The Central Bank of Nigeria (CBN), Thursday, said Nigeria’s external reserves rose to $33 billion as at September 14, 2017, riding on the back of increased oil earnings.

Governor of the bank, Godwin Emefiele, who spoke through the Acting Director, Corporate Communications of CBN, Isaac Okorafor, at the ongoing 24th seminar for Finance Correspondents and Business Editors in Awka, Anambra State, said this was a further indication that the economic recovery that started in the second quarter of the year would be consolidated.

He assured that the bank’s management would work hard to keep growing the reserves and strengthening the economy. The assurance comes as the apex bank earlier this week said also it will continue to explore possible avenues to ensure that interest rates were supportive of domestic production needs and work specifically to tame inflation and engineer a better economy for Nigerians.

Recall that Nigeria’s reserves climbed to $31.22 billion in August, making it the first time in two years.

Meanwhile, CBN said on Wednesday it was not considering a review of 41 items affected by the policy on restriction of access to foreign exchange through the official window for imports.

The CBN Governor, Emefiele, stated this in his keynote address to the opening session of the 24th annual seminar for Business Editors and Finance Correspondents in Awka, Anambra State.

The governor who spoke through the director, Corporate Communications, Isaac Okorafor, at the seminar with the theme, “Import Substitution and the Dynamics of Interest and Exchange Rates Management in Nigeria”, said “the CBN is not thinking about reviewing the policy or removing any of the 41 items on the list. We had the choice of allowing the naira to have crashed to over N1000 to the dollar. But we chose to prioritise our area of need in our economy as a nation,” Emefiele said.

He said when the forex restriction policy was introduced in 2015, the country was facing the most difficult time in its economic history, following the collapse of the commodity prices, unprecedented foreign exchange crunch, depleting foreign reserve and highly devalued naira.

To manage the excessive demand for foreign exchange, Emefiele said it became imperative to adopt a policy that prioritised the supply of dollars to critical sectors of the economy to provide inputs to keep production going.

http://sunnewsonline.com/nigerias-external-reserves-hit-33bn-cbn/

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Good news

Good news as we want this to start reflecting in the life of masses

OK

Good one

I know pmb won't disappoint me

This is great news!
God bless the tireless effort of the economic team!

Somewhere in another part of the globe, a government would be spending four times this amount to service debt caused by a natural disaster.

How i wish we are not much in numbers in Nigeria so that we could share our external reserve per head.
#supportIpobexit

Inasmuch as it has no meaningful impact or hasnt improved the lives of the poor masses,it is meaningless as far we are concerned.

paBuhari:
The zoo will pay for every IGBO blood killed in vegetable's military genocide against Igbos!!!!!!

So you carry your frustration and depression to our finance house? Makka why
There's a lot of army barrack around that you can go for protest. For now allow us enjoy our money.....inu'go?

paBuhari:
You mean enjoy money made in the south?

Which of the south? generalization and force attachment is good for the soul but definitely not for the body,as it can make you feel good in your mind but the reality is that you're not in.

Sai baba!
Our economy just danced python dance out of recession, and here we have our reserve surging again after the rape it suffered under gej. God, I thank you for buhari.

Buhari is working, why Ipob are busy burning themselves in the southeast.

This is the same reserve that our wasteful and corrupt Mandela and drunken Master depleted with his gang of 40thieves, in the midst of a buoyant economy and high oil price.

Kudos to Baba.

When the irresponsible looters were around, selling crude at $100 per barrel, they couldn't increase the reserve. They instead depleted what they met ($47bn), looted what they earned, and left a miserable $22bn (?) for PMB at a time crude was crashing.

Had those good for nothing looters put our earnings to good use, Nigeria will have been better by now.

Awon werey.

That is a good to celebrate the weekend with

t is so sad Buhari is coming to power when Nigeria is broke.

A drunkard was selling crude oil between 100 to 120 dollar per barrel yet he depleted the reserve from 47billion dollars to 28 billion dollars?

He was borrowing to pay salaries at 78$ per barrel what would have happened to Nigeria when crude oil was at 25$ per barrel under the drunkard ??

Imagine Buhari precending over Nigeria when oil is 120 per barrel, the foreign reserve will definitely attain the highest in nigeria's history.


Before you come and ask what is the benefit of foreign reserve to Nigeria . remember global recession 2008/2009 Nigeria was able to sail through very easily with foreign reserve which was use to defend the economy

Nice to hear

Yet with the oil windfall under Jonathan, the foreign reserve plunged from $47b inherited from Yar Adua to $29b/$30b as at May 2015.


Jonathan was our own natural disaster.


#HurricaneJonathan

At least let be happy for such improvement. Plus applaud those in charge but continue to criticism him genuinely

But l no go lie l no de feel Bubu positively

Fake news.

juman:
Fake news.

Eeeeh yah.. .. . You are pained

Dividends of a transparent government. God bless Buhari and Emefiele

God bless our current leaders

What we couldn't do when oil was at its peak in the world, over and above $115PB.

Today at $49PB our external reserve is growing, Sovereign Wealth Account is growing, Excess Crude Account is growing, more roads are being built, report came out today that our Power Generation is now above 7,000 Megawatts, etc

God bless all the people in this current administration.

The worst is over.

wristbangle:
Good news as we want this to start reflecting in the life of masses

dt is the koko

Cool tho.. Not gonna celebrate yet, until it reflect in our lives

I hope it will continue going up

the news is not fake though... but let me now be going....