Are we even sure it has risen at all and if it has, how are we sure its by that amount stated by NOI. Or they are just playing to the gallery by trying to make us support Total Subsidy removal. I find it hard believing the government and this their statistics.

manny4life:

I know you were talking to the other guy but let me explain further one of the question he asked earlier. The theory of elasticity is simply the relationship reaction between two variables that are directly (most cases) relative to each other. In other words, changing one variable affects one or multiple variables and elasticity is measured in % so its easier to better understand the changes.

If you understand the theory of Demand and Supply, regard to the article and my response, $$$ is in high demand, while the supply of $$$ is low, therefore there's price elasticity between the $$$ and its quantity supplied. Take for instance, when $$$ was sold at say N152+, the demand was high say $1million, however, when Naira was devalued to 160+, the demand for $$$ shrinks slightly say $900,000 why because an average buyer of the $$$ will have to spend extra N8 more to purchase a single $$$. If you want to know how it's calculated, let me know

That's the reason why the said CBN used the reserve to buffer the demand regardless of our Crude Oil Revenues. This is in part because Nigeria DOES NOT have any major source of FOREX other than Crude Oil Sales, sad but true. We import more than we produce which isn't healthy for the economy.

Friend, I usually ignore people like that guy. But you try to have explained to him.

Importation is one of the bane of Nigeria economy, it forms part of the leakages under under the national income analysis. What could have brought about the sudden rise? They must be joking. Let them give us the figure and fact NOT in theory. If Nigeria reserve is depleted as a result of ''demand gap in FX'' it shows clearly to us that Sanusi lack foresight and proper understanding of ''Market Gap Theory''

Elasticity of demand, explain how a rational consumer will react to a slight change in price of a certain commodity/service. Mind, you, substitution effect also have a role in what happens to consumer reaction to price changes. Let me give this scenario:
Y=a+bx+e
where Y=independent variable
a=constant variable
b=slope
x=dependent variable
e=stochastic variable=other factors that affect demand
Let us also assume that Y=External Reserve
x=Demand for Forex
e=other factor outside the variable that affect demand of certain product.
PS: Note that, it is not only (P Px T Y) that determines demand of any product, covetousness, pride forms part of stochastic variable
P=Price, Px=Price other product, T=Taste and Y=Income.

A slight change in demand for FX, would either increase or decrease the reserve. And that depends on the condition, the consumer finds him/herself. For these cabal to just come up with fiction means they are only deceiving people like Beaf and others sycophants. Let them come out to explain what necessitate the increment.Also, the positive effect of these on common man. It is just like jubilation on increment in GDP without calculating the GNP. People will be affected by money illusion which is the case in Nigeria of today. I only shake my head for our leaders and those that support them blindly

Beaf:

When was it 60billion?
Cos GEJ inherited about 33billion.

the yar adua adminstration inherited 60b, left it at 50b, GEJ took it from thetre depleted it to 33b, even the beggar on the street knows that! What about all the wastages during the 50th anniversary celebration?OBJ had 37 ministers GEJ over 55, and its same nigeria, figure for youeself where all the money is going to.

^
Sadly for you, that is not true.

success4:

Friend, I usually ignore people like that  guy. But you try to have explained to him.

Importation is one of the bane of Nigeria economy, it forms part of the leakages under under the national income analysis. What could have brought about the sudden rise? They must be joking. Let them give us the figure and fact NOT in theory. If Nigeria reserve is depleted as a result of ''demand gap in FX'' it shows clearly to us that Sanusi lack foresight and proper understanding of ''Market Gap Theory''

Elasticity of demand, explain how a rational consumer will react to a slight change in price of a certain commodity/service. Mind, you, substitution effect also have a role in what happens to consumer reaction to price changes.  Let me give this scenario:
Y=a+bx+e
where Y=independent variable
            a=constant variable
            b=slope
             x=dependent variable
            e=stochastic variable=other factors that affect demand
Let us also assume that Y=External Reserve
                                       x=Demand for Forex
                                       e=other factor outside the variable that affect demand of certain product.
PS: Note that, it is not only (P Px T Y) that determines demand of any product, covetousness, pride forms part of stochastic variable
P=Price, Px=Price other product, T=Taste and Y=Income.

A slight change in demand for FX, would either increase or decrease the reserve. And that depends on the condition, the consumer finds him/herself. For these cabal to just come up with fiction means they are only deceiving people like Beaf and others sycophants. Let them come out to explain what necessitate the increment.Also, the positive effect of these on common man. It is just like jubilation on increment in GDP without calculating the GNP. People will be affected by money illusion which is the case in Nigeria of today. I only shake my head for our leaders and those that support them blindly

Guy, what are you arguing about? Just to make your voice heard or what?

I will analyse the situation you are in for you:
A patient is severely ill with AIDS and is dying. Out pop a crop of Nigerian "experts" who begin to argue whether it is best to apply plasters to his wounds or to give him panadol for his headache. In their eagerness to display how "clever" they are, they are oblivious to the fact that the mans problems are much more serious than cuts and bruises or a headache (those are mere synptoms of a deeper malaise). What do you call such "experts?"

Nigeria's external reserve fluctuates due to a much deeper problem, which is that we are a monoeconomy running on chaos.

On a lighter note, I will end with a popular Urhobo song :
Foolish man plant mango for main road o!
E suffer for nutin o!
E suffer for nutin o!
When e ripe, anoda man pluck am!
Odi' o ta me ren o!

Lol!

The foolish man is the Nigerian "expert" who has thrown the countries only revenue source to a chaotic system that only wolves can take advantage of; yet they are hoping to reap benefit without TOTALLY RESTRUCTURING the system and spend days arguing about "variables."
Will the useless "variables" ensure a just society where increases in the nations wealth are felt by the poor and the everyday citizen?

True federalism and true representation of the citizen. Total restructuring and diversification of the economy, thats what we need, not "variables."

success4:

Friend, I usually ignore people like that  guy. But you try to have explained to him.

Importation is one of the bane of Nigeria economy, it forms part of the leakages under under the national income analysis. What could have brought about the sudden rise? They must be joking. Let them give us the figure and fact NOT in theory. If Nigeria reserve is depleted as a result of ''demand gap in FX'' it shows clearly to us that Sanusi lack foresight and proper understanding of ''Market Gap Theory''

Elasticity of demand, explain how a rational consumer will react to a slight change in price of a certain commodity/service. Mind, you, substitution effect also have a role in what happens to consumer reaction to price changes.  Let me give this scenario:
Y=a+bx+e
where Y=independent variable
           a=constant variable
           b=slope
            x=dependent variable
           e=stochastic variable=other factors that affect demand
Let us also assume that Y=External Reserve
                                      x=Demand for Forex
                                      e=other factor outside the variable that affect demand of certain product.
PS: Note that, it is not only (P Px T Y) that determines demand of any product, covetousness, pride forms part of stochastic variable
P=Price, Px=Price other product, T=Taste and Y=Income.

A slight change in demand for FX, would either increase or decrease the reserve. And that depends on the condition, the consumer finds him/herself. For these cabal to just come up with fiction means they are only deceiving people like Beaf and others sycophants. Let them come out to explain what necessitate the increment.Also, the positive effect of these on common man. It is just like jubilation on increment in GDP without calculating the GNP. People will be affected by money illusion which is the case in Nigeria of today. I only shake my head for our leaders and those that support them blindly

you are the bloody sycophant here, you claimed you are a prof. of economics yet you are still living  very much below the middle class how would you explain this theory to your subjects. 'Sanusi  lack foresight, all the ministers in nigeria lack visions', educated illiterate.

Beaf:

Guy, what are you arguing about? Just to make your voice heard or what?

I will analyse the situation you are in for you:
A patient is severely ill with AIDS and is dying. Out pop a crop of Nigerian "experts" who begin to argue whether it is best to apply plasters to his wounds or to give him panadol for his headache. In their eagerness to display how "clever" they are, they are oblivious to the fact that the mans problems are much more serious than cuts and bruises or a headache (those are mere synptoms of a deeper malaise). What do you call such "experts?"

[b]Nigeria's external reserve fluctuates due to a much deeper problem, which is that we are a monoeconomy running on chaos.[/b]

On a lighter note, I will end with a popular Urhobo song :
Foolish man plant mango for main road o!
E suffer fo nutin o!
E suffer fo nutin o!
Wen e ripe, anoda man pluck am!
Odi' o ta me ren o!

Lol! The foolish man is the Nigerian "expert" who has thrown the countries only revenue source to a chaotic system that only wolves can take advantage of; yet they are hoping to reap benefit without TOTALLY RESTRUCTURING the system.

True federalism.

Dude, just to do what? Beaf, I hope you are ok. Don't you understand simple analysis. Mind, you the bolded is even explain in my explanation.
Stochastic variable which you are part of it. I smile when someone tries to argue on a subject he/she has no understanding about.

Beaf:

When was it 60billion?
Cos GEJ inherited about 33billion.

It was $63 billion in September 2008.

success4:

Dude, just to do what? Beaf, I hope you are ok. Don't you understand simple analysis. Mind, you the bolded is even explain in my explanation.
Stochastic variable which you are part of it. I smile when someone tries to argue on a subject he/she has no understanding about.

Stochastic gini?
Is that why Nigerians are poor? Like I said, are you just arguing to make your voice heard? Dude, nobody is concerned about "stochastic" stuff that wouldn't put food on the table of the citizen because the entire national structure is wrong.
Sensible Nigerians would rather fix the system by making it more equitable to all Nigerians, so that when the CBN announces reserves have gone up, it will be reflected in the food on the table, not as a "stochastic variable." Seen?

success4:


It was $63 billion in September 2008.

GEJ was not President in 2008. What was it when he became President (hint, hint, its on the CBN website).

mactonnyso:

you are the bloody sycophant here, you claimed you are a prof. of economics yet you are still living  very much below the middle class how would you explain this theory to your subjects. 'Sanusi  lack foresight, all the ministers in nigeria lack visions', educated illiterate.

Dude, will it not be better you make your point without abusing me? Well, people like u are many on NL, when you lack capacity to
file a rebuttal you resort to all kinds of abuse. Beaf is even better than you, at least he makes some point though off-point

Come to think of it, illusion is affecting you that is why you think everyone who makes comments on this forum is middle class.well. that is the
class you belong to. But to tell you the truth, my dog eat better than you.Continue your suffering and smiling life style! In conclusion, your reasoning
faculty is too poor, little wonder you think the ''little''  analysis above has qualified someone to be a professor of Economics.

Beaf:

Stochastic gini?
Is that why Nigerians are poor? Like I said, are you just arguing to make your voice heard. Dude, nobody is concerned about "stochastic" stuff that wouldn't put food on the table of the citizen because the entire national structure is wrong.
Sensible Nigerians would rather fix the system by making it more equitable to all Nigerians, so that when the CBN announces reserves have gone up, it will be reflected in the food on the table, not as a "stochastic variable." Seen?

GEJ was not President in 2008. What was it when he became President (hint, hint, its on the CBN website).

My friend, ,
Do you write before you think? If not read my post without element of subjectivity. And think before you make comment dude!

This Week in Nigeria:  Inspector-General of Police RESIGNS!!, Scores of Boko Haram suspects arrested, Fuel Importers summoned by EFCC & much more!!

http://thinkafricapress.com/nigeria/blog/week-nigeria-police-chief-resigns

http://thinkafricapress.com/nigeria/blog/week-nigeria-police-chief-resigns

success4:

Friend, I usually ignore people like that guy. But you try to have explained to him.

Importation is one of the bane of Nigeria economy, it forms part of the leakages under under the national income analysis. What could have brought about the sudden rise? They must be joking. Let them give us the figure and fact NOT in theory. If Nigeria reserve is depleted as a result of ''demand gap in FX'' it shows clearly to us that Sanusi lack foresight and proper understanding of ''Market Gap Theory''

Elasticity of demand, explain how a rational consumer will react to a slight change in price of a certain commodity/service. Mind, you, substitution effect also have a role in what happens to consumer reaction to price changes. Let me give this scenario:
Y=a+bx+e
where Y=independent variable
a=constant variable
b=slope
x=dependent variable
e=stochastic variable=other factors that affect demand
Let us also assume that Y=External Reserve
x=Demand for Forex
e=other factor outside the variable that affect demand of certain product.
PS: Note that, it is not only (P Px T Y) that determines demand of any product, covetousness, pride forms part of stochastic variable
P=Price, Px=Price other product, T=Taste and Y=Income.

A slight change in demand for FX, would either increase or decrease the reserve. And that depends on the condition, the consumer finds him/herself. For these cabal to just come up with fiction means they are only deceiving people like Beaf and others sycophants. Let them come out to explain what necessitate the increment.Also, the positive effect of these on common man. It is just like jubilation on increment in GDP without calculating the GNP. People will be affected by money illusion which is the case in Nigeria of today. I only shake my head for our leaders and those that support them blindly

Brother, I am lost , how do you mean by "national income analysis"? Please expatiate further with reference to the context @ hand. As for the rise, IMO, I think that people are no longer buying the $$$, it could simply mean that $$$ is more expensive (which it is). It could mean crude oil prices went up by few % and Nigeria has decided to save more than spend (crude oil sales), or simply it could mean CBN has taken an austerity measure (hard line stance) against the $$$, although it wasn't explicitly said the reason for the increase.

I am no fan of SLS, although I highly respect the man's thought process, he's a very intelligent fellow, however, I just don't think he brings enough experience and application on the basis of money, finance and economics. I have rarely sided with his position, however, with regards to the market gap, SLS is not responsible for the market gap. The fellow can ONLY control FOREX (part of monetary policies), as for the gap in the market (lies mainly on fiscal policies), that's the job of the FG. It's the responsibility of the FG to make sure that friendly and competitive policies are in place that encourages for instance production which lessens demand for $$$ (importation)

$1.046bn hmmmm small money

Hmmmmm

May 2008 = 62 billion dollars

Last year it falls to = 32.9 billion dollars

Claiming achievement by increaing by about 1.9 billion dollars which is 33.9 billion dollars

So some how Nigeria has lost or spent about 30 billion dollars from 2008 - 2011

Maybe because I do not know economics

but can someone explain how 30 billion dollars were lost or spent within 2 years ?

thanks I would really appreciate it

Obj from 1999- 2007 (8 yrs) =~ 62 billion dollars

Yaradua from 2007 -2010 (3 yrs) = ~50 billion dollars ======spent/lost etc 12 billion dollars

GEJ from 2010- 2012 (2 yrs) = ~33 billion dolars==========spent/lost etc 17 billion dollars

Hmmmmmmm

Any economist in the House (manny4life and co) Please can you explain to me what happened and how this things work

Thanks

Amsa ba? beaf and co ?

Story story oo

still no answer

na wa o

alj harem:

still no answer

na wa o

Prodigal spending by PDP led goverment

success4:

Prodigal spending by PDP led goverment

I am surprise to find them online and but they are short of words which means it is something not good.

Knowing PDP goons, I would have received a truck load of insults[b] if they were right and it was something positive in our economy[/b]

I suppose the only logical conclusion I have is that these external reserves were borrowed by the FG to pay

1. Fuel subsidy which was 1.8 trillion naira (according to the latest figures from CBN)

2. Spent on election ( according to one the the best economist in Nigeria today Pat Utomi saying GEJ spends 100million a day during campaign)

3. It disappeared into over priced projects and co

4. Used to pay illegal organisation and government personal who have not impacted in the development of their sector eg NDDC, 3 foreign ministers etc

Hmmmmm still waiting for Manny4life and beaf to educate me properly though because to be honest I am an ignoramus on this issue

@alj harem,

Seriously dude, why are you bent on "seeking what Manny has to say", attaching my name with irrelevant questions? What has Manny and Beaf got to educate you now? Why do you like to attach our names together? This is what you did on the other thread and the one before, I've only replied success 4 (2x) and Moodi (once), so what's the issue now? biko, let my name be, I use whatever God you serve to beg you, please let my name be.

manny4life:

@alj harem,

Seriously dude, why are you bent on "seeking what Manny has to say", attaching my name with irrelevant questions? What has Manny and Beaf got to educate you now? Why do you like to attach our names together? This is what you did on the other thread and the one before, biko, let my name be, I use whatever God you serve to beg you, please let my name be,

Daalu nwannem

because I see you 2 as very good economics that is why I specifically called manny4life and beaf. I have nothing against you or beaf, I just though you 2 were very clever in Nigeria economy.

Ndo nwannem, sorry for the bother.

alj harem:

Daalu nwannem

because I see you 2 as very good economics that is why I specifically called manny4life and beaf. I have nothing against you or beaf, I just though you 2 were very clever in Nigeria economy.

Ndo nwannem, sorry for the bother.

I am not here to argue with you but you very well know in your heart that you're being sarcastic when you asked the question and called our names. I'm quite wary, besides, if you want to ask questions and want an answer, be neutral and not sarcastic when you ask your questions. Besides, why would you assume that both of us are very clever on Nigerian economy? Anyway, if you're not being too sarcastic, perhaps, I can answer your question. It's just a case of working with numbers from CBN's website dated back to 2007 and 2012. That should provide me some clues though Nigeria has a poor database system.

Believing what NOI has to say is like believing the tortise in conceptof the stores we used to hear as children someone who wasn't honest enough to say the true value of what Naija ost during the strike. I really think NOI thinks Nigerians are f-ools

I know someone on NL who argues with throws abuses, never answers the basic intelligent questions thrown at him, but has a blind support for a government that has no clue about what ledership is all about and how to take the country out of the horrible situation it finds itself. His name is b**f He's just a character that never ceases to amaze me FROM HIM TURN AROUND He's got no truth in his mouth!!!!!

rich_john:

Believing what NOI has to say is like believing the tortise in conceptof the stores we used to hear as children someone who wasn't honest enough to say the true value of what Naija ost during the strike. I really think NOI thinks Nigerians are f-ools

I know someone on NL who argues with throws abuses, never answers the basic intelligent questions thrown at him, but has a blind support for a government that has no clue about what ledership is all about and how to take the country out of the horrible situation it finds itself. His name is b**f He's just a character that never ceases to amaze me FROM HIM TURN AROUND He's got no truth in his mouth!!!!!

U made my day!