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Foreign Reserve Drops To $25.209bn - Business (3) - Nairaland

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Re: Foreign Reserve Drops To $25.209bn by Chukzyfcb(m): 8:13pm On Aug 23, 2016
Gmekx:


But oil prices are above the budgeted prices
yes prices are above the budgeted prices, but how about the volume? instead of 2.2mbpd captured in the budget, we now pump 1.5mbpd. so bro all is still not well
Re: Foreign Reserve Drops To $25.209bn by Miles300: 8:14pm On Aug 23, 2016
Standing5:
How was PDP's time better? PDP was privileged to have oil selling well beyond the project benchmark to sustain our system. If it was truly better why did PDP borrow to pay salary before may 29 2015 hand over?
that's not the point my friend , what am saying is , it's beyond political party issues on who is to blame or who's not to blame .. A solution should be found for economy recovery before we start surviving on foreign aid ..
Re: Foreign Reserve Drops To $25.209bn by uncleinans(m): 8:16pm On Aug 23, 2016
how did we get here? where are those usless #istanbwithbuhari? keep standinh with dog.


proudly......
100%idoma
5%nigeria

1 Like

Re: Foreign Reserve Drops To $25.209bn by CSTR13: 8:16pm On Aug 23, 2016
Standing5:
How was PDP's time better? PDP was privileged to have oil selling well beyond the project benchmark to sustain our system. If it was truly better why did PDP borrow to pay salary before may 29 2015 hand over?
But oil is currently being sold above the bench mark set by the buhari's administratation. So what are they doing with the excess?
Are these afonjas brainy at all ?

1 Like

Re: Foreign Reserve Drops To $25.209bn by Standing5(m): 8:16pm On Aug 23, 2016
Miles300:
that's not the point my friend , what am saying is , it's beyond political party issues on who is to blame or who's not to blame .. A solution should be found for economy recovery before we start surviving on foreign aid ..
Ok.
Re: Foreign Reserve Drops To $25.209bn by CSTR13: 8:18pm On Aug 23, 2016
Chukzyfcb:

yes prices are above the budgeted prices, but how about the volume? instead of 2.2mbpd captured in the budget, we now pump 1.5mbpd. so bro all is still not well
Then that is no longer a PDP problem like these Buhari folks would like to assume.
That is now a problem of ineffective governance and diplomacy.

2 Likes

Re: Foreign Reserve Drops To $25.209bn by Krismart(m): 8:19pm On Aug 23, 2016
tribalistseun:
Buhari will kill this country kpata kpata.
I swear

2 Likes

Re: Foreign Reserve Drops To $25.209bn by Standing5(m): 8:20pm On Aug 23, 2016
CSTR13:
But oil is currently being sold above the bench mark set by the buhari's administratation. So what are they doing with the excess?
Are these afonjas brainy at all ?
The bench mark was set so low to guide against the effect of false expectation. Under your hero it was average $75 as against ~$38 yet the final budget figure are practically the same. Use your brain dude.

1 Like

Re: Foreign Reserve Drops To $25.209bn by Lighthouseman: 8:45pm On Aug 23, 2016
Gmekx:


But oil prices are above the budgeted prices
Nigeria needs oil to sell at $100 to break even.
Secondly, what is the quantity being exported?
Either way, we are doomed. Buhari should realise we are living in a post oil era. Oil just like palm oil started the industrial revolution is being phased out.....
Human capital is what Nigeria should work on. Forget oil. The demand for forex is more than supply. What we have can take us almost to December after being all accumulated deficits to air line companies, foreign investors who wish to repatriate their monies, Nigerian import bills etc... The long and short of it is that Nigeria is on red!

3 Likes

Re: Foreign Reserve Drops To $25.209bn by Akpan107(m): 8:47pm On Aug 23, 2016
praxisnetworks:
undecided why not? the minister of finance spends hours doing a million braids.... and several days convincing PMB to take actions, the rest to whip staff in line when she go get time for the economy?

How can you leave a Soludo, Iweala for a Kemi..... proudly Yoruba... so bash me well...tribal warlords
They cant bash you anymore... but you will hear them say you are not a true Yoruba.
APC is a disaster.

3 Likes

Re: Foreign Reserve Drops To $25.209bn by crackhouse(m): 8:47pm On Aug 23, 2016
sCun:
Thought they said Jonathan left nothing in the foreign reserves? Is it the dog called Buhari that dropped this one there?
this is exactly my thought right now.
Well our politicians always have a way to deceive Nigerians. .....but Jonathan really denied it, it's just that we didn't believe him.

2 Likes

Re: Foreign Reserve Drops To $25.209bn by teebillz: 8:53pm On Aug 23, 2016
Trust me, this APC government is not doing anything concrete to salvage the situation. All they do is talk and buy more time hoping that oil price will rise again. Forget about the propaganda about diversification. Their number one prayer is for oil prices to rise again to cover up for them.

1 Like

Re: Foreign Reserve Drops To $25.209bn by Chukzyfcb(m): 8:54pm On Aug 23, 2016
crackhouse:
this is exactly my thought right now.
Well our politicians always have a way to deceive Nigerians. .....but Jonathan really denied it, it's just that we didn't believe him.
I am sorry to burst your bubbles, bro not everyone was deceived. the information of how much was in our reserves was always out out in the media from Tim to time. except you allowed yourself to be deceived, maybe you swallowed the lie hook line and sinker that the reserves were empty. not plenty Nigerians believed that poo bro, so don't generalize

3 Likes

Re: Foreign Reserve Drops To $25.209bn by Akpan107(m): 8:59pm On Aug 23, 2016
united101:
It will be well. Honestly, we need to blame the immmediate past adm for the misdemenour it committed and left us in this quagmire.

God bless Nigeria and her ppl
APC is a useless political party... you wanted GEJ to save all the monies he needed to run his government for Buhari, so that you guys will all come and give Buhari the glory.

APC is a failure.

2 Likes

Re: Foreign Reserve Drops To $25.209bn by erico2k2(m): 9:00pm On Aug 23, 2016
sCun:
Thought they said Jonathan left nothing in the foreign reserves? Is it the dog called Buhari that dropped this one there?
Trust me Bro, nobody go gree answer that question grin grin

2 Likes

Re: Foreign Reserve Drops To $25.209bn by Yyeske(m): 9:08pm On Aug 23, 2016
OkoNDOoBo:


Shut up.!!!

He left paltry $30billion when he supervised oil boom

OBJ- foreign reserve grew from $3bn to $45b while crude was oil was at lowest with that he paid debt of $18b to paris club.

Yaradua - foreign reserve grew from $45b to $63b with crude at $50 per barrel

Jonathief-- supervised the economy after yardaua and the foreign reserve was depleted to $30b during the oil boom at $120-$140 per barrel at maximum



Now use ur brain Who is worst president ever..??
Re: Foreign Reserve Drops To $25.209bn by teebillz: 9:09pm On Aug 23, 2016
All hands need to be on deck to turn things around but Buhari would rather use the Economy to fight the SS/SE. Target the Igbos with all the policies you can, they will simply just factor that into the retail price for the final consumers. That way, they still make their money and Nigerians(including APC supporters) pay.

1 Like

Re: Foreign Reserve Drops To $25.209bn by obstead200(m): 9:23pm On Aug 23, 2016
luvinhubby:
The irony of this whole economic saga is that cargo volume of imports in our wharfs dropped by 50%, 41 items ( including monster forex consumers like fuel & rice), have been blacklisted from CBN forex sales & the reseves keep dwindling.

So who & what is depletting our reserves?

We'll keep praying.
Who banned fuel? And when was rice banned fully?

Pls say only what u are sure of
Re: Foreign Reserve Drops To $25.209bn by fatbims: 9:33pm On Aug 23, 2016
You guys should do some research! The foreign reserve has always been fluctuating, largely affected by crude oil price.

"Since May 2007, the foreign reserves have continued to fluctuate in response to the swings of oil prices at the international market.
From about $43.13billion, the reserves reached a peak of about $62billion in September 2008 when oil prices reached the all-time high level of $147 per barrel, before falling to a low of $31.7 billion in September 2011.
The Minister of Finance, Ngozi Okonjo-Iweala, had defended the situation, saying the fall in reserves was largely as a result of the volatility of commodity prices in the global economy, particularly the oil market, which compelled the CBN to intervene, by deploying part of the reserves, to defend the value of the Naira".

http://www.premiumtimesng.com/news/top-news/175986-nigerias-foreign-exchange-reserves-34-38bn-january.html
Re: Foreign Reserve Drops To $25.209bn by faladeSM1132(m): 9:39pm On Aug 23, 2016
Standing5:
Nothing strange.
Nigeria is like a man who had a well paying job but refused to invest until he was sacked. How will he discipline himself to invest in the shortest possible time and get results? PDP kept eating precious money that could have served us in times like these. Any investment and diversification not done under PDP shouldn't be expected now.
Mr man did you read this news before tying?
Ho i don't think so
Because the News says we have over $30b dollars when PMB get to power,
Are you telling me this regime can not put our economy in shape with that figure of dollars?
The problem we are facing now have started since the beginning of this government,
How can you stop all root of forex in your country just a day without solid process?
Almost 80% of what we don't produce in Nigeria is contraband now and we can't do in a day without consuming this products .
There is money in Nigeria but we still don't have good manager, that's it
Re: Foreign Reserve Drops To $25.209bn by fatbims: 9:50pm On Aug 23, 2016
faladeSM1132:

Mr man did you read this news before tying?
Ho i don't think so
Because the News says we have over $30b dollars when PMB get to power,
Are you telling me this regime can not put our economy in shape with that figure of dollars?
The problem we are facing now have started since the beginning of this government,
How can you stop all root of forex in your country just a day without solid process?
Almost 80% of what we don't produce in Nigeria is contraband now and we can't do in a day without consuming this products .
There is money in Nigeria but we still don't have good manager, that's it

I can't condone your ignorance, so I will ask you some questions!

1. What's foreign reserve use for?

2. Do you mean importation will increase our forex?

3. Tell me that contraband product we can't do without consuming in a day!!

4. What money is in this country? What gives us money as country? Export or import?? Then what do we export and what do we import? You may need to go through your secondary schools economics to know more about balance of trade!

Note: I don't support any political party!
Re: Foreign Reserve Drops To $25.209bn by Standing5(m): 11:01pm On Aug 23, 2016
faladeSM1132:

Mr man did you read this news before tying?
Ho i don't think so
Because the News says we have over $30b dollars when PMB get to power,
Are you telling me this regime can not put our economy in shape with that figure of dollars?
The problem we are facing now have started since the beginning of this government,
How can you stop all root of forex in your country just a day without solid process?
Almost 80% of what we don't produce in Nigeria is contraband now and we can't do in a day without consuming this products .
There is money in Nigeria but we still don't have good manager, that's it
Even if you read it 100 times your understanding of the topic is obviously retàrdèd. The $30B itself is a measure of the economy. You don't use the ''economy'' to fix the economy.
Re: Foreign Reserve Drops To $25.209bn by obailala(m): 11:02pm On Aug 23, 2016
Bullet1234:
Which foreign reserve they drop? I thought they said GEJ left nothing? Pathological liars.
A papa gives a child N1000 to return to school for a new semester, and someone thinks this makes sense because it isnt zero Naira. Abeg make una try to dey use brain if una get am na?

2 Likes 1 Share

Re: Foreign Reserve Drops To $25.209bn by NairaMaster1(m): 11:05pm On Aug 23, 2016
OK, what are the effects of the dollar auction to the Saudi pilgrimage on the FR? Let's speak the truth

2 Likes

Re: Foreign Reserve Drops To $25.209bn by obailala(m): 11:15pm On Aug 23, 2016
faladeSM1132:

Mr man did you read this news before tying?
Ho i don't think so
Because the News says we have over $30b dollars when PMB get to power,
Are you telling me this regime can not put our economy in shape with that figure of dollars?
The problem we are facing now have started since the beginning of this government,
How can you stop all root of forex in your country just a day without solid process?
Almost 80% of what we don't produce in Nigeria is contraband now and we can't do in a day without consuming this products .
There is money in Nigeria but we still don't have good manager, that's it
Nigeria imports more than it exports; Nigerians spend more forex than we make, what is too difficult for an educated person to understand in that?

The CBN/FG has tried its best to block the spending of forex on unimportant things, but that is obviously not enough because the cost implications of Nigeria's thirst for foreign stuff (from petrol to kerosene to even the staple foods like the rice we eat in every home) is still higher than whatever it is we make from exports, hence the foreign reserves will inevitably go down. If the CBN completely blocks imports and totally kills the manufacturing sector and most import based businesses, you will still be the one to complain that the measures are too harsh.

Meanwhile regarding the banned products, are you aware that in the last 6 months of GEJ when oil prices had only began to crash, Nigeria's foreign reserves crashed uncontrollably from $38bn to $28bn?... i.e. $10bn in just 6 months even though oil still sold above $65 then and we had none of these vandalisms... but since the new government came in, the rate of depletion of the reserves has been just about $3bn in 16 months even though oil prices have since fallen to less than half of what it was within those last 6 months of GEJ.

People need to educate themselves with simple facts instead of running online to make baseless claims and accusations.

And by the way, you asked if the administration couldnt put the economy in shape with $30bn reserves?.. Sorry, that $30bn is just like the remaining life of the economy, you dont spend the economy to rescue the economy; that is madness especially at a time when the nation's income had crashed except you want to automatically bring in the Venezuelan situation. A working man who refused to save or start a business suddenly loses his job, you dont expect him to dip his hands into his last bit of cash which is even barely enough for his next month's food bill and rent; that is foolishness.

3 Likes 1 Share

Re: Foreign Reserve Drops To $25.209bn by obailala(m): 11:45pm On Aug 23, 2016
luvinhubby:
The irony of this whole economic saga is that cargo volume of imports in our wharfs dropped by 50%, 41 items ( including monster forex consumers like fuel & rice), have been blacklisted from CBN forex sales & the reseves keep dwindling.

So who & what is depletting our reserves?

We'll keep praying.
Within the last 6 months of GEJ when oil still sold for up to $65-$70, Nigeria's foreign reserves nosedived rapidly from $38.5bn to $28.5bn, i.e. $10bn lost in just 6 months. Now you still ask what the importance or effect of all those forex and import restrictions under Buhari are?

Are you aware that following those restrictions you listed, the reserves have only lost about $3bn in 16 months even though oil prices have since further crashed to less than half of what it was when we were already losing $10bn in the last regime?

Had we continued at the rate we were going when oil prices began to crash under GEJ, i.e. losing $10bn in 6 months, are you not aware Venezuela would have been a child's play by now?

I understand some of you feel you have a duty to criticise this government's handling of the economy, but it would be beneficial to criticise wisely.

1 Like 1 Share

Re: Foreign Reserve Drops To $25.209bn by cliquevibes(m): 11:47pm On Aug 23, 2016
Standing5:
Nothing strange.
Nigeria is like a man who had a well paying job but refused to invest until he was sacked. How will he discipline himself to invest in the shortest possible time and get results? PDP kept eating precious money that could have served us in times like these. Any investment and diversification not done under PDP shouldn't be expected now.
Seems lyk ur brain needs power bank....Must u blame PDP for all d failures of ur president D so called man said dat Jonah left noting in d treasury when leaving So d question Beckons!! "Wat then is depleting" ....I guess d answers are u Zombies brain....Am nt saying dat jonah did nt ave his faults or did nt make mistakes, Yes he did but he also made some remarkable achievement buh Buhari has managed to destroy all d good jonah did during his tenure..... Any small tin, PDP, JONAH....We Nigerians are Tired...We are tired.... My advice e u is to stop doin lyk ur president and think for a second......



Jst Quote me and spew nonsense den u see live d brimestone dat destroyed Sodom......

1 Like

Re: Foreign Reserve Drops To $25.209bn by cliquevibes(m): 12:00am On Aug 24, 2016
OkoNDOoBo:


Shut up.!!!

He left paltry $30billion when he supervised oil boom

OBJ- foreign reserve grew from $3bn to $45b while crude was oil was at lowest with that he paid debt of $18b to paris club.

Yaradua - foreign reserve grew from $45b to $63b with crude at $50 per barrel

Jonathief-- supervised the economy after yardaua and the foreign reserve was depleted to $30b during the oil boom at $120-$140 per barrel at maximum



Now use ur brain Who is worst president ever..??
Mr man, u use ur brain, Keep blaming PDP and Jonathan for d failures of buhari u hear, Under Jonathann we witnessed some incredible thiefs dat jst gathered and put a stain 2 a man's legacy...There was corruption in jonah regime, we all agree which made money 2 grow wings in d treasury, Dis we agree Buh coming 2 Buhari, We Nigerians have witnessed first hand d incredible amount of cluelessness,


Buhari b4 Election= I will create 3 million jobs in a year

After election= I never said anytin lyk dat...Culd go on and on..

Still d same Buhari dat b4 d election he incited youths to cause violence if he wasn't elected..Mind u, Dis was on tape, I personally watched it, He said it in Hausa dialect, U all keep saying dat jonathan didn't save, buh at least he was a competent president....

It still under d same buhari dat d legislative arm of government is nw useless and we see 2 or 3 different court rulings..Economy In shambles, Legislative nw incompetent....


Believe me u, even if jonathan left 60Billion in reserve, we wuld still be in recession 2day because he wuld ave squandered all d money....


And y'all stop blaming Kachikwu for any small problem involving d petroleum sector, Blame d one who gave himself petroleum minister...

1 Like

Re: Foreign Reserve Drops To $25.209bn by OkoNDOoBo: 12:14am On Aug 24, 2016
cliquevibes:
Mr man, u use ur brain, Keep blaming PDP and Jonathan for d failures of buhari u hear, Under Jonathann we witnessed some incredible thiefs dat jst gathered and put a stain 2 a man's legacy...There was corruption in jonah regime, we all agree which made money 2 grow wings in d treasury, Dis we agree Buh coming 2 Buhari, We Nigerians have witnessed first hand d incredible amount of cluelessness,


Buhari b4 Election= I will create 3 million jobs in a year

After election= I never said anytin lyk dat...Culd go on and on..

Still d same Buhari dat b4 d election he incited youths to cause violence if he wasn't elected..Mind u, Dis was on tape, I personally watched it, He said it in Hausa dialect, U all keep saying dat jonathan didn't save, buh at least he was a competent president....

It still under d same buhari dat d legislative arm of government is nw useless and we see 2 or 3 different court rulings..Economy In shambles, Legislative nw incompetent....


Believe me u, even if jonathan left 60Billion in reserve, we wuld still be in recession 2day because he wuld ave squandered all d money....


And y'all stop blaming Kachikwu for any small problem involving d petroleum sector, Blame d one who gave himself petroleum minister...
Mr man shut up.!!! The fall of nigeria's economy was inevitable because of three things
The dependence on crude oil
Dependence on importation
And lootings of national treasury
The previous minister of finance already start borrowing when crude oil was $76 what will be the fate of nigerias economy now dat the crude oil is at $40..?

And you want buhari to turn things around within a year like magician abi..?
You better goan sleep ur empty skull gringrin
Re: Foreign Reserve Drops To $25.209bn by tiwiex(m): 5:11am On Aug 24, 2016
OkoNDOoBo:


Shut up.!!!

He left paltry $30billion when he supervised oil boom

OBJ- foreign reserve grew from $3bn to $45b while crude was oil was at lowest with that he paid debt of $18b to paris club.

Yaradua - foreign reserve grew from $45b to $63b with crude at $50 per barrel

Jonathief-- supervised the economy after yardaua and the foreign reserve was depleted to $30b during the oil boom at $120-$140 per barrel at maximum



Now use ur brain Who is worst president ever..??

It was not rocket science that the figure was around that amount during campaign. No one claimed otherwise and Buhari was aware. Yet he promised to make $1-N1. Even if that is not possible, what plan did they have to even leave it as they met it? All the capital control and TSA got things worse. TSA was a great idea when oil prices were high. I suspect the delay in implementation was the economic effect as oil prices were low. That is scenario planning. I guess PMB does not know what that means. Always campaigning to the gallery.

2 Likes

Re: Foreign Reserve Drops To $25.209bn by DropShot: 6:54am On Aug 24, 2016
Pidggin:
You will not find dropshot/passingshot, NgeneUkwenu, omenka, HungerBAD, fulanimafia, QuotaSystem, Tokety7 aka Tokt on this thread grin

These people said GEJ left nothing in our foreign reserve, my people see as fowl yansh don open cheesy
You're just too empty for me to engage in any meaningful discuss. Get quality education and life experience before dabbling into what is obviously beyond your intellectual capacity.

3 Likes

Re: Foreign Reserve Drops To $25.209bn by luvinhubby(m): 7:08am On Aug 24, 2016
obailala:
Within the last 6 months of GEJ when oil still sold for up to $65-$70, Nigeria's foreign reserves nosedived rapidly from $38.5bn to $28.5bn, i.e. $10bn lost in just 6 months. Now you still ask what the importance or effect of all those forex and import restrictions under Buhari are?

Are you aware that following those restrictions you listed, the reserves have only lost about $3bn in 16 months even though oil prices have since further crashed to less than half of what it was when we were already losing $10bn in the last regime?

Had we continued at the rate we were going when oil prices began to crash under GEJ, i.e. losing $10bn in 6 months, are you not aware Venezuela would have been a child's play by now?

I understand some of you feel you have a duty to criticise this government's handling of the economy, but it would be beneficial to criticise wisely.

And the economy was never in recession in all those periods.

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