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Nairaland Forum / Nairaland / General / Politics / External Reserves Hit 2017 High At $30.56bn (9019 Views)
Nigeria’s External Reserves Hit $44bn First Time In 2019 / At $43.507bn, External Reserves Hit Five-month High / Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b (2) (3) (4)
External Reserves Hit 2017 High At $30.56bn by odiks: 11:10am On Apr 20, 2017 |
External reserves climbed to $30.56 billion as of April 18, the highest level in 2017, as the Central Bank of Nigeria (CBN) tries to rebuild currency buffers hammered by dwindling global oil prices. The rise coincides with a recent rise in the price of crude, which account for the bulk of foreign currency earnings. The nation’s reserves up by 18.3 per cent or $4.7 billion for this year but are still far off their peak of $64 billion as at August 2008. This is coming on the heels of increased gap between the interbank market and parallel market end of the foreign exchange market. The CBN has not provided any reason for the recent rise, which may be attributed to the recent rise in global oil prices and inflow from International Money Transfer Operations (IMTO) The Organization of Petroleum Exporting Countries (OPEC), last week said Nigeria’s oil production drastically dropped from 2 million barrels per day to as low as 1.27 million barrels per day. OPEC said the country produced 1.269 million barrels per day last month. The 13-members OPEC cartel, in its newly released monthly oil market report for the month of April said Nigeria recorded the biggest decline of 157,000 barrels per day in March. Hitherto, analysts had expressed that the marginal increase in oil production after the government and Niger-Delta Avengers entered into truce also contributed to the recent rally on the reserves. They explained that the output cut agreement reached by OPEC members in late year November and the OPEC and non-OPEC members deal in December is expected to provide boost to the foreign reserves going forward and thereby supporting the fiscal and monetary policies makers in steering the economy out of current recession. At the foreign exchange market, the Naira, yesterday gained a seven points to close at N400 against N407 it traded on Tuesday. The local currency on Tuesday had appreciated by three points from 410 sold per dollar on the first trading day of the week. It was traded at N497 and N420 to the pound sterling and Euro, respectively, at the unofficial segment of the market. Although, the naira at the Bureau De Change (BDC), the dollar was sold at N362 to the dollar, while the pound and the Euro closed at N495 and N428, respectively. However, trading at the interbank saw the naira closed at N314.75 to the dollar, while steady against pound and Euro at N404.51 and N337.53, respectively. Throughout last week, the local currency was seen hovering between N405- N410 to the dollar on the parallel market, compared with N398 to a dollar the previous week. The president of BDC operators, Aminu Gwadabe, had called on the government to ensure the naira remains stable on its sovereign journey, adding that there must quick review and increase security surveillance of our nation boarders and airports. http://leadership.ng/news/cover-stories/581986/external-reserves-hit-2017-high-at-30-56bn 1 Like |
Re: External Reserves Hit 2017 High At $30.56bn by sarrki(m): 11:11am On Apr 20, 2017 |
Sai baba 6 Likes |
Re: External Reserves Hit 2017 High At $30.56bn by sarrki(m): 11:13am On Apr 20, 2017 |
Wailers come in Over over come in The foreign reserve Bros Jonah Depleted to almost ground zero Baba is doing the needful God bless you Muhammadu Buhari God bless yemi omo osinbajo God bless Federal Republic of Nigeria 50 Likes 5 Shares |
Re: External Reserves Hit 2017 High At $30.56bn by gberra: 11:19am On Apr 20, 2017 |
Nigeria is officially out of recession, bad news for IPob peasants. Good people of Nigeria are welcome to the period of reflation, stability & boom. Igbos always cry ![]() 23 Likes 1 Share |
Re: External Reserves Hit 2017 High At $30.56bn by Nobody: 11:21am On Apr 20, 2017 |
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Re: External Reserves Hit 2017 High At $30.56bn by TIDDOLL(m): 11:25am On Apr 20, 2017 |
Always Hitting High ![]() I seriously don't pay attention to all this Figures.... 2 Likes |
Re: External Reserves Hit 2017 High At $30.56bn by leksmedia: 11:26am On Apr 20, 2017 |
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Re: External Reserves Hit 2017 High At $30.56bn by MabraO: 11:26am On Apr 20, 2017 |
Very good Hope it doesn't go down again next month? |
Re: External Reserves Hit 2017 High At $30.56bn by jaymejate: 11:26am On Apr 20, 2017 |
Okay |
Re: External Reserves Hit 2017 High At $30.56bn by cutetopsey(f): 11:26am On Apr 20, 2017 |
Good development. Check my signature on how to cure Diabetes |
Re: External Reserves Hit 2017 High At $30.56bn by chuksjuve(m): 11:27am On Apr 20, 2017 |
ok |
Re: External Reserves Hit 2017 High At $30.56bn by steppin: 11:27am On Apr 20, 2017 |
sarrki:You need sense. 12 Likes 1 Share
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Re: External Reserves Hit 2017 High At $30.56bn by smartty68(m): 11:28am On Apr 20, 2017 |
Impressive! But I still can't feel the change... Inflation is still hitting on most of us real hard... Please also work on internal reserves if there's anything of such though. 4 Likes
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Re: External Reserves Hit 2017 High At $30.56bn by lepaciousfunmi(f): 11:28am On Apr 20, 2017 |
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Re: External Reserves Hit 2017 High At $30.56bn by femi4: 11:29am On Apr 20, 2017 |
Yay! 30bn for the accant ye 5 Likes |
Re: External Reserves Hit 2017 High At $30.56bn by Pavore9: 11:30am On Apr 20, 2017 |
Many are bothered with what to eat not the increase in the external reserves because a few benefit from it while the multitude wallow in penury. ![]() 2 Likes |
Re: External Reserves Hit 2017 High At $30.56bn by seguno2: 11:31am On Apr 20, 2017 |
steppin: True. The fake patriot needs sense urgently. Meanwhile the reserve amount is only back to about the same level that Buhari inherited from Jonathan, although oil was selling for much lower. Buhari's corruption has killed us, failed us and plunged us into recession. 2 Likes |
Re: External Reserves Hit 2017 High At $30.56bn by burkingx(f): 11:31am On Apr 20, 2017 |
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Re: External Reserves Hit 2017 High At $30.56bn by burkingx(f): 11:31am On Apr 20, 2017 |
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Re: External Reserves Hit 2017 High At $30.56bn by Nigeman: 11:31am On Apr 20, 2017 |
Milestone |
Re: External Reserves Hit 2017 High At $30.56bn by adejaresalami1(m): 11:31am On Apr 20, 2017 |
News has not been helping since 1888 ![]() |
Re: External Reserves Hit 2017 High At $30.56bn by Newbiee: 11:31am On Apr 20, 2017 |
Sai Baba 2019 1 Like |
Re: External Reserves Hit 2017 High At $30.56bn by seguno2: 11:32am On Apr 20, 2017 |
lepaciousfunmi: How do you look? Fake. Plastic. |
Re: External Reserves Hit 2017 High At $30.56bn by bi0nics: 11:33am On Apr 20, 2017 |
lepaciousfunmi: How much? |
Re: External Reserves Hit 2017 High At $30.56bn by Nobody: 11:33am On Apr 20, 2017 |
They have come again ooo |
Re: External Reserves Hit 2017 High At $30.56bn by Timoleon(m): 11:33am On Apr 20, 2017 |
Here we go again. |
Re: External Reserves Hit 2017 High At $30.56bn by bi0nics: 11:34am On Apr 20, 2017 |
Wake me up when pure water is 5# |
Re: External Reserves Hit 2017 High At $30.56bn by emeka2847: 11:35am On Apr 20, 2017 |
What about price of garri |
Re: External Reserves Hit 2017 High At $30.56bn by jogojogo: 11:35am On Apr 20, 2017 |
Some people won't sleep tonight. I still wonder how wicked one could be.......praying for the downfall of this Country. 1 Like 2 Shares |
Re: External Reserves Hit 2017 High At $30.56bn by three: 11:35am On Apr 20, 2017 |
Currency speculators you heard it here (for obvious reasons & not because I'm a prophet) The Naira is going to hit N380/$ once again in a couple of days. This country is making billionaires from inept policy 1 Like |
Re: External Reserves Hit 2017 High At $30.56bn by LionDeLeo: 11:36am On Apr 20, 2017 |
Another problem for enemies of state. They will so masturbating on this thread as if their lives depend on it. God bless PMB God bless VPYO God bless patriotic Nigerians Long live The Fed Rep of Nigeria 2 Likes 1 Share |
Re: External Reserves Hit 2017 High At $30.56bn by Arewa12: 11:36am On Apr 20, 2017 |
Hmmm |
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