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Nairaland Forum / Nairaland / General / Politics / Breaking News: Foreign Reserve Rises Astronomically Under PMB (1283 Views)
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Breaking News: Foreign Reserve Rises Astronomically Under PMB by MichaelSokoto(m): 9:24pm On Jul 08, 2015 |
Nigeria’s External Reserve Gains $2.29 Billion In One Month Under Buhari –CBN Governor The governor of Central Bank of Nigeria, Mr Godwin Emefiele on Wednesday raised hope on possible revival of the ailing Nigerian economy disclosing that the apex bank has been able to generate the sum of $2.29 billion into Nigeria’s external reserve within a month. The past government of former President Goodluck Jonathan had allegedly deflated the Nigeria’s external reserve with acts of profligacy and impunity as a large chunk of money was reportedly drawn from the reserve to fund the last Presidential election. Newspot Nigeria quotes Emefiele as saying that the feat was possible within the Period President Muhammadu Buhari was sworn in and now, just as he commended the initiatives put in place by the President form attaining the good result. According to him, the Nigeria’s external reserve started witnessing increase following some measures taken by the government to cushion the effects of the sharp drop in the crude oil prices to the tune of 45 percent. He gave the cheering news after a closed door meeting he held with the Senate President, Bukola Saraki which lasted more than 3 hours in the Senate. He said, “Follwing the drop in crude prices as high as 45%, and the fact that we had to depreciate our currency from N155 to N197, we also had to take certain decisions, to ensure that we keep our reserve still looking good. “I commend the president, Muhammadu Buhari for his dogged approach that all leakages will be blocked. “With those singular efforts and strong determination, we have seen our foreign reserves moving from $29bn when his Excellency took office on the 29th of May to $31.89bn. “We briefed the Senate extensively on all the actions we have taken, and other things that we are going to do to continue to strengthen Nigerian economy, make it possible for our people to create jobs for our people. “And we are saying if we cannot employ people, what action are we going to take to ensure those who have entrepreneurial skills create jobs for themselves and for other people. “I am delighted to mention to you that the senate after almost about three hours deliberation has graciously endorsed our actions today for everything that we have done. “But I want to assure Nigerians that whatever action we have taken is done in the interest of our country” “And I say that our reserve is our commonwealth, and we have a right to protect our foreign reserve. “We are going to continue to avoid situation where speculators and round strippers come into the country and think of how they can take advantage of what is happening as a result in the drop in food prices to plunder our reserves. Responding, the Senate President expressed delight in the report of improvement in the national reserve given by the CBN governor. He said the Senate would always cooperate with the apex bank of Nigeria towards ensuring full implementation of policies and programmes aimed towards improving the economy of Nigeria, most especially on provision of gainful employment to teeming majority of Nigerian. Saraki commended the recent policies initiated by CBN on rice, chicken, palm oil and textiles, stressing that the Senate would fully support the policies to develop the Nigerian economy. www.newspotng.com/nigerias-external-reserve-gains-2-29-billion-in-one-month-under-buhari-cbn-governor/ Seun, Lalasticlala, "CHANGi" |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by dunkem21(m): 9:36pm On Jul 08, 2015 |
Day dreaming |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by Nobody: 9:36pm On Jul 08, 2015 |
Political exile till d ministerial list comes out |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by phransix147(m): 9:38pm On Jul 08, 2015 |
Dat wud be magic 1 Like |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by okosodo: 9:39pm On Jul 08, 2015 |
LIEZIO |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by psucc(m): 9:44pm On Jul 08, 2015 |
Typical effect of dangerous combo. The broom had indeed done more harm than good. |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by seedgreen(m): 9:48pm On Jul 08, 2015 |
Nonsense |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by MichaelSokoto(m): 9:53pm On Jul 08, 2015 |
dunkem21: seedgreen: OREMUSSANCTUS: seedgreen: 1 Like
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Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by sholatech(m): 9:53pm On Jul 08, 2015 |
Na..sounds cheap propaganda and unprofessional reportage. A quick check on cbn website shows our reserves as at 7th July 2015 still at 29.5bn Naira. With the new circular by CBN yesterday curtailing use of Naira debit cards abroad simply tells me that our reserves are still troubled! 2 Likes |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by TonySpike: 10:03pm On Jul 08, 2015 |
sholatech: I think you should read this document from the CBN website. It is a press report uploaded today. http://www.cenbank.org/Out/2015/CCD/Revised%20Governor's%20Opening%20RemarksSenate%20Leadership%20PresentationJuly%202015.pdf 1 Like |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by MichaelSokoto(m): 10:42pm On Jul 08, 2015 |
sholatech:If dey tell ya type to get a stable internet device so as to always get yasef well informed on current happenins in ya own Fathers land, una go say "Mba". Why am I even replyin u sef? |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by dalyricist: 10:44pm On Jul 08, 2015 |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by ERODEDEAST(f): 10:48pm On Jul 08, 2015 |
What is wrong with exchange rate. 1 Like |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by sholatech(m): 10:51pm On Jul 08, 2015 |
MichaelSokoto: Just comparing what you type and my statement shows anyone and everyone who is more informed. Im sure you dont know what is meant by 'a check on CBN's website...' |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by sholatech(m): 10:52pm On Jul 08, 2015 |
TonySpike: Thanks Tonyspike.. This is now factual, but you can see that the reportage by Eaglesonline was unprofessional and several 'Jara' added. I guess CBN's moving average by tomorrow will reflect this 1 Like |
Re: Breaking News: Foreign Reserve Rises Astronomically Under PMB by drss(m): 10:59pm On Jul 08, 2015 |
Foreign Reserve grew under Emefeile, same dude APC children of anger called for his sack. 2 Likes |
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