carinmom:

Call her anything you like, but you are nonentity compared to her.

barcanista:
According to the International Monetary Fund (IMF), foreign reserves consist of official public sector foreign assets that are readily available to, and controlled by the monetary authorities, for direct financing of payment imbalances, and directly regulating the magnitude of such imbalances, through intervention in the exchange markets to affect the currency exchange rate and/or for other purposes.”
www.thisdaylive.com/articles/2007-2012-movement-in-foreign-reserves-account/138991/
Please read that article!

lolababe331e:


The point is is that money in the treasury So Buhari is right to say the treasury was empty

MalcoImX:
The former Minister disagrees with the immediate past Minister/Deputy Chairman, National Planning Commission (NPC), Dr. Abubakar Sulaiman who claims former President Jonathan left $30 billion in the national treasury. See Oby Ezekwesili's tweets below...

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http://lindaikeji..com/2015/06/oby-ezekwesili-discredits-ex-ministers.html?m=1

dunkem21:



Bro, you need to help out before this people balkanize this country out of ignorance.

barcanista:
What is Oby saying? So who owns the $30billion in the External Reserve? Is it Sanusi or Emefielle? This Oby of a woman is dumb

barcanista:
According to the International Monetary Fund (IMF), foreign reserves consist of official public sector foreign assets that are readily available to, and controlled by the monetary authorities, for direct financing of payment imbalances, and directly regulating the magnitude of such imbalances, through intervention in the exchange markets to affect the currency exchange rate and/or for other purposes.”
www.thisdaylive.com/articles/2007-2012-movement-in-foreign-reserves-account/138991/
Please read that article!

Rewane explained that excess crude account is usually included in the external reserves account, adding that the excess crude is the naira equivalent of the dollar amount. He added that the external resources are made up of the federal government money and money that belong to individuals.

Whenever a ministry or agency of government needs to incur approved expenditure in foreign currency (e.g. payment of goods and services, settlement of external debt, etc) it must provide the naira equivalent to the CBN before the Bank sells the required foreign currency”.

Enweghara explained, “Let us not forget that out of our so-called ‘’impressive’’ reserves that by late January stood at $45.3 billion, $13 billion is hot money belonging to some foreign speculators, who could withdraw their money anytime they discover better arbitrage elsewhere in the world.

So, you can see why in the real sense, it is not all that as impressive as it is falsely displayed. Again, another fact is that there are some bonds that are about maturing and it is from our so-called ‘’impressive’’ reserves account those debts should offset.

dustydee:

Having read the link you posted, I agree with Madam Oby and I think that Ex Minister needs to read and understand how the external reserves work.
Thank you for the link and I hope you read it too.

. . . . . . . . . . . . . . . . . . . . . .educating dullito protectionist on read/comprehension 101

Minet16:
Ezekwesili shut up... stop trying to secure misnisterial post for yourself... eyeservice doesn't move PMB. he will not even notice you

Minet16:
Ezekwesili shut up... stop trying to secure misnisterial post for yourself... eyeservice doesn't move PMB. he will not even notice you

torkaka:
. . . . . . . . .same thing I was trying to knock into the head of one dumb goon of the Otuoke order (famous for his protection seeking antics) . . . . . . . . . . . . . .

barcanista:
Most definitely she has achieved a billion times than myself....but I am not in competition with her!


Btw: Ramadan Kareem

Mercie97:
lol..saw you and the protection seeker slugging it out earlier

Obiagelli:

does withdrawing from external reserve make sense to you?

barcanista:
Most definitely she has achieved a billion times than myself....but I am not in competition with her!


Btw: Ramadan Kareem

dustydee:



Thanks for the link. The extracts below seem to contradict your positionon the external reserves:



Where will the agencies get the Naira equivalent from if their allocations have been pilfered or reduced? Or will the CBN call the Per secs and say "come and take dollars"?

If the government decided to spend from the reserves, how will the CBN pay individuals and corporate entities that makeup part of the reserves? (And by the way of the $30bn, how much belongs to private and institutional investors?)


If the government decides to draw from the reserves, how will it payback the bonds it took when they mature?

Having read the link you posted, I agree with Madam Oby and I think that Ex Minister needs to read and understand how the external reserves work.
Thank you for the link and I hope you read it too.

Obiagelli:

does withdrawing from external reserve make sense to you?

Masculity:



bacarnista *3 your response ehh. Dont you get angry

barcanista:
Do you have comprehension problem? Where did I advocate for the withdrawal of funds from the reserve when I am aware of the purpose it serve? If you don't understand my argument tell me or free me.

barcanista:
What is Oby saying? So who owns the $30billion in the External Reserve? Is it Sanusi or Emefielle? This Oby of a woman is dumb

barcanista:
Obiagello is a dummy. So who owns the $30billion External Reserve that CBN is managing? Does it belong to Sanusi or Emiefele? That CBN Act mandate the CBN to manage the External Reserve does not negate the fact that the liquidity still belongs to Nigeria.

barcanista:
Don't get me wrong. I never said the government should withdraw from the reserve. My argument is against Oby's position that makes it appear like the $30b in the reserve belongs to entities other than the FG. Every country needs reserve, in fact, this majorly precipitated the creation of ECA/SWF. The ECA/SWF was/is meant to be the next port of call should the country experience embarrassing financial crises. But the Governors filed a lawsuit in the SC and even threatened the GEJ led government to share it. The money was share and a leftover of $2billion is left.

What is the argument of Oby here? Is it that the ER belongs to another entity or what? When Buhari said treasury is virtually empty, what does he mean? Isn't he aware that the earnings of the FG is not even enough to meet statutory obligation due to fall in oil price, hence, they have to exhaust them and even borrow? I would have taken Buhari and Oby serious IF the Reserve is depleted.


NB: I am against spending monies in Reserve whether ECA or ER

dustydee:

You seem to have misunderstood her. She said external reserve is money that has been spent already (FG exchanged it for naira or other currencies). Hope you are not suggesting that if the President needs money he can dip into the external reserve and spend? If that is what you are insinuating, then I give up.

henchamb:


Go home n address your illiterate mother like that. Am sure most of the thungs she said was alien to most of us including you. Why dnt u keep calm n learn.
Oby can never look for work.
Mind u she resigned as world bank vice president for africa