Nigeria’s External Reserves now stands at $46 billion as at the close of business on Friday, March 9, 2018 steadily heading towards the $50 billion mark.

Figures released by the Central Bank of Nigeria (CBN) at the weekend indicate that the reserves grew by about $3.2 billion between February and March 2018.

The reserves at the beginning of 2018 stood at $39.3 billion, then rose to $42.8 in February before hitting the new high of $46 billion.

Confirming the figures, the CBN Acting Director, Corporate Communications Department, Isaac Okorafor attributed the continued accretion to the country’s reserves to “the Bank’s effort at vigorously discouraging unnecessary importation and reducing the nation’s import Bill; inflow from oil and non-oil exports, as well as the huge inflows through the investors and exporters window of the foreign exchange market,” which he said had attracted over $33 billion since April 2017, when it was created.


At the close of commodities trading on Friday, March 9, 2018, Brent Crude, sold at $65.49 a barrel up by 2.54%.

According to him, “the Bank’s interventions in the foreign exchange window had also helped to moderate the pressure on the FOREX reserves by sustaining liquidity in the market and boosting production and trade.”

Okorafor also noted that the CBN policy restricting access to FOREX from Nigeria’s foreign exchange market to importers of some 41 items had made a huge impact on the status of Nigeria’s reserves and boosted the supply of local substitutes for imported goods, created jobs at home and enhanced the incomes of farmers and local manufacturers.

It will be recalled that the CBN Governor, Godwin Emefiele, at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) held in Lagos in November 2017, had projected that Nigeria’s external reserves would hit the $40 billion mark in 2018. That conservative projection has since been surpassed.

http://thenationonlineng.net/nigerias-external-reserve-hits-46bn-says-cbn/

how much b my own inside？

Haters will naturally hate this

Only a fool and a deluded Pig Of Biafra, Would think Buhari will not have a landslide in the next year's election...

lalasticlala oya

Sai Buhari!
Sai Baba!!!

And our debt profile?

Are we borrowing to save?

Omeokachie:
And our debt profile?

Are we borrowing to save?

Please tell us about our debt profile with verifiable facts and not rumour mongering.

Omeokachie:
And our debt profile?

Are we borrowing to save?

Go and ask Patience Jonathan..

Omeokachie:
And our debt profile?

Are we borrowing to save?

GBAM!

Trash as usual

External reserves are growing yet goods and essential commodities are expensive for the common man,

We are borrowing yet no meaningful development, no electricity, no security

We are now largest importer of petrol

Debt profile on the increase

Bubu and Apc sycophants are mad.

Our external reserve is on increase and some pple are expecting a sudden drop in the price of goods.

NaoSlay:


Under three years , Buhari made our external reserves the higher ever.

We have the highest external reserves in Africa.

And someone will say Buhari is not doing good ?

From the achievement of being the largest importer of crude oil to Nigeria being the cause of rice factories shutdown in Thailand and now we now have the highest external reserve of 45billion dollars even tho we are begging countries for 5billion dollars loan.

He deserves a second term , the records speak for themselves.

You do know that rice factories shutdown in Thailand is a lie ba?

News like this is part of the reason the useless umbrella party want to return back to Aso Rock at all cost.

Thank you Sai Baba

madridguy:
News like this is part of the reason the useless umbrella party want to return back to Aso Rock at all cost.

Thank you Sai Baba

How much is
1. Bag of rice 2015 vs 2018
2. PMS per litre 2015 vs 2018
3. Dollar 2015 vs 2018
4. PHCN per watts 2015 vs 2018

It's purely administrative ingenuity. If it were to be the prodigal sons and daughters we had in the past, with accumulated revenue plummeting by 55percent, they would have had to auction Nigeria on jiji.com to continue to fund their flamboyant lifestyle. God bless PMB and his team of patriots

Cosmetics achievement for a rudderless govt. I notice this govt now play politics with CBN to dish out reserve figures for cheap political points after throwing Nigeria into recession.
If indeed international reserve is rising, how come Nigerians have been declared to be getting poorer and poorer by the day under this govt? Why is the poverty level rising?
Why is $1 = N360?
Why are the borrowing trillions adding to the country's rising profile debts?
Why is hunger increasing in the land?
Why are food prices rising?
Why is fuel currently sold above pump price?
How come the govt didn't built a refinery?

High reserve with Zero impact on man on the streets is uterly useless!!!!!

Why is this even news, every time about "foreign" reserves when people domestically are starving and being butchered by Fulani Hersdmen.

Who foreign reserve help?

BASIC ECONOMICS.

A better indices is INCOME TO DEPTH RATIO,foriegn reserve means nothing.

According to IMF,the dept to income ratio of nigeria is reaching a dangerous threshold

If the foreign reserve is growing why dont the government use the money in the budget?

Simple,the money in the foreign reserve does not belong Nigeria.Why?

Nigeria is unstable to invest in,so to attract investors,government raise the interest rate of bonds and treasury bills.

When the foreign investors come with dollars the need to change it to naira to buy bonds.

The CBN takes the USD and give them naira.

The CBN takes the USD to the foreign reserve,and the government tells the gullible masses that the foreign reserve is growing.

The implecation is that the government is increasing its dept profile and 'increasing' the foreign reserve.

These BONDS last for 5 or more years,what happens when the investors want their money,the governmen will give them dollars plus their interests.

WHEN A GOVERNMENT TELLS YOU ABOUT HIS FOREIGN RESERVE,ASK THE GOVT ABOUT ITS DEPT TO INCOME RATIO

THE LAND OF THE RISING SUN MUST SET FORTH AT DAWN