mrskillz:
Anytime there is a terrible scandal rocking this administration, they always have a cooked up, fictitious, unverifiable good news to dish out. It is called damage control or check mating in politics. Nigerians, wise up. When buhari massages the ego of the south west this morning in his broadcast, it is called political point.

waveman2:
Pls I need a good economist is the house to explain how and why this increase in foreign reserve /low import is not translating to a appreciation of value of the naira to a dollar. I think corruption is at its lowest point, import have drastically reduced, we have a better balance of trade we should be looking at our $1 to N200 .pls I, m a novice so just explain. Thanks

ivandragon:




no need to allow anyone confuse you with skewered analysis...


just do a simple research...


Russia has about $450b in reserves...


Iran has about $135b in reserves...


USA has about $123b in reserves...


now ask yourself these questions...


1. which of the above countries has the better/best economy?


2. which of the above countries has the better infrastructure?



3. which of the above countries would you become a citizen of if you had a choice?


answer the above questions & you will see how the increased reserves is just much ado about little...

deenee:


Pls stop dis gracing yourself and Google what a foreign reserve means on the internet.

No wonder there are so many unemployable graduates in the country

timesup234:
You are a rookie when it comes to neoliberal economics. The United States own the dollars and don't need no fucking dollar. The US. fiat currency is backed by military aggression. Your question should be why does the whole world keeps external reserve in a foreign countries currency. The US. is the greatest threat to the existence of mankind and the dollar grip on every corner of the world must be destroyed

fortune1968:
Of course ,you would have known how it had better our lives if probably now you are exchanging 1000 naira for $1

madridguy:
Get your fact right bro. I be APC both front and back.

Jesusloveyou:
Nonsense.
How will idiotic pigs of Biafra take this.

LionDeLeo:
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.

Bizibi:
no need saying anything,you see how the paid agents are rushing to celebrate mediocre.

Saving is already a priority and achievement. The APC sycophants are already celebrating a new achievement.

obailala:
Foreign reserves and capital funds for infrastructure serve 2 very different purposes; everything isnt elementary logic as you expect. $39bn in the reserves can guarantee Nigeria faster loan approvals at lower interest rates than if we had say $29bn in the reserves; likewise, $49bn will also afford Nigeria more loan approvals at even lower interest rates than what the $39bn could give us.

Once again, external forex reserves and funds for capital projects serve 2 different purposes and shouldn't be compared.

fortune1968:
Of course ,you would have known how it had better our lives if probably now you are exchanging 1000 naira for $1

ashjay001:




I'm an informed novice like u, but from my deductions; should #1=$1

--it'll be cheaper to import rice again, than produce in naija(its still more expensive to produce rice in naija than other climes)


-a lot of countries we have as trade partners, have comparative advantage over us, they'll flood our markets with cheaper varieties of products.


-we'll become d new europe! Migration to naija from other african nations will boom.

China actually devalues its currency regularly, something d US has been trying to sanction them for.

Imagine security, waitresses, street sweepers, all being able to afford a hummer or foriegn vacation!

Nobody will buy made in naija, since they can afford d better foriegn product.

modik:


To show how flawed your assertion is, could you answer this simple question....

When exchange rate was N187/$1 during GEJ's tenure, what was the value foreign reserves?

modik:


All your effort is geared towards enhancing your propensity to borrow.

OBJ deemphasised borrowing and achieved much.

Nigerians can't be deceived at this time.

deenee:



China has the advantage of population. About 2billion....we dont

China is self sufficient meaning even if no country does business with them they will still do very well. We are without doubt an import dependent country importing mudane things like toothpick and rice. It is only now the Govt is really trying to encourage export and even some of the export proceeds are not judiciously used by the beneficiaries in Nigeria

Corruption is dealt with swiftly in China while the story is the opposite. We have heard stories of how political officer holders and even influential business are jailed and even killed but here in Nigeria..we will play the tribal and ethnic card

China gives out loans to business owners at single digit rates and they pay back diligently but the opposite is the case in Nigeria. Even ordinary NPOWER is been abused

I can go on and go on but I guess you get the drift now

Hopefully a lot of the buy and grow naija initiatives in the Agric space will take shape and yield results this year.

God bless Nigeria.


Do you know that Nigeria alone contributes about 35% of total revenues for the Shoprite brand in Africa. A brand that imports virtually all they stock on their shelves including fruits and you need to see how Nigerians flood there to buy stuff

Adminisher:
Jonathan, see your life.

DieBuhari:

Buhari, see your death!

Mavrick2012:
so, what you saying is, the current #365 to $1 is better than the #197 to $1 under the administration that "DIDNT SAVE"?

Ecstasy154:
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

ChidiAlaigbo:


Dont worry, Buhari will personally bring you and your family food to eat. Shebi that is what you expect.

5% counts for nothing !!!

Desyner:
Will a man who has $39B in saving at 0% interest need to borrow $2B at 5% interest. Your critical analysis is tragically flawed.

Swisscoinng:
Upon say the money is called Foreign Reserves...

...My God, how did you end up this way?

Desyner:
Is your brain working at all ?

Swisscoinng:
I asked you a simple question...

If your brain is in sync, you would have known the meaning of foreign reserves, it so appalling that you even attached interest rate to our foreign reserves....

Your illiteracy on the subject matter is first class!