NewStats: 3,261,943 , 8,175,621 topics. Date: Saturday, 31 May 2025 at 08:02 AM 48142i

Since the FG sacked the controversial former CBN governor, Mallam Sanusi, followed by the appointment of a new CBN governor, the nation has witnessed a steady rise in the foreign reserve and excess crude . In addition, the naira has been relatively stable.

It will be recalled that before this period, the nation's foreign reserve and excess crude was on a free fall. The foreign reserve fell from near $50 billion by end of 2012 to about $37 billion early this year. The excess crude also fell from about $10 billion to a little above $3 billion within the same time frame.

However, the kicking out of the ENEMY WITHIN the govt, Mallam Sanusi, and appointment of a new CBN governor reversed the downward trend in both indices. The nation's foreign reserve has now risen to almost $40 billion. In fact, Nigeria’s foreign exchange reserves rose by $1.436 billion to $39.333 billion between July 4, 2014, and August 5, 2014 representing an increase of 3.65 percent over $37.897 billion recorded in July this year.

Foreign reserves rises by $1.4bn in 1month

08.Aug.2014

Chima Nwokoji - Lagos

Nigeria’s foreign exchange reserves rose by $1.436 billion to $39.333 billion between July 4, 2014, and August 5, 2014 representing an increase of 3.65 percent over $37.897 billion recorded in July this year.

According to latest data on external sector developments, the foreign reserves rose to $40.20 billion as at July 18, 2014, up by $2.89 billion or 7.74 per cent from $37.31 billion at end-June 2014.

The Central Bank of Nigeria (CBN) had on June 23, 2014 raised the minimum capital requirement for BDC operators from N10million to N35 million.

It also raised mandatory caution fee from 10,000 dollars to N35million, bringing the total requirement to N70 million.

It followed this up with slashing of dollar sales to Bureau De Change (BDC) operators since July by 70 per cent from $50,000 per week to $15,000.

While some financial experts attributed the increase in foreign reserves to the recent clampdown on BDC operators, the apex bank agrees that the increase was due to the drop in drawdowns in CBN’s programme of defending the local currency.

The Bank added that the reserves had steadily grown in the last two months due to increased accretion and moderation in the rate of depletion.

However, the naira has remained stable at around N161-N162 to the dollar on the interbank market and N155.75 on the official window on the back of from dollar sales by some oil companies and offshore investors buying local debt.

As the deadline for recapitalization of BDCs elapsed on July 31, the apex regulator insists that modifications to the guidelines on the regulation of Bureaux de Change in Nigeria are aimed at conserving the country’s foreign reserves, among other objectives.

This position was made known by the CBN Governor, Mr Godwin Emefiele, during an interactive session with the House of Representatives Committee on Banking and Currency

http://www.tribune.com.ng/news/news-headlines/item/12820-foreign-reserves-rises-by-1-4bn-in-1month

hmm ok

Excess Crude Rises To $4.05 billion

http://thenationonlineng.net/new/eca-swells-to-4-05b/

.

Ok!

All those shouting when that mallam was remove should see now that he was just ranting and not doing any good job as a CBN governor. He was know good news for this nation. No wonder people from some quarters called him the BOKO BOYS sponsor.

Everybody clap for Goodluck Jonathan

ngona: All those shouting when that mallam was remove should see now that he was just ranting and not doing any good job as a CBN governor. He was know good news for this nation. No wonder people from some quarters called him the BOKO BOYS sponsor.

Exactly my thought dear.

Funky Sanusi, you left monetary regulation for fiscal/political regulation againt ur govt.

Seek now salvation!

I though the naysayers said the economy will crash because one inconsequential negro called Sanusi was kicjed out?

GEJ took a bold step by suspending that guy called SLS.

So the mallam was clueless all along.

sanusi is a failure shikena

The Brilliant knew Sanusi was a fraudster all along.
He has been stashing the stolen wealth in a foreign and accusing the federal government of incompetence, and APC were fuelling the polity, hailing and backing him to cause more mayhem.
I should keep saying this. APC is just bent on destroying the Goodluck istration with rumours, propaganda and all they've got!!!

Where is my gun?
Why isn't this on front page?

!!!

eaglechild: So the mallam was clueless all along.

I think he allowed himself to be distracted by the PDP versus APC politics. He was more like an APC chieftain

Sanusi squere page in a round hole

Our foreign reserve and excess crude has risen yet president jonathan wants to borrow a $ 1billion loan.

Evergreeen123: Our foreign reserve and excess crude has risen yet president jonathan wants to borrow a $ 1billion loan.

1 er of APC virus detected.

Some of the achievement of sanusi are
stealing banks and selling it to friends.
Giving jobs to only his gurlfriend and their sibblings
spornsoring BH and buhari campaing.
Paying N10billion to a nitwitt call el rufia for consultation fees.
Koboko69 berem eggheaders how much did sanusi says is missing N10b N20b or N50b?

Trut:
...

You are brain dead.

Our foreign reserve and excess crude has risen - Good news

So why the fvck do we have to borrow a $1 billion loan that will certainly come with harsh payback conditionalities

SLS wil be like

[quote author=Sincere9gerian][/quote]

you mean now you can now lie and manifacture figures like okonjo is doing? Economy is growing yet things keep getting harder for the poor! hlthe cost of living keep increasing! And if I hear that dollar has been relatively stable, I will paint your face with patrick sawyers ash!

Ineptitude and incompetence on the part of sanusi almost depleted our reserves to bare bones with the resultant damage to the economy.....We dodged a bullet....

Alishachris:

you mean now you can now lie and manifacture figures like okonjo is doing? Economy is growing yet things keep getting harder for the poor! hlthe cost of living keep increasing! And if I hear that dollar has been relatively stable, I will paint your face with patrick sawyers ash!

Dont mind that a55licker

our economy is improving, our foreign reserve is rising yet goodluck jonathan still wants to borrow $ 1billion loan.

Who dey deceive who?

Sincere9gerian:
I think he allowed himself to be distracted by the PDP versus APC politics. He was more like an APC chieftain

That's the point! He allowed himself to be distracted with politics. Instead of seeing a simple solution to the downward trend of the naira, he simply stock to defending the naira with the reserve with resultant depletion. It was the same mistake Sarah Alade continue with. Seems Emiefile will make a fine CBN chief.

Evergreeen123: Dont mind that a55licker

our economy is improving, our foreign reserve is rising yet goodluck jonathan still wants to borrow $ 1billion loan.

Who dey deceive who?

There is nothing wrong with borrowing as long as the money is use for what is meant for. As rich as the USA is, the have the highest debt in the world. And the still do borrow. We can only insist on the money being judiciously use.

Just asking...was sanusi responsible for the drop in excess reserve

Evergreeen123: Our foreign reserve and excess crude has risen yet president jonathan wants to borrow a $ 1billion loan.

Very good question.

Yeye de smell from this op.

At a some points I knew Sanusi was clueless and confused but he still did well in office.

Eldavido1:

There is nothing wrong with borrowing as long as the money is use for what is meant for. As reach as the USA is, the have the highest debt in the world. And the still do borrow. We can only insist on the money being judiciously use.

Forget that guy. He is afflicted with heavy dose of ignorance

At some point I knew Sanusi was clueless and confused but he still well in office