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Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion - Business - Nairaland

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Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Paraman: 2:16pm On Jul 07
Nigeria’s foreign exchange reserves have reached a high of $34.7bn, according to data obtained from the Central Bank of Nigeria’s website by PUNCH Online on Sunday.

This represents an increase of $110m from the previous day’s figure of $34.5bn.

The reserves have been steadily increasing over the past week, with a total gain of $316m since July 1..

This growth has been attributed to several factors, including the recent increase in oil prices, improved diaspora remittances, and the Central Bank’s efforts to stabilise the currency.

Experts believe that the increase in foreign exchange reserves is a positive development for Nigeria’s economy, as it provides a cushion against external shocks and supports the country’s ability to meet its financial obligations.

A recent Fitch Ratings has placed Nigeria’s economic outlook to positive, citing significant reforms that have restored macroeconomic stability and enhanced policy coherence and credibility.


Fitch said, “The positive outlook partly reflects reforms over the last year, which have reduced distortions stemming from previous unconventional monetary and exchange rate policies.”

The Central Bank has implemented various measures to manage the foreign exchange market, including the introduction of the Investors’ and Exporters’ window, which has helped to attract foreign investment and boost reserves.


The reforms have led to a return of sizeable inflows to the official foreign exchange market and a significant rise in foreign portfolio investment inflows.

However, Fitch noted that short-term challenges remain, including high inflation and FX market volatility. Despite this, the agency expects further monetary policy tightening and strengthening of monetary policy transmission.

“The reforms have contributed to the restoration of macroeconomic stability and enhanced policy coherence and credibility.


“However, we see significant short-term challenges, notably high inflation, and the FX market has yet to stabilize, and the durability of the commitment to reform is to be tested,” Fitch stated.


https://punchng.com/nigerias-fx-reserves-hit-34-7bn/?utm_source=telegram&utm_medium=social#google_vignette

7 Likes 1 Share

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by MasterJayJay: 2:20pm On Jul 07
Something that hit 40 billion dollars in previous administrations.
Make una rest. Nothing extraordinary about 34.7 billion.

21 Likes 4 Shares

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Melagros(m): 2:31pm On Jul 07
COMRADES, from $40b to a meagre $34b, I'm pretty sure before the year runs out it maybe $28b, whatever tinubu touches, depletes. Because the man is...

Special thanks to tinubu for taking Nigeria backwards in all aspects of living

7 Likes 1 Share

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by ClearFlair: 2:35pm On Jul 07
I don't understand these APC people

6 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Paraman: 2:37pm On Jul 07
MasterJayJay:
Something that hit 40 billion dollars in previous administrations.

Make una rest. Nothing extraordinary about 34.7 billion.
Tinubu didn't meet it at $40b. It will eventually get to $40b and above under Tinubu... So relax

35 Likes 1 Share

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by MasterJayJay: 2:49pm On Jul 07
Paraman:
Tinubu didn't meet it at $40b. It will eventually get to $40b and above under Tinubu... So relax
It was $35 billion when Tinubu entered. Once again, nothing special about $34.7 billion mark.

9 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by chatinent: 3:06pm On Jul 07
Some debts need to be cleared.

6 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by NyamiriSlayer(m): 3:11pm On Jul 07
8yr of Jagaban as president, Nigeria will be the greatest country in Africa, 100% sure

77 Likes 2 Shares

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by CrushObituaries: 3:19pm On Jul 07
Bitter grievingory Obi people have started mourning again, they are always bereaved and filled with anguish

14 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by GeneralDae: 3:19pm On Jul 07
MasterJayJay:
Something that hit 40 billion dollars in previous administrations.

Make una rest. Nothing extraordinary about 34.7 billion.
Tinubu met the reserves at 35 Billion dollars. He has serviced more debts since then and has cleared 4.6 Billion dollars backlog in addition.

25 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Jlow2: 3:19pm On Jul 07
So what? has price of food stuffs reduced or fuel price reduced, mediocre

7 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by ElSudani: 3:23pm On Jul 07
CrushObituaries:
Bitter grievingory Obi people have started mourning again, they are always bereaved and filled with anguish

They are severely allergic to good news. Tell them the reserve reduced by $100 and watch them go into a fit.

20 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by FatimaAbubakar(f): 3:25pm On Jul 07
Another cheap propaganda by Tinubu gbegiri miscreants.

3 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Slytiger: 3:25pm On Jul 07
News like this won't trend because it's not bad news. Debts has gone down massively.

Even as at 4 days ago, almost One Billion dollar debt owed European airlines were cleared, and the reserves keeps going up. 1st time I am seeing this as a Nigerian.

12 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by FatimaAbubakar(f): 3:27pm On Jul 07
Shameless online bastards who receive 30k monthly stipends stay in one room apartment to promote failure just to afford plates of gbegiri

4 Likes 2 Shares

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Slytiger: 3:30pm On Jul 07
FatimaAbubakar:
Another cheap propaganda by Tinubu gbegiri miscreants.

FatimaAbubakar:
Shameless online bastards who receive 30k monthly stipends stay in one room apartment to promote failure just to afford plates of gbegiri
😂

12 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Slytiger: 3:32pm On Jul 07
chatinent:
Some debts need to be cleared.
All debts need to be cleared.

4 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by theophorus(m): 3:32pm On Jul 07
Just read some comment up there and you will realize that some people will never see things from the positive perspective.

They are pessimistic and their prayer is that PBAT and Nigeria will Fail but then God no be Man.

#God Bless Me.
#God Bless Nigeria.
#I wish everyone whatever they Wish Nigeria.

6 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Primusinterpares(m): 3:33pm On Jul 07
Let just have a productive nation in which people can afford basic things like food,cloths and shelter.
Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Khyrvxjzy: 3:33pm On Jul 07
igbos won't like this news

4 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Learnville44: 3:34pm On Jul 07
Good

2 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by FatimaAbubakar(f): 3:35pm On Jul 07
Slytiger:
My papa na useless drunk

It's true but have you taken your medication today?
Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Khyrvxjzy: 3:36pm On Jul 07
MasterJayJay:

It was $35 billion when Tinubu entered. Once again, nothing special about $34.7 billion mark.
you know its 35
why mentioning 40?

10 Likes 1 Share

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by ATEAMS: 3:36pm On Jul 07
Thank go

1 Like

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Eriokanmi: 3:36pm On Jul 07
MasterJayJay:
Something that hit 40 billion dollars in previous administrations.

Make una rest. Nothing extraordinary about 34.7 billion.
Tell them..They'd soon celebrate naira when it strengthens to 1,400 naira, as if it wasn't tinubu who destroyed the naira by floating it. Naira was less than 700 naira before he took office.
Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Slytiger: 3:38pm On Jul 07
FatimaAbubakar:


It's true but have you taken your medication today?
Bitter Obi people wailing all over nairaland grin

6 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by FatimaAbubakar(f): 3:39pm On Jul 07
Slytiger:

Bitter Obi people.

Shameless hungry one room occupant

1 Like

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by RichBoy247: 3:40pm On Jul 07
Good tantalizing news.

But if the masses cannot afford three balanced square meals daily and even wake up to eat during the night as I do, then Foreign Reserves is nonsensical nonsense.

Emilokan JAGABAN Omo Alhaja Mogaji, please do your magic before bush meat starts to chase the hunter

2 Likes

Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by jaxin119: 3:41pm On Jul 07
Ok
Re: Nigeria’s Foreign Reserved Reserves Reaches $34.7 Billion by Solidex(m): 3:43pm On Jul 07
What impact has that made on the current hardship people are going through in this country.
By what % has the Naira strengthened against US Dollars.
Yorubas are still jumping into the river in order to escape the hardship.
They should pack well abeg with their propaganda.

1 Like

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