Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele - Politics (3) - Nairaland
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'$1Billion Was Stolen Every Month Under Goodluck Jonathan' - Emir Sanusi / Foreign Reserve Hits $26.9bn, As Value Of Open Contracts Rises / Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele (2) (3) (4)
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| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by ojinuocheibi(m): 9:59pm On Jul 08, 2015 |
INTROVERT:but I just finished watching it on NTA THIS EVENING. 2 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by sholatech(m): 9:59pm On Jul 08, 2015 |
4Play: Na.. they reflect as at daily average. What is factual is that it is 29.6bn as at 7th July. The reportage is clearly unprofessional and if our reserves rose astronomically, CBN won't have resorted to yesterday's strong circular limiting use of naira debit cards abroad |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by Sijo01(f): 10:00pm On Jul 08, 2015 |
blueto: All na change |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by Godset1: 10:00pm On Jul 08, 2015 |
Yesterday Baba go slow met almost empty pocket but today 29billion was left in foreign reserved. How much was left in local reserved ---- western Germany |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by BecaciaBarbie(f): 10:02pm On Jul 08, 2015 |
philips70:This will def choke Buhari's haters  Shame on them!!!!! 2 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by 1bunne4lif(m): 10:05pm On Jul 08, 2015 |
What is the noise all about, isn't the foreign reserve supposed to grow. It has no reason whatsoever to be stagnant because money flows in and moreover, baba one chance have not taken a step yet, he's just dormant. He hasn't spent money on anything except the bail out money. I'll start to take him serious and appreciate him after he might have formed his cabinet. 1 Like |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by flofields(f): 10:07pm On Jul 08, 2015 |
INTROVERT: You prefer to trust Diezani or Okonjo or GEJ and not the governor of Central Bank, eh Thomas? 2 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by 4Play(m): 10:08pm On Jul 08, 2015 |
989900: There are 3 possibilities: He misspoke; he was misquoted or he is quoting present reserves undistorted by the moving average parameter. We will see in a few weeks if the reserves info on the CBN's website shows an increase in balance to +$30bn. It's possible for reserves to increase even with falling Naira particularly given the divergence of the official and parallel rates. Left to me, that man is not qualified to be a central bank governor. He is obscenely inept and his policies are leading to a loss of credibility and from the quotes on this thread, if true, he sounds more like a politician than a technocrat. 2 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by 989900: 10:09pm On Jul 08, 2015 |
1bunne4lif: It is supposed to grow like you rightly asserted, just like OBJ grew it from $4b in 1999 to $43 in 2007, and Yar'Adua grew it to $62b, only for GEJ the glutton to squander it . . . depleting it to $29b. So, if you'r keeping an open mind, it's good news, actually, worthy of the noise (if true). . . 7 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by nduchucks: 10:09pm On Jul 08, 2015 |
INTROVERT: If you do not trust that source, here is an independent source which has earned world-wide trust. reuter: Onward movement towards recovery. 1 Like |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by Zico5(m): 10:09pm On Jul 08, 2015 |
mejai:I know u don't expect good things from this dispensation, but u ll see how Nigeria will blossom in jesus name. 1 Like |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by donpope1(m): 10:10pm On Jul 08, 2015 |
What do you expect when no single project has been awarded nor policy been implemented... ...in the words of my Dad "you can't eat money in paper form" 1 Like |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by 989900: 10:13pm On Jul 08, 2015 |
4Play: Well said. He is: 1. not a core economist. 2. a commercial banker, and he will always protect his 'constituency', while covering tracks for NNPC and the past administration as he and Zenith Bank are beneficiaries of the 'lootery'. Basically speaking, the banks in conjunction with the Finance ministry, Petroleum industry, and the FG, have got this country by it's balls. |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by ajebuter(f): 10:13pm On Jul 08, 2015 |
Foreign reserve has been boosted in one month, yet dollar costs N235 in the parallel market Prices of foodstuffs and essentials have increased by e00 percent Long queues are back in our filling stations States are unable to pay their workers! And with 95 percent Northern appointment? Well, I understand this nigga got to protect his garri and groundnut 1 Like |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by klax(m): 10:14pm On Jul 08, 2015 |
Lairs at it again. Pls proof your fake figure. |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by scantee(m): 10:14pm On Jul 08, 2015 |
thinkdip:God bless u ur head is there, i am suprize to see some people celebrating such news, what is the need of having $50b reserve when nothing has been achieved? No constant power supply. Smh 2 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by LAFOCUZY: 10:14pm On Jul 08, 2015 |
Nigeria produces an average of 2.4 million bbl of oil a day. Multiply that by an average of $64 ( since bonny and qua ibo light sell at marginally higher value than brent or west taxas intermediate). Multiply that number by 39 days. That gives you an indicative value of revenue from oil subject to different petroleum agreement JV, PSC, Ps etc. Other revenues from customs, gas, solid mineral etc. Besides no major capital expenditure in the past month. Things are pretty quiet. CBN regulation is in the mix. Its easy to grow reserve naturally especially when you are not making any major capital investment by an guise 2 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by loomer: 10:16pm On Jul 08, 2015 |
If them born u well, praise jonathan make u receive sack letter by tomorrow 1 Like |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by 1bunne4lif(m): 10:17pm On Jul 08, 2015 |
989900:You see the fact i didn't vote for buhari does not mean i detest him. He's the president and nobody can deny that fact, my duty is to pray that he succeeds and move this country forward. Let him constitute his cabinet and things will move in the right direction. I can't wait to see the credibility of those that will work with him because that was where good luck got it all wrong 1 Like |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by Swagk101(m): 10:19pm On Jul 08, 2015 |
philips70:True talk...GEJ just came back from round 1 shopping with our loot. 2 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by thinkdip(m): 10:20pm On Jul 08, 2015 |
scantee:abi oo, e tire for me oo from this witch broom party |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by philips70(m): 10:21pm On Jul 08, 2015 |
nduchucks: The TANoids led by my friend barcanista must be in a coven meeting at the moment concocting their next counter thread bereft of every iota of common sense and sound moral. By 2019 every tongue that rose in judgment against PMB will be condemned to singing aleluyah in the highest, Buhari is king. 8 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by damiandammy(m): 10:24pm On Jul 08, 2015 |
This administration will bring sons and daughters of anti change to total submission by the time the changes are visibly coming incessantly 1 Like |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by crystalzoe: 10:26pm On Jul 08, 2015 |
thinkdip:thank you for your informed comment. I don't understand y Nigerians are rejoicing abt accumulated earnings when this government is yet to execute any program. we need calculated and meticulous spending on infrastructure and other necessities not figures reeled out as savings. 2 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by lacasera12(m): 10:28pm On Jul 08, 2015 |
this is the change that we're looking for. baba buhari we need a maximum change. may god help you and protect you...... 1 Like |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by atlwireles: 10:30pm On Jul 08, 2015 |
Central Bank of Nigeria Governor Godwin Emefiele reiterated on Wednesday that foreign exchange controls were helping to stabilize the naira and replenish reserves, amid criticism the measures are harming the economy. “These policies have led to a significant stabilization in the exchange rate and an improvement in market sentiments,” Emefiele said in a speech to Nigeria’s Senate in the capital, Abuja. The measures, coupled with efforts by the five-week old administration of President Muhammadu Buhari to cut wasted spending “have seen our foreign exchange reserves begin a gradual recovery,” he said. The central bank started restricting currency trading in December in a bid to stem the fall of the naira as the price of oil, Nigeria’s main export and source of two-thirds of government revenue, plunged. Last month, the central bank banned importers of about 40 items including toothpicks, private jets and wheelbarrows from using official foreign-exchange markets. Emefiele said Nigeria’s foreign-exchange reserves have risen to $31.9 billion on Tuesday, more than the figure of $29.6 billion from the central bank’s data for the same day. Reserves fell 23 percent to $29 billion in the year to the end of June. Ibrahim Mu’azu, a spokesman for the regulator in Abuja, didn’t immediately respond to an e-mail asking for an explanation of the discrepancy. ‘Zero Tolerance’ The central bank has “zero tolerance for speculators,” Emefiele said in the speech. “Nigeria’s foreign reserves remain our common wealth and we must all strive to work together to protect it and prevent speculators and rent seekers from plundering it.” While the measures have stabilized the naira at an average of 199.03 per dollar since the start of March, they have left it overvalued and caused investors including BlackRock Inc. and Aberdeen Asset Management Plc to shun local bonds and stocks until there’s a devaluation. Naira forwards indicate the currency will depreciate to 248.50 per dollar in a year, while the black market rate fell to 230 last week. Nigeria needs to let the naira devalue as the restrictions are starting to harm growth in Africa’s largest economy, Bisi Onasanya, the chief executive officer of the country’s biggest lender by assets, First Bank of Nigeria, said in an interview with Bloomberg last month. Emefiele said the curbs on importers were necessary to boost Nigerian manufacturing. “At the heart of the issues that currently confront our nation is the need for us to diversify the structure of our economy from being import dependent to being an economy that produces what she consumes,” he said. http://www.bloomberg.com/news/articles/2015-07-08/nigeria-s-emfiele-stands-firm-on-foreign-exchange-trade-controls 3 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by Intendy: 10:31pm On Jul 08, 2015 |
philips70:like you rightly said quarter PMB will surpass full GEJS. I thought it was even PMB that appointed Emefiele? Haters should go and bury their head in shame 1 Like |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by Intendy: 10:32pm On Jul 08, 2015 |
philips70:like you rightly said quarter PMB will surpass full GEJS. I thought it was even PMB that appointed Emefiele? Haters should go and bury their head in shame and if possible die 1 Like |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by thinkdip(m): 10:33pm On Jul 08, 2015 |
crystalzoe:abi oo... |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by joseph1832(m): 10:35pm On Jul 08, 2015 |
philips70:They will come and look for holes to poke. The vaudeville of pundits and carpetbaggers will soon keep mute. Even the renown political prostitute will soon stop prostituting because very soon, nobody will patronize him!. 2 Likes |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by worksmart(m): 10:35pm On Jul 08, 2015 |
Story writers writing news. All is not well with Nigeria until we can ascertain the president is in charge of the country. This can only be done when he see him appear at a live press conference and answer questions on current issues. Evil still reigns, dark days ahead. |
| Re: Foreign Reserve Has Risen By $2.89b In One Month Under Buhari – Emefiele by atlwireles: 10:38pm On Jul 08, 2015 |
Nigerian stocks fell to a three-month low and the naira hit a new record low on the parallel market on Wednesday, as investors who were worried about a shortage of dollars on the currency market sold shares, traders said. The Nigeria Stock Exchange (NSE), which has the second-biggest weighting after Kuwait on the MSCI frontier market index, dropped for the sixth consecutive day as investors pulled out of equities to short-dated Treasury bills in search of yield. Investors had hoped for a sustained rally after smooth elections in March. But markets have taken a hit from worries over the continued slide in the naira and the impact of persistently low oil prices on government finances. “We believe the uncertainties within the forex market may have triggered further sell-offs by foreign portfolio investors,” said Ayodeji Ebo, head of research at Afrinvest. “The persistent pressure and increased (dollar) demand suggest a devaluation of the naira is imminent,” he added. The central bank, worried about rising inflation, has said it is in no mood to devalue the naira again, after it tightened access to hard currency for the import of a wide range of goods. Since the central bank measures, the naira has weakened steadily on the parallel market, hitting a new record low of 233.50 to the dollar on Wednesday. On the interbank market, it traded near the central bank’s pegged rate of 196.95 naira. Investors questioned how long the bank’s rate could hold there, when the currency was trading further and further away on the parallel market. DOLLAR SHORTAGE People were buying dollars to protect themselves against further naira weakness, said Aminu Gwadabe, president of Nigeria’s Bureau de Change association. Analysts say naira weakness would hurt consumer good firms who rely on imports of raw materials. Ebo said investors had priced in lower profits as a result. The all-share index shed 1.19 percent on Wednesday, 10.4 percent lower than its 2015 peak, which it hit on April 2 after Muhammadu Buhari won a closely fought presidential election. But Sub-Saharan Africa’s second biggest stock market has drifted lower since as investors wait for policy direction on issues such as the naira and petroleum investment. The index of Nigeria’s top five oil stocks declined 2.65 percent on Wednesday, weighing on the all-share index. The top two decliners were Oando and UBA, each down more than 5.5 percent. The most liquid 5-year bond yield rose to 15.01 percent on Wednesday, up from 14.20 percent two weeks ago, when the central bank introduced new rules and close to its pre-election quote of 15.5 percent in March. http://businessdayonline.com/2015/07/stocks-fall-to-3-mth-low-as-naira-weakness-persists |
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