The country’ s external reserves rose to $ 26.55 bn on January 9 , from $ 26.2 bn on January 6 , the latest data from the Central Bank of Nigeria showed on Tuesday.

The foreign exchange reserves had hit $ 26 bn on January 3,2017, up from $ 25.8bn on December 30,2017, the CBN statistics revealed .
The reserves ended last year with $ 25.84 bn balance on December 30,2016 .
The foreign exchange reserves have been rising in recent weeks following the gradual increase in oil price and production output.

Within the space of about six and half weeks , the reserves have appreciated by $2bn. It went up from $ 24.5 bn on November 24,2016 to $ 26.5 bn on January 9,2017.

The foreign exchange reserves had risen to over four- month high of $ 25.7 bn on December 28, up from $ 25.4 bn on December 23 .
In less than one week, the reserves rose by almost $ 300m from $ 25.084 bn on December 16,2016 to $ 25.361 on December 22.

However , currency and economic experts are not sure if the tiny upticks in the external reserves ’ level are sustainable amid a falling naira and acute shortage of dollar in the foreign exchange markets and the economy .

Despite the staggering crash in the value of the naira against the United States dollar and other major foreign currencies last year, the CBN spent $ 4 bn from the nation’ s external reserves to defend the local currency in 12 months.
On December 22,2015 , the reserves stood $ 29.341 bn. On December 22,2016 , the foreign exchange reserves stood at $ 25.361 bn. This means that the external reserves were depleted by $ 4 bn in 12 months.

The drop is estimated at 14 per cent. On December 31,2015 the last day of the year , the external reserves stood at $ 29.069 bn, compared to $ 25.84 bn recorded on December 30 , 2016.

The controversial defence of the naira by the CBN has come under severe criticism by economists , who believe that the forces of demand and supply should be allowed to determine the exchange rate of the naira , at least to a considerable level.

A currency analyst at Ecobank Nigeria , Mr . Kunle Ezun , said a fall in oil prices would add pressure on external reserves and fuel more pressure on the naira.

However,an analyst at EY, Mr . Bisi Sanda , said there were indications that oil price and output would rise further this year.

The country’ s reserves had recorded $ 23.89bn low on October 19 . The reserves dropped by 15 . 9 per cent between 2015 and 2016 .

http://www.punchng.com/external-reserves-continue-increase-hit-n26-5bn/

Lalasticlala

Nice One My President.


But Atiku2019

I know it will definitely increase

Coz of your genuine love for this great nation

Baba buhari God bless you

Please do more

God bless federal republic of Nigeria

Finally! E don increase? Time to get down...

You won't see them coming near this thread

At $70pb plus of oil price it was decreasing some 2-3 years ago. Sai bubuuuuuu

What Nigerians Need to see z tangible infrastructures, improved standard of living, decrease in inflation, reduction of unemployment rate and not all these figure analysis that hv no significant in the lives of the citizenry.
They say we re the biggest economy in Africa, but the number of people below poverty level re alarming and need to be addressed.
The government should address the high birth rate, especially in the North, bc it poses a serious challenge to the country in the nearest future.
And we, the youth need to start thinking of Self Empowerment because from the look of things now, itz obvious that there re few office vacancies to accommodate[employ] people.
When I was @nysc orientation camp, I said to myself, "Is this for real" in Every year, there re two batches of NYSC in every state with some coming in streams, and a figure ranging from 2000 to 5000 yearly per state, the question nw z this: Hw many state can employ even up to 1/4 of the total no of corp members that served in their state?, Hw many will FG employ?, In few years to come BSc will be like O' level in Nigeria, we need to wake up and do something tangible for our self, the government z confused, When I saw what NYSC were doing in the name of Skill Acquisition And Entrepreneurship Development [SAED], I asked myself, Can you acquire a skill that will sustain u for life in 4days of 1~2hrs, per day under the State of dizziness as a result of camp parades, I read the handwriting on the wall, they were simply giving us the picture of the future, yeah some will get white collar job in the nearest future but many will not.
We need to engage ourselves 1st and still hope.
Good luck to all the hustlers out there.
May God bless ur hustle to the extent that u will snub govt job.

Absolute rubbish.
Buhari has not completed a single project in 3 years, you are talking about foreign reserves.

ThinkSmarter:
What Nigerians Need to see z tangible infrastructures, improved standard of living, decrease in inflation and not all these figure analysis.

Definitely we will get there also

We have a sincere man at the helms of affairs

God bless Muhammadu Buhari

God bless Federal Republic Of Nigeria

ThinkSmarter:
What Nigerians Need to see z tangible infrastructures, improved standard of living, decrease in inflation and not all these figure analysis.

You mean empty uni like those 12 built by that hero? We don't need quantity but quality.

ThinkSmarter:
What Nigerians Need to see z tangible infrastructures, improved standard of living, decrease in inflation and not all these figure analysis.

And wot have u contributed towards any of these other than wailing uncontrollably

onnenka:
Absolute rubbish.
Buhari has not completed a single project in 3 years, you are talking about foreign reserves.

Foreign reserve touches and helps speed up all projects in the sense that it helps improve Naira value against the dollar. Get it?

Sibrah:
Foreign reserve touches and helps speed up all projects in the sense that it helps improve Naira value against the dollar. Get it?

So why is the naira value not increasing and which project is being sped up?

DECEIVING GULLIBLE NIGERIANS. IS THIS INCREASE COMMENSURATE WITH THE INCREASE IN OIL PRICE? I COULD UNDERSTAND LITTLE INCREASES IF OIL WAS AT $29 A BARREL LIKE OVER A YEAR AGO BUT IN THE LAST 12 MONTHS OIL PRICE HAS STABILIZED AT OVER $50, WHICH IS THE NATURAL PRICE OF OIL THAT'S WHY MOST OIL COMPANIES AND COUNTRIES ARE NO LONGER COMPLAINING. THE QUESTION NOW BECOMES, ARE THESE TINY INCREASES REFLECTIVE OF OIL PRICE AT OVER $50? THE ANSWER IS NO. GO AND LOOK AT GEJ INCREASES IN EXTERNAL RESERVE WHEN OIL FELL TO $50 RANGE, AND COMPARE IT TO BUHARI'S, DESPITE GEJ EMBARKING ON A LOT OF CAPITAL PROJECTS ACROSS THE COUNTRY AT THE TIME.

Can someone please explain to me how this increase helps anything in Nigeria?
A country that generates millions of Naira daily adds a few million to their savings vault and blockheads start to jump up.
I am not interested in saying good or bad things about this government but please how much was the reserve when this administration came to power?
Where did the money go in the first place?

Another point scam to take the zombies mind off the hardship. Anytime they zombies tend to realize the truth, the release one mumu success story to make them happy. Keep mumuing

Nigerians believe in you Baba Buhari, 98% of northerners are solidly behind you. You won't see freeglobe anywhere near this thread, you can only see her in a thread where they share 25Kg rice. SMH

sarrki:
I know it will definitely increase

Coz of your genuine love for this great nation

Baba buhari God bless you

Please do more

God bless federal republic of Nigeria

the man above you has something to say, news like this gives them hypertension...very soon he will change his moniker from Atiku2019 to Buhari2023

hmuhammad:
the man above you has something to say, news like this gives them hypertension...very soon he will change his moniker from Atiku2019 to Buhari2023

I don't have doubt that by 2018 all Nigeria will

I mean most especially wailers, will be routing for

The people's president.

God bless Muhammadu Buhari

God bless Federal Republic of Nigeria

Those Economists calling for government to leave our currency to defend itself have mental problems. They need to take a crash course on currency management from any High School in China.

Forces of demand and supply my foot!

blackpanda:


And wot have u contributed towards any of these other than wailing uncontrollably

I am playing my own role, even in d absence of any support from the govt.
He hv the resources at his disposal and the wherewithal to implement his campaign promises...Shikina

[[s]quote author=ThinkSmarter post=52707632]I am playing my own role, even in d absence of any support from the govt.
He hv the resources at his disposal and the wherewithal to implement his campaign promises...Shikina [/quote][/s]

Just talking trash. Beta go learn work and stop lazying about!

only if it can be use properly.

Very funny government. The lies of Buhari and liar Mohammed cum APC are alarming. I can only believe that when Buhari returns the value of Naira where he met it.

The the price of commodities keep sky rocketing and Zombies are still clapping.

Thank God nobody ask who you voted for before you buy from the market. No preferential treatment for those who voted for this useless government in power.

How much be my share there?

Gud 1

Things must get better by God's grace

After a fall, we can only begin to rise.

Wailers, pls don't rise with us, you go remain down...

Even with oil at a price 1/3 of what it used to be, the "dullard" is still managing to shore up our reserves, whereas the "great hero" couldnt.

God punish that hediot wherever he is.

blackpanda:
[[s]quote author=ThinkSmarter post=52707632]I am playing my own role, even in d absence of any support from the govt.
He hv the resources at his disposal and the wherewithal to implement his campaign promises...Shikina [/s]

Just talking trash. Beta go learn work and stop lazying about!

I am not lazy nigga, I am engaged
#TheTruthPainsReally

hmuhammad:
Nigerians believe in you Baba Buhari, 98% of northerners are solidly behind you. You won't see freeglobe anywhere near this thread, you can only see her in a thread where they share 25Kg rice. SMH

Did u say 98% of northerners? Plz do a sample check cos I'll bet only 2% of north is with Buhari and d 2% are d dullards he put in power