{"id":417406,"date":"2011-05-04T15:55:58","date_gmt":"2011-05-04T15:55:58","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/"},"modified":"2011-05-04T15:55:58","modified_gmt":"2011-05-04T15:55:58","slug":"reserves-pare-gain-amid-oil-price-rally","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/","title":{"rendered":"Reserves Pare Gain Amid Oil Price Rally"},"content":{"rendered":"<div readability=\"55.5543212619\">\n<hr class=\"thin clear\" \/>\n<hr class=\"thin clear\" \/>\n<p><a href=\"http:\/\/www.thisdaylive.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" src=\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/thisday180.jpg\" alt=\"This Day (Lagos)\" title=\"Visit This Day (Lagos)\" \/><\/a><\/p>\n<p>Obinna Chima<\/p>\n<p>4 May 2011<\/p>\n<hr class=\"thin clear\" \/>\n<p>Nigeria&#8217;s external reserves failed to sustain the appreciable increase recorded in March as it advanced marginally by $300 million in April despite the increase in the price of oil in the international market.<\/p>\n<p>THISDAY checks showed that the external reserves stood at $33.5 billion as at April, as against the $33.2 billion it recorded at the end of March after it rose to $36.4 billion by mid March. The reserves had grown by $3.1 billion in March.<\/p>\n<p>The price of Nigeria&#8217;s Bonny Light and other crude oil grades have recorded significant appreciation in the international market as crisis continues to rage in Libya. The price of the nation&#8217;s premium crude oil grade rose from $122 per barrel to $129 as at April 29.<\/p>\n<p>But analysts argued that the slight build up in the reserve may increase the value of Nigeria&#8217;s exports while imports remained relatively flat.<\/p>\n<p>Nigeria&#8217;s foreign reserves, which peaked at $62.2 billion as at May 2008, is still battling to recover 46 per cent of its then value, as against its present value of $33.5 billion.<\/p>\n<p>In the month of April, the Central Bank of Nigeria (CBN) spent a total of $2.200 billion to fund forex supply at the Wholesale Dutch Auction System (WDAS), whereas dealers put up a total demand of $2.778 billion in the month. The figure was however lower than the trend in March when the naira was under intense pressure due to the $4.1 billion that was demanded in the month.<\/p>\n<p>Foreign exchange dealers partly attributed the increase in the reserves to reduced pressure for dollars at the WDAS last month.<\/p>\n<p>CBN Governor, Mallam Sanusi Lamido Sanusi, had said that &#8220;improved oil output and rising oil prices in the international market would contribute to economic growth and help rebuild external reserves which are vital to sustain consumer and investor confidence in the economy.&#8221;<\/p>\n<p>He had stated that the CBN, the decline in the country&#8217;s reserves was partly due to spending to maintain a stable naira currency, spending on the power sector as well as spending for a planned sovereign wealth fund.<\/p>\n<p>&#8220;In addition to the huge amounts spent on petroleum subsidies, the country is also expending foreign exchange on import of food items such as rice whereas what is needed is the implementation of policies that will lead to food security and total self sufficiency,&#8221; Sanusi had said.<\/p>\n<p>Governor of Lagos State, Mr. Babatunde Raji Fashola, had while giving his May Day speech, pointed out that economic variables such as lack of public power supply which aggravates the cost of production, cost of transportation and the cost of living, the absence of long term funding, among others, have continued to create enormous stress on the external reserves.<\/p>\n<p><\/p>\n<fieldset>\n<legend align=\"center\"><strong>More News on allAfrica.com<\/strong><\/legend>\n<\/fieldset>\n<p>AllAfrica &#8211; All the Time<\/p>\n<hr \/>\n<\/div>\n<\/p>\n<p>Continued here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/allafrica.com\/stories\/201105040940.html\" title=\"Reserves Pare Gain Amid Oil Price Rally\" rel=\"noopener noreferrer\">Reserves Pare Gain Amid Oil Price Rally<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Obinna Chima 4 May 2011 Nigeria&#8217;s external reserves failed to sustain the appreciable increase recorded in March as it advanced marginally by $300 million in April despite the increase in the price of oil in the international market. THISDAY checks showed that the external reserves stood at $33.5 billion as at April, as against the $33.2 billion it recorded at the end of March after it rose to $36.4 billion by mid March. The reserves had grown by $3.1 billion in March. <\/p>\n","protected":false},"author":0,"featured_media":417232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":{"0":"post-417406","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reserves Pare Gain Amid Oil Price Rally - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Reserves Pare Gain Amid Oil Price Rally - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Obinna Chima 4 May 2011 Nigeria&#039;s external reserves failed to sustain the appreciable increase recorded in March as it advanced marginally by $300 million in April despite the increase in the price of oil in the international market. THISDAY checks showed that the external reserves stood at $33.5 billion as at April, as against the $33.2 billion it recorded at the end of March after it rose to $36.4 billion by mid March. The reserves had grown by $3.1 billion in March.\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Reserves Pare Gain Amid Oil Price Rally\",\"datePublished\":\"2011-05-04T15:55:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/\"},\"wordCount\":473,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Politics\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/\",\"name\":\"Reserves Pare Gain Amid Oil Price Rally - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2011-05-04T15:55:58+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Reserves Pare Gain Amid Oil Price Rally - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/","twitter_card":"summary_large_image","twitter_title":"Reserves Pare Gain Amid Oil Price Rally - Ghanamma.com","twitter_description":"Obinna Chima 4 May 2011 Nigeria's external reserves failed to sustain the appreciable increase recorded in March as it advanced marginally by $300 million in April despite the increase in the price of oil in the international market. THISDAY checks showed that the external reserves stood at $33.5 billion as at April, as against the $33.2 billion it recorded at the end of March after it rose to $36.4 billion by mid March. The reserves had grown by $3.1 billion in March.","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/"},"author":{"name":"","@id":""},"headline":"Reserves Pare Gain Amid Oil Price Rally","datePublished":"2011-05-04T15:55:58+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/"},"wordCount":473,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#primaryimage"},"thumbnailUrl":"","articleSection":["Politics"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/","url":"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/","name":"Reserves Pare Gain Amid Oil Price Rally - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#primaryimage"},"thumbnailUrl":"","datePublished":"2011-05-04T15:55:58+00:00","author":{"@id":""},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2011\/05\/04\/reserves-pare-gain-amid-oil-price-rally\/#primaryimage","url":"","contentUrl":""},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2011\/#website","url":"https:\/\/www.ghanamma.com\/2011\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/417406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/comments?post=417406"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/417406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/media?parent=417406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/categories?post=417406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/tags?post=417406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}