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Nairaland Forum / Nairaland / General / Business / Nigeria’s External Reserves Rise By 1.1% In 6 Days (8320 Views)
CBN Settles All FX Backlog As External Reserves Rise To $34.11 Billion / Investors’ Exit, Others May Shrink Nigeria's External Reserves To $29.1bn – IMF / Nigeria’s External Reserves Hit 3-year High At $33.112 Billion (2) (3) (4)
Nigeria’s External Reserves Rise By 1.1% In 6 Days by akelicious(m): 4:48am On Feb 19, 2018 |
The 30-day moving average of Nigeria’s foreign external reserves last week accrued by $442.8 million or 1.07 per cent rising to $41.54 billion as at February 14, 2018 according to latest data on the website of the Central Bank of Nigeria (CBN). The reserves had reached a five year high mark last week as it crossed $41 billion on February 8, 2018, a level it last achieved in December 2013. Analysts project that the reserves will continue to accrue this year, rising to almost $50 billion. The rising exports in the country as well as the increased confidence and inflow of foreign exchange through the Nigeria Autonomous Foreign Exchange (NAFEX) window were also factors contributing to the accretion of the external reserves. The reserves has this year increased by $2.62 billion or 6.7 per cent from $38.91 billion which it was as at January 2, 2018. Last week, inflow of foreign exchange at the Nigeria Autonomous Foreign Exchange window, also known as the Investors and Exporters window stood at $789.9 million CBN director, Banking Supervision, Ahmed Abdullahi, while noting the increasing optimism in the Nigerian economy, said it is being fueled by “the fact that we have a very low risk rating in the economy and we have one of the lowest risk premium as per the debt market. “There is a very high confidence in the economy occasioned by the fact that the reserves is at the highest level and we are talking of reserves of about $42 billion at the moment. We closed the year at about $40 billion in 2017 and it has risen to about $42 billion,” he stated. The CBN has introduced several polices to increase the flow of foreign exchange into the country and stem the volatility at the foreign exchange market. Its most successful policy according to analysts is the NAFEX also known as the Investors and Exporters window which has seen an inflow of over $32.9 billion since its launch in April last year. According to analysts at FBNQuest, based on the balance of payments for the 12 months through to September 2017, the reserves at the end of January 2018 covered 15.1 months’ merchandise imports, and 10.2 months when services are added. FBNQuest analysts noted that the rapid accumulation of $12.69 billion over 12 months “is due to two sizeable Eurobond launches, a small diaspora bond issue and the recovery in oil export revenues (through the NNPC’s share of production). We have to add the CBN’s foreign exchange reforms in H1 2017 because the substantial autonomous inflows have reduced its need to supply forex to the various windows. We should stress that the data are gross and mask the swap transactions the CBN has entered into with local banks.” http://www.akelicious.com/2018/02/nigerias-external-reserves-rise-by-11.html 10 Likes 2 Shares
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Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by AnodaIT(m): 5:25am On Feb 19, 2018 |
Does that means another kilometer of federal road is being constructed? 13 Likes |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Nobody: 6:04am On Feb 19, 2018 |
The rising exports in the country as well as the increased confidence and inflow of foreign exchange through the Nigeria Autonomous Foreign Exchange (NAFEX) window were also factors contributing to the accretion of the external reserves. These guys are natural liars.. if its foreign exchange from rice and beans, how come CBN just injected $141m to subsidize the exchange rate? The increase is as a result of treasury bill and euro bonds sold of which when its time to pay, we start running pillar to post as Adeosun is already looking to borrow $2.5b to pay off some local treasury bonds bought. That is why it seems the reserve has no effect on the economy. https://www.nairaland.com/4335630/fec-okays-2.5-billion-external https://www.nairaland.com/4336007/external-reserve-across-us-40bn 10 Likes 3 Shares |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by CROWNWEALTH019(m): 6:07am On Feb 19, 2018 |
Theories everywhere 5 Likes |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by chibuzorAbia: 6:10am On Feb 19, 2018 |
This is the ONLY competent IGBO MAN alive! WELLDONE SIR!!!! And yes, peole like you make me want to say eh...eh...eh....igbo amaka!!! Though you lived and grow up in Yorubaland which is why you are a great contributor to the development of our country. Welldone Mr Emefiele..........presidency of Nigeria loading...? 5 Likes |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by omenkaLives(m): 6:19am On Feb 19, 2018 |
AnodaIT:No. It means a whole lot more than that. 1. It translates into an improvement in the country's credit rating. 2. It boosts investors' confidence in our economy. When investors are confident in your economy, they feel very comfortable puting money in it and the more money they put in it, the more jobs they create for our teeming graduates and technicians/artisans. The more the people are employed, the less likely you are to encounter a robber out there, which means improvement in security. The more folks are employed, the greater their means to take care of themselves and their families. Kids can be sent to better schools, they can afford better medicare, eat better food, drive better cars and live in better houses. When they purchase these things, they patronise other people therefore improving other people's lives as well, and the chain reaction goes on and on and on. The reciprocal effect of this is more than a single comment box can contain. God bless Nigeria. 49 Likes 5 Shares |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by AnodaIT(m): 7:06am On Feb 19, 2018 |
omenkaLives:1. Increase in GDP, purchasing power and low inflation should have more priority than credit rating. Credit rating just means, we can borrow you money. Investors rely more on the basics, vis security, raw materials and cheap skilled labor If you like grow reserve to $100bn, if robbers, herdsmen and Boko Haram are still on rampage, no one is investing 10 Likes 2 Shares |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by omenkaLives(m): 7:17am On Feb 19, 2018 |
AnodaIT:K. 3 Likes |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by simplemach(m): 7:23am On Feb 19, 2018 |
Meanwhile, we are suffering 3 Likes |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Authoreety: 7:24am On Feb 19, 2018 |
Ok no problem.... But when will one naira finally becom equivalent to a dollar |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Nobody: 7:24am On Feb 19, 2018 |
Esseite:All these beer parlour economists sef 18 Likes 1 Share |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by tetralogyfallot(m): 7:25am On Feb 19, 2018 |
This administration are more interested in boosting the foreign reserve at the expense of every other thing. The question is, what is the use of money in bank account while u r feeling hungry? 1 Like |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by talk2rotman(m): 7:25am On Feb 19, 2018 |
who external reserve help? |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by free2ryhme: 7:26am On Feb 19, 2018 |
akelicious:Corruption every where and external reserve is rising I am listening |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Nobody: 7:27am On Feb 19, 2018 |
Good one.
We can do better... 3 Likes |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Nobody: 7:27am On Feb 19, 2018 |
Good one.
We can do better... 1 Like 1 Share |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by usba: 7:28am On Feb 19, 2018 |
Wailing zombies over to you 10 Likes 2 Shares
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Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Fanatique: 7:28am On Feb 19, 2018 |
we are out of recession and national Reserve is rising. Everything seem to be working well in this government until you go to the market or want to buy fuel. Please visit https://runmyresearch.com/hire-a-researcher/ to get a professional researcher to handle your Bsc, Msc, PhD projects. We write plagiarism free papers |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Nobody: 7:32am On Feb 19, 2018 |
Good 1 Like |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by zeekeyboy: 7:35am On Feb 19, 2018 |
2 Likes |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Ikwokrikwo: 7:36am On Feb 19, 2018 |
What about our debt? APC and devilish statistics. You claim to be increasing your savings, while your debt is growing at a faster rate, who are you deceiving? |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Sunnah1(m): 7:39am On Feb 19, 2018 |
AnodaIT:The blind can not see the good things. 6 Likes |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Yeeyo: 7:41am On Feb 19, 2018 |
How does it reduces the cost of price in the market or pumo price rubish. |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by sorry1(m): 7:41am On Feb 19, 2018 |
Mtcheww... External reserve going up while internal reserve is miserable and the citizens ain't feeling any effect of the increase in external reserve. Buhari is a failure. 3 Likes |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Desire01(f): 7:41am On Feb 19, 2018 |
That's encouraging |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by sulakishop(m): 7:43am On Feb 19, 2018 |
Wailing wailers will not see this as any good 1 Like |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by Nobody: 7:46am On Feb 19, 2018 |
AnonyNymous: Enough with your silly propagandas, ... please read the first paragraph of the attached link below https://www.nairaland.com/4336007/external-reserve-across-us-40bn https://www.nairaland.com/4335630/fec-okays-2.5-billion-external 1 Like |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by blaqoracle: 7:46am On Feb 19, 2018 |
chibuzorAbia:emefiele igbo? ika man. please, go and look for your hero from your enclave. 2 Likes |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by NairaMaster1(m): 7:47am On Feb 19, 2018 |
I appreciate this and I want to constructive. How can you be saving in the midst of hunger and borrowing? And fuel scarcity? Should we be on queue celebrating this? 3 Likes |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by brownhawk: 7:49am On Feb 19, 2018 |
Authoreety:u need a wake up slap. You didn't even say 1dollar to #100 |
Re: Nigeria’s External Reserves Rise By 1.1% In 6 Days by luizkyworld(m): 7:52am On Feb 19, 2018 |
A growing economy with a growing poverty is the scammest thing i've heard in recent years. Fuel price has remained at an all time high since November 2017, unemployment has increased by a higher margin, exchange rate has remain devalued at over #360/$, prices of food stuff remains high...I cud go on & on...despite de increase in crude oil price. We are not falling for this pre-election campaign poo. |
Nigeria’s Inflation Declines For 14th Consecutive Month / Nigeria Set To Lose 550,000 Barrels Of Oil By Exxonmobil / NSIA Transfers $417m To NBET
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