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Nairaland Forum / Nairaland / General / Politics / External Reserves Hit 11-year Low Of $24.21bn (10529 Views)
Nigeria’s External Reserves Hit $40.4bn / Nigeria’s External Reserves Hit $27.2bn / External Reserves Hit Three Month High Near $25bn (2) (3) (4)
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External Reserves Hit 11-year Low Of $24.21bn by Omooba77: 3:11pm On Oct 16, 2016 |
http://punchng.com/external-reserves-hit-11-year-low-24-21bn/ The country’s external reserves have hit an 11-year low of $24.21bn, according to the latest data from the Central Bank of Nigeria. The development means a limited amount of dollars will be available at the official interbank spot market, fuelling concerns over another round of depreciation of the naira. The country’s external reserves had depleted to a then record-low of $24.8bn about two weeks ago. The foreign exchange reserves fell by $600m in two weeks before shedding $1bn in four weeks, the CBN statistics showed. Specifically, the reserves fell from $25.8bn on August 16 to $24.8bn on September 16. It decreased by $600m from the $25.4bn recorded on August 31 to $24.8bn on September 16, the current CBN data revealed. The spate of decline in the external reserves follows the CBN’s almost daily interventions at the interbank/official foreign exchange market in recent weeks, as chronic dollar shortage continues to weigh on the economy. In its efforts to defend the naira and prevent it from falling further at the official interbank market, the central bank has been selling dollars there more frequently. The naira had fallen to an all-time low of 365.25 to the dollar at the interbank market on August 18 before making a gradual recovery. On Friday, the local currency closed at 305 against the greenback at the official market, while closing at 460 to the dollar at the parallel market on the same day. The CBN had on June 20 lifted its 16-month-old currency controls and auctioned about $4bn on the spot and futures markets to clear a backlog of dollar demand and help boost interbank market trading. The global plunge in oil prices caused the reserves to be depleting very fast. The development had forced the CBN to introduce foreign exchange controls, which were abandoned in June. 2 Likes
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Re: External Reserves Hit 11-year Low Of $24.21bn by Pavarottii(m): 3:21pm On Oct 16, 2016 |
Buhari is only concerned about the #theotherroom. Anything about Governance, we all know he has no idea.. Casssandra the dullard. 90 Likes 8 Shares
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Re: External Reserves Hit 11-year Low Of $24.21bn by EternalTruths: 3:21pm On Oct 16, 2016 |
What is depleting our dollars.? Buhari needs to be questioned 63 Likes 3 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by Omooba77: 5:56pm On Oct 16, 2016 |
Every record has been broken by this government 103 Likes 6 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by Sibrah: 6:16pm On Oct 16, 2016 |
Lots of people who don't understand the meaning of this thread will just flow in to attack Buhari. When Jonathan ruled the reserve was being depleted at a rate of $8B a year when oil sold for average of $80+pb, I wonder how Buhari was able to incur a decrease of just around same $8B in his 16 months with oil selling at average of less than $50pb.
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Re: External Reserves Hit 11-year Low Of $24.21bn by Sibrah: 6:19pm On Oct 16, 2016 |
EternalTruths:lack of alternative source of $$ asides oil sales is depleting it. The reserve is like the fixed asset of nation. 6 Likes |
Re: External Reserves Hit 11-year Low Of $24.21bn by naijaboy756: 6:21pm On Oct 16, 2016 |
Sibrah:Pls will u just sh*ut up and get o*utta here? Even Zombies in movies have brains. If they don't attack Buhari as the President presiding over the destruction of our country is it late Yaradua that will be held responsible? Must you support rubbish because of religio*n? Goooshhhhh! 156 Likes 13 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by Sibrah: 6:22pm On Oct 16, 2016 |
Pavarottii:If Nigerians had left Jonathan in power by now there would be less than $2B there. Buhari, throug excellent management help slow down its depletion. 13 Likes |
Re: External Reserves Hit 11-year Low Of $24.21bn by naijaboy756: 6:26pm On Oct 16, 2016 |
Sibrah:Imagine Obama had people like you as supporters when he took over an American economy under recession. If Buhari isn't willing to work, he should just resign. How can a man be toying with the destiny of over 170M people? Didn't we elect him to get alternative sources? 95 Likes 7 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by naijaboy756: 6:31pm On Oct 16, 2016 |
Sibrah:You are sooo annoying this evening. Are you God to know that it would have been depleted? Why didn't that your brain think that it could have been the other way round? Reli*gion has affected your sense of reasoning 110 Likes 11 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by Sibrah: 6:32pm On Oct 16, 2016 |
naijaboy756:Depletion of reserves is inevitable in a recession. If you know anything about the workings of our economy you will know that Buhari slowed down its rate of depletion greatly. You are clearly one of the pained lot who just wail uncontrolled. The fact that we spent $217B to defend the Naira in a period of 12 years and half of the dollar spent was in the Jonathan years is enough proof that oil earning reduction was largely the cause of recession and dollar price increase.
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Re: External Reserves Hit 11-year Low Of $24.21bn by CSTR2: 6:32pm On Oct 16, 2016 |
Sibrah: You afonjas must be living in a parallel Universe. 93 Likes 3 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by Sibrah: 6:34pm On Oct 16, 2016 |
naijaboy756:I have facts unlike you. Facts to prove that Buhari slowed down the rate of depletion of the reserve and fact that GEJ was just throwing petrodollar at forex market and yet the dollar rate rose.
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Re: External Reserves Hit 11-year Low Of $24.21bn by Omooba77: 6:36pm On Oct 16, 2016 |
Sibrah: Sometimes I question myself, do some people use the medular oblongata? 60 Likes 3 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by naijaboy756: 6:39pm On Oct 16, 2016 |
Sibrah:As it concerns Nigeria of today, all the *reasonable* Nigerians are wailing including Buhari's wife. Only bra*in blocked dundies like y*ou are doing the rubbish you are doing now! 73 Likes 5 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by Sibrah: 6:41pm On Oct 16, 2016 |
Omooba77:You think you are sly, but I know you aren't. 1 Like |
Re: External Reserves Hit 11-year Low Of $24.21bn by Decibel: 6:43pm On Oct 16, 2016 |
@Sibrah I wonder how much you were paid to keep vigil on the Internet to defend the indefensible. You really have a tough job because the more you defend this administration the more you get disappointed 70 Likes 3 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by Omooba77: 6:43pm On Oct 16, 2016 |
Sibrah: lalasticlala please come and help me warn this zombie 28 Likes 3 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by naijaboy756: 6:43pm On Oct 16, 2016 |
Sibrah:facts ko, other room ni! Religi*on has b*locked your sense of reasoning 49 Likes 2 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by Omooba77: 6:46pm On Oct 16, 2016 |
Decibel: I wonder how much he is being paid and many like him; turning themselves to Joe Goebbeps of Hitler era. 41 Likes 1 Share |
Re: External Reserves Hit 11-year Low Of $24.21bn by MrKrap(m): 6:46pm On Oct 16, 2016 |
it is finished! 22 Likes 1 Share
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Re: External Reserves Hit 11-year Low Of $24.21bn by Sibrah: 6:47pm On Oct 16, 2016 |
Decibel:Stop being petty man. Use your brain and reason things out like a functional adult. 2 Likes |
Re: External Reserves Hit 11-year Low Of $24.21bn by Sibrah: 6:48pm On Oct 16, 2016 |
Omooba77:You lack comprehension of article you posted and Lalasticlala won't help you. Scream all you want bros . . . 1 Like |
Re: External Reserves Hit 11-year Low Of $24.21bn by Decibel: 6:50pm On Oct 16, 2016 |
Omooba77:The way and manner they flood the blogosphere with meaningless conjectures, epistle upon epistles trying to sway opinion on theirside is tiring to say the least. This administration will be worse than the former. 31 Likes 3 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by MrKrap(m): 6:50pm On Oct 16, 2016 |
Sibrah:if GEJ was in power today, nigeria will never be in recession. 77 Likes 7 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by Sibrah: 6:54pm On Oct 16, 2016 |
MrKrap:No, we will. Go research the rate at which the reserve was being depleted under GEJ last two years and get to understand what I am driving at. |
Re: External Reserves Hit 11-year Low Of $24.21bn by naijaboy756: 6:58pm On Oct 16, 2016 |
MrKrap:no mind d zebra Zombie 48 Likes 4 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by naijaboy756: 7:03pm On Oct 16, 2016 |
Sibrah:and you think they will be clueless to halt the depletion? 18 Likes 1 Share |
Re: External Reserves Hit 11-year Low Of $24.21bn by Omooba77: 7:05pm On Oct 16, 2016 |
Decibel: Na so my brother,they ensured the gullible ones were swayed away. Job loss is on the increase,many families are under serious financial burden. 24 Likes 1 Share |
Re: External Reserves Hit 11-year Low Of $24.21bn by MrKrap(m): 7:05pm On Oct 16, 2016 |
Sibrah:why do u tink d reserve is under going serious depletion it was becos of buari's ungarded remarks about dollars, forex restrictions n lack of economic policy direction dat saw d con3 delisted from JP-morgan index group with foreign investors leaving in droves dat saw d economy lost $80 billion in d last one year. if GEJ was in power today, he never would have wasted 6 months to appoint ministers n charge a new economic direction to deal with falling international oyel price. d naira will at most be at N250, thus d depletion of foreign reserves to defend d naira will not even arise. 43 Likes 3 Shares |
Re: External Reserves Hit 11-year Low Of $24.21bn by Sibrah: 7:07pm On Oct 16, 2016 |
naijaboy756:Whe didn't he halt it when he watched it deplete from over $50B in value? You need to think before typing. 1 Like |
Re: External Reserves Hit 11-year Low Of $24.21bn by Sibrah: 7:09pm On Oct 16, 2016 |
MrKrap:Booked. 3 Likes |
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