External Reserves Hit $38.7bn, Rise By 50% In One Year - Business - Nairaland
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Nigeria’s External Reserves Hit Four Year High Of $38.2bn — Emefiele / CBN Rules Out Naira Fall As External Reserves Hit $34bn / Nigeria’s External Reserves Hit 3-year High At $33.112 Billion (2) (3) (4)
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| External Reserves Hit $38.7bn, Rise By 50% In One Year by Ecstasy154(m): 12:31am On Jan 01, 2018 |
Oyetunji Abioye The nation’s external reserves, also known foreign exchange reserves, rose by 50 per cent in the last one year to hit $38.73bn on December 28, 2017, the Central Bank of Nigeria data showed on Sunday. This means that the foreign reserves gained $12.9bn between December 2016 and December 2017. Between January and October 2017, the reserves rose by $8bn, indicating a 30.9 per cent increase when it recorded $33.83bn on October 31. The CBN latest statistic showed that as of December 22, 2017, the Nigeria’s foreign reserves stood at $37.92bn. Relative stability in the Niger Delta, uptick in the global oil prices, improvement in Diaspora remittances and establishment of the Investors and Exporters Foreign Exchange Window by the CBN in April 2017 have led to significant growth in the country’s external reserves especially in the second half of the year. The breakdown of the latest figure showed that the reserves gained $3.8bn in almost one month, rising from $34.9bn on November 30, 2017 to $38.7bn on December 28, 2017. This means the external reserves have risen by about 10 per cent in one month. The foreign exchange reserves had reached $23.6bn low in October 2016, from $40bn high in January 2014. In September 2008, the country’s foreign exchange reserves hit $62bn, with the Federal Government spending $12bn to settle external debts. In his remarks on the nation’s external reserves, the CBN Governor, Mr. Godwin Emefiele, had in November, said, “It is my belief that if we remain resolute with our efforts, policies and actions, we can attain a foreign exchange reserves position of about $40bn by end of 2018.” Emefiele had in December disclosed that the nation’s foreign reserves rose to $38.2bn with the issuance of Eurobonds by the Federal Government. He regarded the external reserves figure as the highest in 39 months. In November, the Federal Government raised $3bn through Eurobonds, which was oversubscribed by about $11bn and split across 10-year and 30-year tranches at issuance yield of 6.5 per cent and 7.625 per cent, respectively. The CBN spokesman, Mr. Isaac Okorafor, had said that the increase in foreign reserves could be attributable to peace in the Niger Delta. Okorafor added that with the sustained forex interventions by the central bank, the apex bank had pushed forex demand from the parallel market into the formal regulated market. http://punchng.com/external-reserves-hit-38-7bn-rise-by-50-in-one-year/amp/?__twitter_impression=true 8 Likes 1 Share |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Mynd44: 12:38am On Jan 01, 2018 |
Fell short of projected $40Billion. Pfffffffff |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Nobody: 12:40am On Jan 01, 2018 |
Mynd44: Is this your response sensible? Just a question not an insult? $40bn projected (Prediction/estimate) $39bn achieved. Is that not within margin of error in estimation? 111 Likes 7 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Adminisher: 12:44am On Jan 01, 2018 |
Jonathan, see your life. 70 Likes 5 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by madridguy(m): 12:46am On Jan 01, 2018 |
Good development. Happy new year Sai Baba Happy new year Sarrki/hadura29 Happy new year APC world wide Happy new year Nigeria. 40 Likes 4 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by DieBuhari: 12:49am On Jan 01, 2018 |
Adminisher:Buhari, see your death! 35 Likes 4 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by madridguy(m): 12:50am On Jan 01, 2018 |
45 Likes 1 Share |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Nobody: 12:53am On Jan 01, 2018 |
Sai baba 11 Likes |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by okosodo: 12:54am On Jan 01, 2018 |
Na today? Make una dey deceive una self 7 Likes 4 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by LionDeLeo: 1:04am On Jan 01, 2018 |
The shuku alawadas will soon come up some jugunu analysis to justify the catastrophe of the most disastrous prodigal president Nigeria has ever had since pre-colonial era in person of his Royal Cluelessness, gej. 51 Likes 4 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Desyner: 1:11am On Jan 01, 2018 |
What's the point if a man grows his savings by #1,000 but ends up borrowing #3,000. Worse part of it all is the fact the saving gives next to zero interest while the debt has a significant interest accruing. If I go further now, the synchronized zombies may come after me, so I rest my case. [Modified] Optimum foreign reserve level is what can cover for 3-6 months of forex exchange needs. At less than $2B/month of forex demand, Nigeria can run smoothly with $24B of Foreign exchange and have $16B to pay for much needed foreign services like infrastructure. Read it up on thebalance.com or other reputable sources and stop parading half knowledge in public. Cc: obailala, deenee, praktikals, martineverest, usba, adminisher, gavelslam. 47 Likes 4 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by GavelSlam: 1:18am On Jan 01, 2018 |
Desyner: When you see something good applaud it. The USA is perhaps the largest debtor nation so what are you on about? 82 Likes 7 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by usba: 1:32am On Jan 01, 2018 |
Desyner: I am sorry to say most of you don't have critical analysis skills. A lot of people will take a mortgage to buy a house in essence borrowing beyond their immediate capacity to pay, hence loans are take to undertake purchase that are usually beyond your capacity to pay in one sitting but will be paid when spread over a period of time. Nigeria wouldn't need to borrow if Jonathan had saved his 56% portion of the ECA. 70 Likes 5 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Desyner: 1:34am On Jan 01, 2018 |
GavelSlam:Keep churning out inappropriate comparison from middle of your bum bum. 10 Likes 2 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by GavelSlam: 1:36am On Jan 01, 2018 |
Desyner: All the crap in my bum is better than what you have in your head. Happy New year. 78 Likes 4 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by nnachukz(m): 1:37am On Jan 01, 2018 |
Perfect news to deceive the automated mumus as if it affected their life positively in any way. Eight dead people appointed by the chief dullardkpo and and another appointed for a private company. This distraction tactics will no longer work. 12 Likes 4 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by ChidiAlaigbo: 1:38am On Jan 01, 2018 |
GavelSlam: GBAM! Those 5% wailing iyanmirin are emotionally disturbed, pity. 33 Likes 1 Share |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by ChidiAlaigbo: 1:40am On Jan 01, 2018 |
nnachukz: Dont worry, Buhari will personally bring you and your family food to eat. Shebi that is what you expect. 5% counts for nothing !!! 34 Likes |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Jesusloveyou: 1:41am On Jan 01, 2018 |
Nonsense. How will idiotic pigs of Biafra take this. 15 Likes 6 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by nnachukz(m): 1:48am On Jan 01, 2018 |
ChidiAlaigbo:Automated mumus live in denial. Is the 95 percent buying fuel cheaper than the 5%? Keep suffering and smiling while dishing out useless figures to confuse fellow mumus. 15 Likes 1 Share |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Desyner: 1:50am On Jan 01, 2018 |
GavelSlam:What you have in your bum bum is better than what you have in your head. So stacking foreign reserve with no no interest then turning around to borrow with interest is what you have in you? Happy new year in advance. 7 Likes |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by GavelSlam: 1:50am On Jan 01, 2018 |
nnachukz: Yes they are actually. Your kinsmen have been shortchanging you for eons. 11 Likes 1 Share |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Desyner: 1:52am On Jan 01, 2018 |
usba:Will a man who has $39B in saving at 0% interest need to borrow $2B at 5% interest. Your critical analysis is tragically flawed. 15 Likes 3 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by GavelSlam: 1:56am On Jan 01, 2018 |
Desyner: Your case is irredeemable. 9 Likes |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by modik(m): 1:57am On Jan 01, 2018 |
GavelSlam: Fools paradise. But you refuse to compare the jungle Nigeria with USA in infrastructural development! They have infrastructure to show for their debt. What have you to show for yours? 16 Likes 3 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by ChidiAlaigbo: 1:57am On Jan 01, 2018 |
nnachukz: Of course we are buying fuel cheaper than your people, you want to know why? Because your people are worse cheats, dishonest, scamming money maniacs. Go and check fuel prices in the backward east. You will wail tired. Buhari has got my vote in 2019. 32 Likes 5 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by nnachukz(m): 1:58am On Jan 01, 2018 |
GavelSlam:Prof Soyinka, see one of the automated mumus you talked about. In his dreams he is buying his things in a separate market from the rest of Nigerians because he belongs to Bubu 95%. 11 Likes 2 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by Desyner: 1:59am On Jan 01, 2018 |
GavelSlam:FIXED! 8 Likes 2 Shares |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by GavelSlam: 2:00am On Jan 01, 2018 |
modik: Dangote with all the money he borrowed for the Refinery has he completed it? Dundee United. 17 Likes |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by modik(m): 2:03am On Jan 01, 2018 |
GavelSlam: Dangote =Nigeria=USA Lol. 11 Likes |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by nnachukz(m): 2:05am On Jan 01, 2018 |
ChidiAlaigbo:That is just one card. Those who lose election always have some votes and still lose. I don't expect a BMC member to understand that. Their brain cells are already dead like the man appointing and working with dead people. 12 Likes |
| Re: External Reserves Hit $38.7bn, Rise By 50% In One Year by GavelSlam: 2:06am On Jan 01, 2018 |
modik: Analogy is lost on you. It is evident your school certificate has been used to serve Suya one Rainy night in Abagana. 19 Likes |
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