Nigerian foreign reserves fall to $30.25b

3830
21029
Central Bank of Nigeria Headquaters, Abuja

The Central Bank of Nigeria’s data has shown that the nation’s foreign reserves has dropped to $30.25 billion by June 28.

The reserves showed a 14.8 per cent rise from a year ago, when they stood at $26.34 billion. The dollar reserves have risen slightly this year, thanks to the rise in global oil prices.

The Organisation of Petroleum Exporting Countries (OPEC) member country has added $4.2 billion to its reserves since the beginning of the year. Foreign reserves stood at $26.09 billion at the beginning of the year.

The foreign exchange reserves rose by $7 billion in six months to hit $31 billion at the end of April. According to FBN Capital Research, the reserves rose after the disbursement of $600 million by the African Development Bank (AfDB) last November and the recent sale of N1.5 million Eurobond.

“There has also been a significant recovery in oil production over the period. With less certainty we can speculate about improved forex management and possible swap transactions,” it said.

The research firm said the positive surprise was due to the upward swing in reserves, since the CBN stepped up its forex sales in early March.

“The steady accumulation makes it less, not more, likely to adopt the forex reforms sought by the market. There is no sign that the CBN plans to slow its sales, which for wholesale transactions alone are close to $3 billion: rather, it launched its latest window (for investors and exporters) only last month,” the report said.

It said the macro-economic damage from the latest period of oil price weakness, which is approaching three years, could have been manageable if a fiscal buffer against external shocks had been functioning.

The CBN also sold N31.94 billion ($104.76 million) in treasury bills last Friday in a bid to tighten liquidity in the money market, while overnight lending rate fell.

Traders said the bank sold N31.52 billion of 349-day treasury bill at 18.59 per cent and N440 million naira of 160-day treasury bill at 17.98 per cent at an auction last Friday.

3830 COMMENTS

  1. You can certainly see your expertise in the paintings you write. The sector hopes for more passionate writers like you who are not afraid to mention how they believe. At all times follow your heart.

  2. This is really interesting, You are a very skilled blogger. I ave joined your feed and look forward to seeking more of your great post. Also, I have shared your web site in my social networks!

  3. Wow, awesome blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your web site is great, let alone the content!. Thanks For Your article about sex.

  4. Terrific work! That is the type of info that are supposed to be shared around the web. Shame on Google for now not positioning this submit upper! Come on over and discuss with my web site. Thanks =)

  5. I was suggested this blog by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my trouble. You are incredible! Thanks!

  6. Rattling superb information can be found on web blog. It is fast approaching the point where I don at want to elect anyone stupid enough to want the job. by Erma Bombeck.

  7. Whats Happening i am new to this, I stumbled upon this I ave discovered It positively useful and it has aided me out loads. I hope to contribute & help different users like its aided me. Good job.

  8. This very blog is no doubt entertaining as well as diverting. I have picked helluva handy advices out of this blog. I ad love to go back again soon. Thanks a lot!

  9. You can certainly see your skills in the work you write. The sector hopes for even more passionate writers like you who are not afraid to say how they believe. At all times go after your heart.

  10. Im no expert, but I think you just crafted a very good point point. You definitely understand what youre talking about, and I can truly get behind that. Thanks for being so upfront and so truthful.

  11. What as Happening i am new to this, I stumbled upon this I ave found It positively helpful and it has helped me out loads. I hope to contribute & assist other users like its aided me. Good job.

  12. Very interesting points you have mentioned , appreciate it for putting up. Women have been trained to speak softly and carry a lipstick. Those days are over. by Bella Abzug.

  13. I was recommended this website by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my trouble. You are amazing! Thanks!

  14. You have made some good points there. I checked on the internet for additional information about the issue and found most individuals will go along with your views on this web site.

  15. My brother recommended I might like this web site. He was entirely right. This post actually made my day. You cann at imagine simply how much time I had spent for this info! Thanks!

  16. My brother recommended I might like this blog. He was entirely right. This post truly made my day. You cann at imagine simply how much time I had spent for this information! Thanks!

  17. You ave made some decent points there. I looked on the internet for more information about the issue and found most people will go along with your views on this web site.

  18. Modular Kitchens have changed the very idea of kitchen nowadays since it has provided household females with a comfortable yet a classy place in which they may invest their quality time and space.

  19. It’s appropriate time to make a few plans for the longer term and it’s time to be happy. I have read this put up and if I may just I desire to suggest you some fascinating issues or suggestions. Maybe you could write next articles regarding this article. I desire to learn more issues approximately it!|

  20. Hi! I know this is kinda off topic however I’d figured I’d ask. Would you be interested in trading links or maybe guest writing a blog post or vice-versa? My website addresses a lot of the same topics as yours and I feel we could greatly benefit from each other. If you are interested feel free to shoot me an email. I look forward to hearing from you! Awesome blog by the way!|

  21. I’m more than happy to find this site. I need to to thank you for ones time due to this fantastic read!! I definitely loved every little bit of it and i also have you saved to fav to see new things on your web site.|

  22. This is really interesting, You certainly are a very qualified blogger. I possess joined your rss and enjoy seeking more of one as fantastic post. Also, I have got shared your blog in my myspace!

  23. Having read this I believed it was very informative. I appreciate you spending some time and effort to put this short article together. I once again find myself spending way too much time both reading and leaving comments. But so what, it was still worthwhile!|

  24. What you published made a ton of sense. But, what about this? suppose you were to write a killer title? I am not suggesting your information isn’t good, however suppose you added something that makes people desire more? I mean BLOG_TITLE is a little vanilla. You should peek at Yahoo’s home page and note how they create post headlines to get viewers to open the links. You might add a related video or a related pic or two to grab people interested about everything’ve got to say. In my opinion, it would bring your posts a little bit more interesting.|

  25. Your style is really unique in comparison to other people I ave read stuff from. Thank you for posting when you have the opportunity, Guess I all just bookmark this page.

  26. Hello, Neat post. There’s an issue with your website in web explorer, may check this? IE nonetheless is the market chief and a good component to people will pass over your great writing because of this problem.|

  27. I was recommended this web site by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my problem. You are wonderful! Thanks!

  28. Greetings! I’ve been following your website for a long time now and finally got the bravery to go ahead and give you a shout out from New Caney Texas! Just wanted to tell you keep up the great work!|

  29. I’а†ve read a few just right stuff here. Definitely price bookmarking for revisiting. I wonder how much effort you place to make such a great informative website.

  30. Hmm is anyone else experiencing problems with the images on this blog loading? I’m trying to find out if its a problem on my end or if it’s the blog. Any feedback would be greatly appreciated.|

  31. Woman of Alien Great do the job you have completed, this page is actually interesting with wonderful facts. Time is God as way of keeping every little thing from occurring at once.

  32. Hmm it appears like your site ate my first comment (it was super long) so I guess I’ll just sum it up what I wrote and say, I’m thoroughly enjoying your blog. I too am an aspiring blog writer but I’m still new to the whole thing. Do you have any points for inexperienced blog writers? I’d certainly appreciate it.|

  33. Hi there I am so grateful I found your blog, I really found you by mistake, while I was browsing on Askjeeve for something else, Anyways I am here now and would just like to say cheers for a tremendous post and a all round thrilling blog (I also love the theme/design), I don’t have time to read through it all at the moment but I have saved it and also included your RSS feeds, so when I have time I will be back to read much more, Please do keep up the fantastic work.|

  34. Hi there! I know this is kinda off topic but I was wondering which blog platform are you using for this site? I’m getting fed up of WordPress because I’ve had issues with hackers and I’m looking at options for another platform. I would be great if you could point me in the direction of a good platform.|

  35. Oh my goodness! Incredible article dude! Many thanks, However I am encountering difficulties with your RSS. I don’t understand the reason why I can’t join it. Is there anybody having similar RSS issues? Anyone that knows the answer can you kindly respond? Thanx!!|

  36. Wow that was strange. I just wrote an really long comment but after I clicked submit my comment didn’t show up. Grrrr… well I’m not writing all that over again. Regardless, just wanted to say superb blog!|

  37. Spot on with this write-up, I seriously believe that this website needs a lot more attention. I all probably be back again to see more, thanks for the advice!

  38. I know this if off topic but I’m looking into starting my own blog and was curious what all is needed to get setup? I’m assuming having a blog like yours would cost a pretty penny? I’m not very internet smart so I’m not 100 certain. Any suggestions or advice would be greatly appreciated. Appreciate it|

  39. Hey would you mind letting me know which web host you’re utilizing? I’ve loaded your blog in 3 different internet browsers and I must say this blog loads a lot quicker then most. Can you recommend a good hosting provider at a fair price? Thanks a lot, I appreciate it!|

  40. You made some decent points there. I checked on the net to learn more about the issue and found most individuals will go along with your views on this site.

  41. whoah this blog is excellent i love reading your articles. Keep up the good work! You know, a lot of people are looking around for this information, you can aid them greatly.

  42. We stumbled over here coming from a different web address and thought I may as well check things out. I like what I see so now i am following you. Look forward to looking into your web page yet again.

  43. Great blog! Is your theme custom made or did you download it from somewhere? A theme like yours with a few simple tweeks would really make my blog shine. Please let me know where you got your design. Many thanks|

  44. I was wondering if you ever considered changing the structure of your site? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or two pictures. Maybe you could space it out better?|

  45. This is really interesting, You are a very skilled blogger. I have joined your feed and look forward to seeking more of your great post. Also, I have shared your web site in my social networks!

  46. I simply could not leave your website before suggesting that I actually loved the usual information an individual supply in your guests? Is gonna be back regularly in order to inspect new posts

  47. Your style is so unique in comparison to other folks I have read stuff from. Thanks for posting when you ave got the opportunity, Guess I all just book mark this page.

  48. Keep the excellent function, I study few websites on this amazing site and My partner and i conceive that your web site is actually interesting and possesses lots involving excellent info.

  49. It is in reality a nice and useful piece of info. I am satisfied that you shared this helpful tidbit with us. Please keep us informed like this. Thank you for sharing.

  50. I used to be suggested this website by my cousin. I’m not certain whether this publish is written by way of him as no one else understand such distinctive approximately my trouble. You’re wonderful! Thank you!|