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Nairaland Forum / Nairaland / General / Business / Foreign Reserve Drops To $25.209bn (13219 Views)
Naira Makes U-turn, Drops To N385 / Nigeria’s Foreign Reserve Now $27.4bn / Naira Drops To 313.5 As Dollar Shortage Persists (2) (3) (4)
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Re: Foreign Reserve Drops To $25.209bn by Chukzyfcb(m): 8:13pm On Aug 23, 2016 |
Gmekx: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: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: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:Ok. |
Re: Foreign Reserve Drops To $25.209bn by CSTR13: 8:18pm On Aug 23, 2016 |
Chukzyfcb: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:I swear 2 Likes |
Re: Foreign Reserve Drops To $25.209bn by Standing5(m): 8:20pm On Aug 23, 2016 |
CSTR13: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: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: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: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: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: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:Trust me Bro, nobody go gree answer that question 2 Likes |
Re: Foreign Reserve Drops To $25.209bn by Yyeske(m): 9:08pm On Aug 23, 2016 |
OkoNDOoBo: |
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: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: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: 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: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: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: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: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: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: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 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 |
Re: Foreign Reserve Drops To $25.209bn by tiwiex(m): 5:11am On Aug 24, 2016 |
OkoNDOoBo: 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'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: And the economy was never in recession in all those periods. 2 Likes 1 Share |
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