• Privacy Policy
  • Terms
  • About us
  • Contact Us
Tuesday, February 7, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Nigeria’s external reserves hit $43.2b

The Matters Press by The Matters Press
January 2, 2019
Reading Time: 2 mins read
0
Africa’s remittance inflows hit $72b

Dollars

Dollars

The external reserves of Nigeria which plunged to $38.912 billion have increased by 11 per cent hitting N43.195 billion as at December 2018.

RELATED POSTS

Agriculture accounts for 23.78% of GDP

3 ships discharge frozen fish at Lagos ports – NPA

NUPRC gazettes 5 oil industry regulations, completes 6 others

This represented an increase by $4.3 billion within the period. The reserves had dropped to about $41 billion in November last year.

Save for a total of $5.36 billion Eurobond issued by the federal government last year, which bolstered the country’s reserves position, it would have depreciated significantly considering the combined effects of interest rate normalisation in some advanced economies which has resulted to increased capital outflows as well as the slump in crude oil price.

After successfully raising $2.5 billion from the Eurobond market last February, the federal government in November last year raised $2.86 billion to fund its 2018 budget deficit.

ALSO READ  Less than 40m Nigerians pay tax

At $54 a barrel, international benchmark Brent crude was down at about 20 per cent in 2018.

The decline was the first annual loss and the biggest yearly drop since 2015, when both contracts fell more than 30 per cent.

Crude oil prices look likely to trade below $70 per barrel in 2019 as surplus production, much of it from the United States, and slowing economic growth to undermine OPEC-led efforts to shore up the market, a Reuters poll had shown.

CBN Governor, Mr. Godwin Emefiele, recently pointed out that due to the ongoing interest rate normalisation in the United States, which has been predicted to extend to some other advanced economies in Europe, the central bank would focus on maintaining a stable exchange rate so that businesses can plan and to avoid a problem in the banking system assets.

ALSO READ  NCDMB to host local content investment forum

“The choice for Nigeria is to maintain a stable exchange rate so that businesses can plan and we don’t create problem in the banking system assets,” he had explained.

According to him, practically, all emerging markets have suffered, not just by depreciation, but also loss of reserves since the interest rates normalisation commenced.

He also warned speculators in the forex market that they would lose their shirt, saying the central bank has enough war chest to sustain the stability in the forex market.

According to him, the central bank would continue to take measures to ensure stability in the forex market.

The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, had on Monday said the strategic partnership between the central bank and ABCON has continued to ensure a stable exchange rate in the country.

ALSO READ  What happened to Nigeria's Foreign reserves

“This sustained stability made the Bureaux De Change (BDCs) to continue to be the potent monetary policy tool of CBN exchange rate managements,” he said.

According to the ABCON boss, the market distortion by forex speculators, rent seekers, currency hoarders and frivolous demand that usually endangered naira stability have been successfully checkmated.

The buying/selling rates for dollar stood at N358/359.5; Pounds Sterling, N452/ N457 and Euro N404/N409.5 on Monday respectively.

In Port Harcourt, dollar buying/selling rates at the close of the year were at N359/361; Pounds Sterling, N457/N464 and Euro N405/N408 respectively.

In Abuja, dollar buying/selling rates closed last year at N359/360; Pounds Sterling, N464/N467 and Euro N407/ N410 respectively. In Kano, dollar buying/selling rates for last year were at N359/360; Pounds Sterling, N465/N472and Euro N407/N411 respectively.

Tags: Foreign reserves
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria to rebase CPI, GDP
Economy/Technology

Agriculture accounts for 23.78% of GDP

February 7, 2023
Council seeks incentives to boost indigenous ship operations
Economy/Technology

3 ships discharge frozen fish at Lagos ports – NPA

February 7, 2023
Chevron, NNPC secure $1.4bn for drilling project
Economy/Technology

NUPRC gazettes 5 oil industry regulations, completes 6 others

February 7, 2023
Food shortage: Nigeria bans foreigners from direct purchase of produce from farmers
Economy/Technology

Food traders lament spoilage due to low patronage as banknotes crunch bites harder

February 7, 2023
FIRS deploys tech platform for tax collection
Economy/Technology

LIRS, FIRS sign pact on tax audit

February 7, 2023
Trading in Nigerian stock market dips further N83bn
Economy/Technology

Stock market extends gains by N81bn

February 7, 2023
Next Post
Politics hampers NSE in 2018

Politics hampers NSE in 2018

NGO kicks against visa for Atiku

Miyetti Allah spurns Atiku

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Council seeks incentives to boost indigenous ship operations

13 ships discharge petroleum products in Lagos ports

February 1, 2023
Marketers hail unveiling of new NNPC

NNPCL takes over Addax Petroleum’s PSC assets

January 31, 2023
Buhari’s 600 road projects unbeaten record

Buhari and ex-President Jonathan celebrate 60th anniversary

October 2, 2020

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Agriculture accounts for 23.78% of GDP
  • 3 ships discharge frozen fish at Lagos ports – NPA
  • NUPRC gazettes 5 oil industry regulations, completes 6 others

Categories

  • Economy/Technology
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?