Foreign Reserves Increases To $34.8bn In November – CBN

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By Kayode Tokede, Lagos –

The Central Bank of Nigeria (CBN) has said nation’s foreign exchange reserves added at $991 million in November to close at $34.8 billion as of November 29, 2017.

In November, 2017, the nation’s foreign exchange reserves sustained its momentum with an opening figure of $33.8 billion in November 1, 2017. The nation’s foreign exchange buffer has climbed 34.7 per cent or $8.97 billion this year, but is still far off a peak of $64 billion hit in August 2008.

The price of Organization of Exporting Countries (OPEC) basket of 14 crude countries gained 9.9 per cent to $60.06 per barrel as at November 30, 2017 from $53.3 it started trading early this year.

Global oil prices continued to rally above $60 per barrel extended to new heights in 2017 with Brent crude climbing to a level last seen in mid-2015, stoking hopes in the industry that the market has finally turned a corner following a three-year slump.

An oil price recovery has been under way since June as crude demand finally starts to outpace supply, with Brent rallying by almost 40 per cent to $61 a barrel, as the global oil glut that had built up over the previous three years starts to draw down.

The CBN Governor. Mr. Godwin Emefiele last week said the country’s foreign reserves had risen to $35.2 billion from $23 billion in October last year. He did not mention specifically when the foreign exchange buffer rose to $35.2 billion.

He had attributed the rise in foreign reserves and domestic production to what he described as “our development finance effort and the dogged implementation of our foreign exchange policies.”

  • vic

    MATTERS OF THE MOMENT

    RE: IT IS THE FOREX FRAUDSTER GODWIN EMEFIELE RUNNING SIX PARALLEL EXCHANGE RATES FOR HIS MASTER BUHARI WHICH IS KEEPING THE NAIRA ARTIFICIALLY WEAK.

    MR FOREX FRAUDSTER GODWIN EMEFIELE, THEN HOW IS IT THAT NAIRA IS NOT STRENGTHENING FURTHER??

    IF YOU STOP SIX PARALLEL EXCHANGE RATE BEING PERPETRATED BY YOU IN THE FOREX MARKET FOR THE BENEFIT OF YOUR FOREX MASTER BUHARI AND YOUR LOOTER SYCOPHANTS IN THE CENTRAL BANK, NAIRA WILL STRENGTHEN. YOUR CONTINUED PRESENCE AT THE CENTRAL WITH DELIBERATE WEAK NAIRA POLICIES IS KEEPING NAIRA WEAK. NAIRA BY NOW SHOULD BE SELLING AT 100 NAIRA TO A DOLLAR.

    GODWIN EMEFIELE, YOU ARE NOT ONLY A FOREX FRAUDSTER BUT ALSO A FINANCIAL CRIMINAL WHO SHOULD HAVE BEEN IN THE KUJE PRISON LONG TIME AGO.

    AND FINAL WARNING, GODWIN EMEFIELE, NO CONDITION IS PERMANENT, YOUR DAYS ARE NUMBERED, YOU WILL SPEND THE REMAINING PART OF YOUR LIFE IN JAIL AND THAT WILL BE TOO BAD FOR YOUR WIFE. PICK YOURSELF UP WHILE STILL THERE IS TIME OR YOU WILL COME TO THE POINT OF NO RETURN SOONER THAN LATER.