!!! Check yourself man![/size]
Re: Nigeria's Foreign Reserve Rises To $41.3billion by manny4life(m): 3:29pm On Oct 04, 2012
Billyonaire: 0.3 per cent increase is bullshit. I expected higher increase in reserve based on the Economic Growth Indices, but its a sign of positivism no doubts.

Economic growth from where? Besides, the 0.3% was % change from the previous month. At what rate is Nigeria's economy growing? Take that, and compare, if everything remain equal, is the cumulative annual increase not close to Nigeria's annual growth rate?

Besides, I don't know how they got 0.3%, that's a WRONG number. Based on what they submitted, that's a 1.28% increase.

Btw, @ Topic, this is good news, growth is there, but we need development to sustain our growth.
Re: Nigeria's Foreign Reserve Rises To $41.3billion by Zutchy: 3:32pm On Oct 04, 2012
I thought some senseless people said that this govt is wasteful,please somebody should tell me something,when your foreign reserve rises doesn't it mean that you are saving more and cutting down on your expenditure,so it means therefore that this govt is being prudent with the resources at its disposal.nice one to GEJ and the indomitable NOI.
Re: Nigeria's Foreign Reserve Rises To $41.3billion by Idokojimmy: 3:36pm On Oct 04, 2012
Gradually, GEJ is becoming the most loved president. Recording growth in virtually all sectors. One good term deserves another
Re: Nigeria's Foreign Reserve Rises To $41.3billion by Okijajuju1(m): 3:36pm On Oct 04, 2012
SHEY NA GOODLUCK JONATHAN BE PRESIDENT?!! I'm not surprised
Re: Nigeria's Foreign Reserve Rises To $41.3billion by BeraBera(f): 3:42pm On Oct 04, 2012
Wow! Just a stone-throw to NOI's 50 billion foreign reserve target.
My concern is that the money should not "miss" o!
Re: Nigeria's Foreign Reserve Rises To $41.3billion by BeraBera(f): 3:42pm On Oct 04, 2012
Okija_juju: SHEY NA GOODLUCK JONATHAN BE PRESIDENT?!! I'm not surprised
Meaning?
Re: Nigeria's Foreign Reserve Rises To $41.3billion by Lamasta(m): 3:46pm On Oct 04, 2012
[color=#000099][/color]We are gradually making progress, kudos to the economic team
Re: Nigeria's Foreign Reserve Rises To $41.3billion by 2good(m): 4:11pm On Oct 04, 2012
Joeadamu86: This is a positive development,it shows how prudent this administration,let this tempo be maintained..

Of what use is the reserve when there are no good roads, the educational system is seriously in need of proper funding, electricity supply is still an issue and poverty is generally high in the country. Positive economic indices only makes sense when it reflect on the life of the common man.
Re: Nigeria's Foreign Reserve Rises To $41.3billion by Okijajuju1(m): 4:13pm On Oct 04, 2012
BeraBera: Meaning?

Meaning! FRESH AIR is still in Power.. So expect only fresh things!!
Re: Nigeria's Foreign Reserve Rises To $41.3billion by manny4life(m): 4:20pm On Oct 04, 2012
2good:

Of what use is the reserve when there are no good roads, the educational system is seriously in need of proper funding, electricity supply is still an issue and poverty is generally high in the country. Positive economic indices only makes sense when it reflect on the life of the common man.

Na wa for people like you, you're so quick to criticize GEJ and NOI when the reserve falls from $38 to $37, you call them thieves and retardeens not asking the same question you're asking now "HOW DOES AFFECT GOOD ROADS, EDUCATIONAL SYSTEM"? One will think, if it did not affect it when it's rising, why should it, when it's dropping? No one can EVER please people like you...

2 Likes

Re: Nigeria's Foreign Reserve Rises To $41.3billion by Joeadamu86: 4:23pm On Oct 04, 2012
2good:

Of what use is the reserve when there are no good roads, the educational system is seriously in need of proper funding, electricity supply is still an issue and poverty is generally high in the country. Positive economic indices only makes sense when it reflect on the life of the common man.
that is why it is called reserve,something you can fall back to when things get worst,I believe the govt is doing well with regards to infrastructural development too...

1 Like

Re: Nigeria's Foreign Reserve Rises To $41.3billion by Nobody: 4:25pm On Oct 04, 2012
LOL
Re: Nigeria's Foreign Reserve Rises To $41.3billion by 2good(m): 4:32pm On Oct 04, 2012
manny4life:

Na wa for people like you, you're so quick to criticize GEJ and NOI when the reserve falls from $38 to $37, you call them thieves and retardeens not asking the same question you're asking now "HOW DOES AFFECT GOOD ROADS, EDUCATIONAL SYSTEM"? One will think, if it did not affect it when it's rising, why should it, when it's dropping? No one can EVER please people like you...

I am not criticizing Jonathan I am only trying to look at how this affects the life of an average struggling Nigerian. read my post again. I am only saying why stash money abroad when people are suffering and many parts of the economy needs serious revitalization. The success of a country is measured by the well being of its people and not its reserves nor its per capital income. What percentage of Nigerians live above $2 per day?

1 Like

Re: Nigeria's Foreign Reserve Rises To $41.3billion by Nobody: 4:34pm On Oct 04, 2012
And yet INEC cant pay salaries?
Re: Nigeria's Foreign Reserve Rises To $41.3billion by fafie02: 4:44pm On Oct 04, 2012
2good:

Of what use is the reserve when there are no good roads, the educational system is seriously in need of proper funding, electricity supply is still an issue and poverty is generally high in the country. Positive economic indices only makes sense when it reflect on the life of the common man.
On point..remember that the reserves are in a foreign economy providing more funds for their utilization..
Consider that the advise to generate\increase FX reserves come from IMF,US,etc...I've not heard USA or the western world rejoicing or stating FX reserve as a big stuff d way d black world does.
DEVELOP YOUR COUNTRY NOT OTHERS.
Re: Nigeria's Foreign Reserve Rises To $41.3billion by fafie02: 4:52pm On Oct 04, 2012
2good:

Of what use is the reserve when there are no good roads, the educational system is seriously in need of proper funding, electricity supply is still an issue and poverty is generally high in the country. Positive economic indices only makes sense when it reflect on the life of the common man.
On point..remember that the reserves are in a foreign economy providing more funds for their utilization..
Consider that the advise to generate\increase FX reserves come from IMF,US,etc...I've not heard USA or the western world rejoicing or stating FX reserve as a big stuff d way d black world does.
DEVELOP OUR COUNTRY NOT OTHERS!
Re: Nigeria's Foreign Reserve Rises To $41.3billion by googleteem: 4:54pm On Oct 04, 2012
Hahaha thats funny though..we dey suffer for naija and foreign reserve dey rise..which is good sha
Re: Nigeria's Foreign Reserve Rises To $41.3billion by Funkymallam(m): 5:40pm On Oct 04, 2012
Are you still suprised that this is still just one page? Don't be. The BB squad boys dnt fancy any good news, little wonder they live in complaints daily.

If it were a GEJ bashing thread, i assure you, it would have gotten to 10 pages now. embarassed embarassed

1 Like

Re: Nigeria's Foreign Reserve Rises To $41.3billion by killuminati(m): 6:18pm On Oct 04, 2012
2good:

Of what use is the reserve when there are no good roads, the educational system is seriously in need of proper funding, electricity supply is still an issue and poverty is generally high in the country. Positive economic indices only makes sense when it reflect on the life of the common man.
100000000000000000000000000000000000000000000000000000000000 likes
Re: Nigeria's Foreign Reserve Rises To $41.3billion by killuminati(m): 6:24pm On Oct 04, 2012
At the end of the day, what will happen to the revenue?

Answer:
Loots
Bribes
Purchase of private jets
Funding 2015 election
Unnecessary spendings

The money should be use to improve our edu sector, repair bad roads, hospitals, power, agriculture, security (most importantly)... Abge I don tire to type more, na beg we dey beg Ooooo!!!
Re: Nigeria's Foreign Reserve Rises To $41.3billion by taharqa: 6:36pm On Oct 04, 2012
Zutchy: [b]I thought some senseless people said that this govt is wasteful,[/b]please somebody should tell me something,when your foreign reserve rises doesn't it mean that you are saving more and cutting down on your expenditure,so it means therefore that this govt is being prudent with the resources at its disposal.nice one to GEJ and the indomitable NOI.

Well people talk; problem is that many of them do so without some facts. See this summary of the handling of budget parameters since 2010-2013 since GEJ came in:

Highlights of the Framework:

* Presentation of the budget 3 months before the end of the financial year in order to ensure that the Implementation of the budget estimates start on January 1 for improved predictability and better implementation of the budget( The Budget is ready and should be presented by month end or early October- first time it is going to the National Assembly this early since 1999).

* Reduction of Budget deficit from 3.35% of GDP in 2010 to 2.96% in 2011 to 2.85% in 2012 to projected 2.17% in 2013(next year).

* Reduction of domestic borrowing from N1.1 trillion in 2010 to N852 billion in 2011 to N744 billion in 2012 budget and projected N727 billion in 2013(next year).

* Provision of 'Sink-in Fund' of about N25billion yearly from next budget year to service domestic debt in order to try to retire it over time.
* Reduction of Overhead votes from N526billion in 2010 to N266billion in 2012 to projected N230billion in 2013(next year).
* Reduction of Recurrent Component of the budget from 77.43% in 2010 to 74.43% in 2011 to 71.47% in 2012 to around 68.7% in 2013(next year).

* And in a move that is personally more exciting, the promise by the President to quickly treat the extremely important Oronsaye Committee Report which would drastically rationalise the large number of agencies in government, reduce waste and even further reduce the high cost of governance as reflected in the Recurrent budget(Mr President should plz fulfill this promise of his (with the required Wisdom cos of the sensitivity but also with Courage cos of the necessity ), release the Oronsaye Committee White Paper and start implementation asap)

...meanwhile, heard that this year's budget utilization('implementation') rate up to the 3rd quarter releases is around 65%( dont have the specific level at this time though).

The Budget process is been gradually consolidated from the unfortunate fiscal 'looseness' and indiscipline of the Yar'adua's years and the first year of GEJ.

http://www.channelstv.com/home/2012/09/19/jonathan-submits-2013-2015-expenditure-frameworks-to-senate/

http://www.punchng.com/news/fec-approves-draft-budget-of-n5trn-for-2013/

Judge for yourself

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