Skip to content

Nigeria earns N6 TRILLON from oil in 11 months – CBN

January 22, 2013

The Central Bank of Nigeria, CBN, yesterday, said that Nigeria received N6.24 trillion ($40 billion) as oil revenue  from January to November last year.Meanwhile, the apex bank retained its tight money supply policy, as it left the Monetary Policy Rate, MPR, at 12 per cent.

n a communiqué issued at the Monetary Policy Committee, MPC, of the CBN, yesterday, the apex bank said: “In the first 11 months of 2012, oil receipts totalled US$40.087 billion.”

This, it said, enhanced the stability of the exchange rate and built up of the external reserves.

It said: “Overall, the relative stability recorded in the foreign exchange market could be attributed to the combined effects of improved supply of foreign exchange by oil companies and enhanced capital inflows from portfolio investors during the period under review.

“The Committee expressed satisfaction with the sustained accretion to external reserves which stood at US$43.849 billion as at December 31, 2012, representing an increase of US$1.682 billion or about 3.98 per cent from the level of US$42.167 billion at end-October 2012.

“Relative to the end-December 2011 level of US$32.915 billion, the external reserves at the end of December 2012, had risen by US$10.934 billion or 33.21 per cent. The increase in the level of foreign reserves was driven mainly by proceeds from crude oil and gas exports and crude oil related taxes as well as reduced funding of the WDAS on account of the huge inflow of foreign portfolio investments, which was about 77.0 per cent of total inflows through the CBN.

Retains MPR at 12%
The CBN, however, defied calls for a change in its monetary policy, by leaving its Monetary Policy Rate (MPR) at 12 per cent. Defending its decision to retain MPR at 12 per cent, the CBN said: “Given the stability achieved in the last 12 months with average year-on-year headline inflation rate at 12.24 per cent, in 2012, the MPR of 12 per cent was considered to be just about right.

“The Committee considered the calls for a reduction in the MPR because of the benign inflation outlook, other things being equal.”

However, this may be undermined by the increased sub-national government spending and Federal Government high expenditure in 2013, the higher benchmark oil price in the 2013 budget and the US debt ceiling with possible impact on commodity prices.
“In view of the foregoing, the Committee decided that it was prudent to hold and monitor developments between now and the next meeting of the MPC.  The Committee, therefore, decided by a majority vote of 8:2 to maintain the current policy stance i.e., to retain the MPR at 12.0 per cent with a corridor of +/- 200 basis points around the midpoint; retain the Cash Reserve Ratio (CRR) at 12.0 per cent; and to retain the Liquidity Ratio at 30.0 per cent.  Two members voted for a reduction of the MPR by 25 basis points.”

Sells $100m, Naira gains 8k
The CBN  sold $100 million dollars at the Wholesale Dutch Auction System, WDAS, session held, yesterday, while the naira appreciated by eight kobo in the interbank foreign exchange market.

Analysis of the WDAS session showed that the CBN sold $100 million as against $108 million in the previous session last week, representing eight per cent decline. But the official exchange rate rose slightly by one kobo to N155.73 from N155.72 per dollar.  Cumulatively, the CBN has sold $371.2 million this year.

Posted from WordPress for BlackBerry.

Advertisements

From → Uncategorized

11 Comments
  1. I want to express my appreciation to this writer just for bailing me out of this particular problem. As a result of browsing throughout the the web and meeting solutions which are not helpful, I believed my life was over. Being alive without the presence of answers to the issues you’ve fixed through your entire post is a crucial case, as well as the kind which might have in a wrong way damaged my entire career if I had not noticed the website. Your own talents and kindness in maneuvering all the pieces was very helpful. I’m not sure what I would have done if I had not encountered such a point like this. I can now look forward to my future. Thanks for your time so much for the skilled and results-oriented guide. I won’t be reluctant to refer your web sites to anyone who needs assistance about this matter.

  2. My wife and i were absolutely peaceful when Ervin managed to finish off his analysis with the precious recommendations he received through the web pages. It is now and again perplexing to just happen to be offering procedures that many others may have been selling. And we also remember we’ve got you to appreciate for that. The specific explanations you made, the easy blog navigation, the relationships you will assist to engender – it is mostly superb, and it’s really making our son in addition to us believe that this article is brilliant, which is certainly extraordinarily important. Many thanks for the whole lot!

  3. Thanks , I have just lately been looking for info about this subject for ages and yours could be the ideal I’ve found so a lot. But, what concerning the bottom line? Are you currently positive in regards to the source?

  4. I happen to be commenting to let you be aware of what a beneficial encounter my friend’s princess encountered using the blog. She learned lots of details, with the inclusion of what it’s like to possess an ideal giving heart to have many others quite simply grasp chosen grueling things. You truly did more than visitors’ desires. I appreciate you for churning out such warm and friendly, trustworthy, revealing not to mention easy tips on your topic to Ethel.

  5. Fantastic beat ! I would really like to apprentice though you amend your web page, how could i subscribe for the website website? The account aided me a acceptable deal. I obtained been tiny little bit acquainted of this your broadcast supplied bright clear principle

  6. Ordinarily I will not learn article on blogs, but I want to say that this publish-up incredibly forced me to attempt and do it! Your crafting type may be amazed me. Thanks, very good publish.

  7. My husband and i got very glad John could do his investigations through the precious recommendations he obtained through your site. It is now and again perplexing just to continually be making a gift of facts that many others might have been trying to sell. We fully understand we need the website owner to be grateful to because of that. Those explanations you have made, the straightforward web site navigation, the relationships you will aid to foster – it’s mostly astonishing, and it’s really making our son and the family imagine that the concept is enjoyable, and that is particularly essential. Thank you for all the pieces!

  8. I enjoy what you guys are up too. This kind of clever work and exposure! Keep up the excellent works guys I’ve included you guys to my blogroll.

  9. It is really a great and helpful piece of information. I’m satisfied that you shared this helpful tidbit with us. Please stay us up to date like this. Thank you for sharing.

  10. I happen to be commenting to let you understand what a beneficial experience our princess gained viewing your web page. She even learned numerous issues, most notably how it is like to possess an amazing helping nature to make other people quite simply master various very confusing things. You actually surpassed visitors’ expected results. Many thanks for offering the priceless, safe, edifying as well as unique thoughts on that topic to Gloria.

  11. I like this publish, enjoyed this one particular thanks for publishing. “To the dull mind all mother nature is leaden. To the illumined intellect the complete globe sparkles with light.” by Ralph Waldo Emerson.

Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: