Skip to main content

Nigeria's foreign reserve drops by $500million in the last one week


Nigeria’s foreign reserve has depreciated by $544million in the last one week. According to Daily Independent, figures posted on the website of the Central Bank of Nigeria CBN shows the nation’s foreign reserves stood at $35,740,495,640 as at December 11, but fell to $35,196,352,296 as at last week, December 18.

This fall in foreign reserves is coming despite the devaluation of Nigeria's Naira. According to the Central Bank Governor, Godwin Emefiele, a large sum form the foreign reserves is being spent in defending the Naira from falling following its devaluation.

According to the governor,
“The CBN took the decision that it would be sub-optimal to continue to use up the country’s reserves in defending the Naira. This decision was right because neither the Central Bank nor the Federal Government is in control of the major factors causing the depreciation of the nation’s currency. In fact, the Russian Central Bank has abandoned its defence of the currency and allowed its depreciation, but only after it was said to have spent over $90 billion in defending the currency.”.

Comments

Post a Comment

Popular posts from this blog

Season Greetings From The Mandate Health Empowerment Initiative (MHEI)

Merry Christmas and a blissful mentally healthy new year great minds! Please if you are interested in humanitarian, community service Join The Mandate Health Empowerment Initiative Volunteer Team! As we engage Africa in Mental Health Literacy, Psychosocial Support Campaign and Prevent Drugs and Substance Dependency across all sectors! There are more people living with mental illness than people living with HIV AIDS!  Be Involved www.mhfnigeria.org  www.facebook.com/mhf2015 @infomhei just drop a line message of interest. God bless you
Post a Comment
Read more

All The Winners At The 2014 Headies Awards

The Headies awards 2014 wrapped up a few hours ago at the Eko Hotel in Lagos and Olamide, Davido and Patoranking were stars of the night earning 2 awards each. The Mavin crew would be happy on the night as Don Jazzy snapped up the producer of the year, and his team grabbed the pop single of the year with Dorobucci. It didn’t end there for the Mavins as their new act, Reekado Banks snatched the rookie of the year and deservedly so. The night also featured some great performances. See the complete list of winners below; Best R&B Single – Let Somebody Love You by 2face Idibia. Best Pop Single – Dorobucci by The Mavins Best Rap Single – Parcel by Phyno Best Street Hop – Double Wahala by Oritsefemi Best Vocal Performance (Male) – Iyawo Mi by Timi Dakolo Best R&B/Pop Album – The Journey by Sean Tizzle Best Vocal Performance (Female) – Love To Love You by Niyola. Best Rap Album – Baddest Guy Ever Liveth by Olamide. Best Reggae/Dancehall – Girlie O by Pator...
Post a Comment
Read more

NATIONAL ASSOCIATION OF BASSA STUDENTS (NABS) 2017 ANNUAL CONVENTION.

The 28th of December, 2017 is a very special day as Bassa students from far and near gather together to identify and celebrate her rich culture at Government Science Secondary School (GSS Gwagwalada). It was a colourful and beautiful sight to behold as many were dressed in there colourful cultural attire "Kpasa"to match and identify. The event was the annual National Association of Bassa students (NABS) Convention 2017. An annual event that bring together many Bassa son's and daughter's. The event attracted many very important dignitaries from all profession and work of life, Royal father's, some of the finest Bassa academia's and resource person's, the honourable member representing Bassa local government in the state house of assembly etc. It was also a great platform to display and showcase our rich culture and potential to the world. Musical and cultural display was at it best during the event and i bet you, to be on t...
Post a Comment
Read more