Naira Appreciates To N455/$ As External Reserves Hit $30bn - Business (2)

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Naira Appreciates To N455/$ As External Reserves Hit $30bn - Business (2) - Nairaland

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Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Benjom(m): 7:48am On Mar 10, 2017

It's their way of life. They celebrate negativism.

Firstcitizen:
Speculators will soon appear on this thread to say it will not work.

1 Like

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Zdoh(m): 7:50am On Mar 10, 2017

Nice but we are watching
.......
*ZDOH**

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Nobody: 7:51am On Mar 10, 2017

aloziedaya:
I'm still expecting the rate buhari met it.

$1=N190 or even his campaign promise of

N1=$1.

N455 =$1 is still very embarrassing to Nigeria.

Meanwhile welcome home bubu.

Well, Buhari met the naira falling vs the dollar.....and it was falling because we were running out of forex due to oil prcies falling.

If it wasnt for the restrictive forex polices of the CBN....which people like you opposed...we would have been down to our last $5bn by now.

1 Like

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Chimexstano(m): 7:52am On Mar 10, 2017

Ok.... let's see what will happen when our oga ontop return

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by tinktanker: 7:59am On Mar 10, 2017

U c how things are getting beta? That's the difference between a blessed man n a cursed man, a literate man and an illiterate man

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by championer: 8:00am On Mar 10, 2017

Please we should stop eulogizing them becos naira appreciates. They are only cleaning up their mess.

After all they were all there when it depreciated to 500 per dollar

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by tinktanker: 8:03am On Mar 10, 2017

9jakohai:

Well, Buhari met the naira falling vs the dollar.....and it was falling because we were running out of forex due to oil prcies falling.

If it wasnt for the restrictive forex polices of the CBN....which people like you opposed...we would have been down to our last $5bn by now.

its obvious u don't yet knw buhari is Cursed. What happened that cost the recession 1985 or so during Buhari’s rule then? Since then we never entered recession till he came in to power again. Its obvious he is cost or he benefits heavily from recession dats y the arrested that Gbadamosi for exposing them. Nigerians don't think dats our problem

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by SalamRushdie: 8:10am On Mar 10, 2017

9jakohai:

Well, Buhari met the naira falling vs the dollar.....and it was falling because we were running out of forex due to oil prcies falling.

If it wasnt for the restrictive forex polices of the CBN....which people like you opposed...we would have been down to our last $5bn by now.

You are a big liar ... Do u know under Buhari we lost 100 billion dollars in revenue due to his short sightedness

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Nobody: 8:11am On Mar 10, 2017

9jakohai:

Well, they are right in a way.

Thing is....Emefielle and Adeosun have been able to keep reserves up by being so restrictive....and the oil prices are not going to shoot up to $94 per barrel that they were this time seven years ago.

We are also fortunate that we still have some domestic manufacturing (someting that differentiates us from other oil pridcuers like Venezuela who import everything....including toilet roll and chicken!)...and that helps save cash.

And we are now enforcing laws more strictly.Especially taxation.

But long term, we need a more stable source of dollars....and that is where agriculture, solid minerals come in. Fashola will also earn plaudits if he can negotiate a loan for improved power supply, in collaboration with the DISCOS and GENCOS.

Reserves are up because production has hit 2bn barrels per day

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by VeeVeeMyLuv(m): 8:12am On Mar 10, 2017

hez back!

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Freak101(f): 8:13am On Mar 10, 2017

Nigerians will say "osinbanjo is trying" although he did nothing..

People are releasing dollar into the market because buhari isn't in the country again,and therefore, the price went down because of excess supply,I hope it doesn't go back if buhari return.

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Dino98: 8:14am On Mar 10, 2017

obembet:
HOW TO FOOL A NIGERIAN
Increase his hardship from 0% to 300% after a period of time reduce it to 280%
He will love & praise you.

Not just Nigerians.... I think Africans in general; if not humans in general

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by excel101(m): 8:16am On Mar 10, 2017

Anazp:
Flatmate is needed in Kubwa Abuja. Nice environment. your own toilet and bath. I'm a lady so preferably a lady. Call or send a text me 08095850618

This is nothing but Modified lesbianism

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by hakimi1974(m): 8:20am On Mar 10, 2017

wow. 30 billion dollars? and during one buffoon owambe tenure, the reserve dey freefall like say tomorrow no dey and oil price was above 100 dollars ooo. p.d.p? never again. them even dey borrow to support recurrent expenditure.

1 Like

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by InvestinOwerri(m): 8:22am On Mar 10, 2017

All these is happening because militants have stopped bombing. Niger Delta sneezed and Nigeria caught pneumonia! Nigeria cant survive without Niger Delta oil yet its people are treated with contempt and disdain. The rest of the country will die of starvation the day we go our separate ways. Ungrateful Nigerians!

2 Likes

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Nobody: 8:24am On Mar 10, 2017

tinktanker:
its obvious u don't yet knw buhari is Cursed. What happened that cost the recession 1985 or so during Buhari’s rule then? Since then we never entered recession till he came in to power again. Its obvious he is cost or he benefits heavily from recession dats y the arrested that Gbadamosi for exposing them. Nigerians don't think dats our problem

All right....time for some history lessons

1.In 1973....oil prcies shot up by large margins thanks to OPEC's embargo on the US for backing Israel in the Yom Kippur war. For Nigeria...that meant an increase in the amount of oil money we got.

2.Throughout the 1970's and early 80's....high oil prcies meant we had a high standard of living. What was even better was that we had a lot of non-oil exports...like cocoa, tin, palm oil, columbite, etc.

3.In 1982...when Shagari was in power....oil prcies crashed. By 1983...things were so bad that Shagari introduced austerity measures.

4.Even then, massive corruption, and the economic crisis of 1983....led to Buhari taking over by December 31 1983.(On Jan 1 1984...Nigerians greeted each other with Happy New Year, AND happy new Government).

5.Buhari, to cut a long story short ,ran a tight austerity government,with the aim of reducing our losses due to the fall in oil prcies. He also had to contend with the collapse of our agric sector...which started when Shagari was in office...and which led to the groundnut sector completely collapsing by 1982...which was when the last groundnut pyramid vanished in Kano.

6.Even then, Buhari SHOULD HAVE invested more in power, transport, etc...and he should have taken a loan to do that. Like now to. But PMB did not want to take a loan in 1984...like now.

7.The increasing hardship...led to IBB taking over in 1985. But things did not get better...they got worse. In 1986....we had two choices...take a massive loan from IMF....or follow IMF'S Structural Adjustment Programme (SAP). We chose SAP. THigns got worse.(ASUU sticker from 1988...My take home salary cannot take me home).

8.In 1989...we devalued our naira....which was supposed to help our local industries...but only made thigs worse.

9.In 1990...oil prices went up again, and stayed up in 1991...due to the Gulf war 1. Things got a bit better...only to get worse.....when the prices fell again by late 1991.

10.In 1993..ibb stepped aside...Abacha eventually took over. Our economy remained depressed. Abacha brought in strict austerity measures, which were undermined by massive corruption. Inflation rose, and then dropped, but things remained bad.(Salary of a lecturer in a Nigerian University: N5000 monthly by June 1996).

11.Things did not start getting better until oil prices rose again in 2003....and stayed up until the crash again in 2014. Note that by January 2015...Okonjo Iweala was saying that whoever won the eelction....things were going to be tough.

And that is your history lesson for today. And no.....I am not defending Buhari. They should really walk the talk on diversificaiton...which is our only way out of this.

And the main thrust of my comment is your assertion that things got better after Buhari was thrown out in 1985. I lived through that period...and I can assure you things got worse.

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Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Nobody: 8:25am On Mar 10, 2017

greenpasture:

Reserves are up because production has hit 2bn barrels per day

And because

1.Oil prcies went up

2.Restrictions do work. If CBN had let dollars flow last year....we would have been broke and building from scratch.

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Nobody: 8:28am On Mar 10, 2017

SalamRushdie:

You are a big liar ... Do u know under Buhari we lost 100 billion dollars in revenue due to his short sightedness

We lost dollars so far because

1.Due to falling oil prcies, CBN had to restrict flow of dollars due to the fact that we needed them.Tis had the side effect of driving away foreign investors because they could not remit their dollars back easily.

Hence the fall in revenue.

If Buhari had let dollars rain last year....we would have lost far more than 100bn dollars. We lost far more than that under his predecessor by the way...with high oil prcies. In exchange for keeping the naira at a low rate.

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by SalamRushdie: 8:32am On Mar 10, 2017

9jakohai:

We lost dollars so far because

1.Due to falling oil prcies, CBN had to restrict flow of dollars due to the fact that we needed them.Tis had the side effect of driving away foreign investors because they could not remit their dollars back easily.

Hence the fall in revenue.

If Buhari had let dollars rain last year....we would have lost far more than 100bn dollars. We lost far more than that under his predecessor by the way...with high oil prcies. In exchange for keeping the naira at a low rate.

No Sir the 100 billion loss came as a result of low production output brought on by a Buhari's lack of vision which led him to escalate a military conflict in the oil producing areas during a time when the economy was already plagued with low oil prices ... Bro beleive me when I tell you that Buhari has very poor leadership skills

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by obailala(m): 8:34am On Mar 10, 2017

SalamRushdie:

You are a big liar ... Do u know under Buhari we lost 100 billion dollars in revenue due to his short sightedness

All the money lost was lost because of the efforts made to ensure that the nation's reserves did not fall to zero, thereby saving us from a Venezuelan or Zimbabwean crisis. When the oil prices started falling in mid-2014, with the rate at which the reserves were falling before Buhari took over, if that downward momentum wasn't checkmated, you and your family would have been in IDP camps by now.

So if those inevitable restrictions which saved the country from hell is what you call short-sightedness, then it is clear who the short-sighted ones are.

1 Like

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by SalamRushdie: 8:37am On Mar 10, 2017

obailala:
All the money lost was lost because of the efforts made to ensure that the nation's reserves did not fall to zero, thereby saving us from a Venezuelan or Zimbabwean crisis. When the oil prices started falling in mid-2014, with the rate at which the reserves were falling before Buhari took over, if that downward momentum wasn't checkmated, you and your family would have been in IDP camps by now.

So if those inevitable restrictions which saved the country from hell is what you call short-sightedness, then it is clear who the short-sighted ones are.

No Sir the 100 billion dollars lost was due to low oil production output as a result of various unnecessary military operations approved by the Myopic Buhari in the oil production areas at a time we were already grappling with low oil prices ..if we are to add all other losses it would reveal an amount close to 250 billion USD in losses

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Nobody: 8:38am On Mar 10, 2017

SalamRushdie:

No Sir the 100 billion loss came as a result of low production output brought on by a Buhari's lack of vision which led him to escalate a military conflict in the oil producing areas during a time when the economy was already plagued with low oil prices ... Bro beleive me when I tell you that Buhari has very poor leadership skills

We were losing oil even when GEJ was in power....illegal oil bunkering cost up to $25bn a year.

Of course PMB would send the law in...especially as oil prcies were falling....and illegal oilbunkering could no longer be tolerated like before...when oil was above $100 and counting.

ie;....plugging the leaks.

Plus....I cannot see , as a South Southerner...why we should be blowing up oil pipelines...when it means that oil companies get driven out...and our environment gets wrecked. Eventually, it had to stop...it was getting counterproductive. That plus the govt negotiating.

And I dont think we lost $100Bn. We did not earn that much when oil was above $100 per barrel and above....we even lost money.

All in all....oil is not a stable source of revenue...dollars or no dollars. Either we diversify our export base...or start making things like china...to sell.

1 Like 1 Share

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by breakeven: 8:44am On Mar 10, 2017

I hope the arrival of baba will not turn everything upside down again. We were making progress already. Osinbajo is working.

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by breakeven: 8:46am On Mar 10, 2017

Hell is back?

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by AngelicBeing: 8:50am On Mar 10, 2017

obembet:
HOW TO FOOL A NIGERIAN
Increase his hardship from 0% to 300% after a period of time reduce it to 280%
He will love & praise you.

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Ngokafor(f): 8:53am On Mar 10, 2017

obembet:
HOW TO FOOL A NIGERIAN
Increase his hardship from 0% to 300% after a period of time reduce it to 280%
He will love & praise you.

....Spot on!!...The average Nigeian is the most gullible humans on earth..such a shame.

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by obailala(m): 8:55am On Mar 10, 2017

tinktanker:
U c how things are getting beta? That's the difference between a blessed man n a cursed man, a literate man and an illiterate man

This isn't the first time the Naira would appreciate after the CBN injects dollars into the system. It also happened at different times in the last year so there's really nothing to rejoice about yet untill we see that they can sustain the pumping of forex into the system weekly.

1 Like

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Nobody: 8:58am On Mar 10, 2017

Anazp:
Flatmate is needed in Kubwa Abuja. Nice environment. your own toilet and bath. I'm a lady so preferably a lady. Call or send a text me 08095850618

You said "preferably" a lady, meaning if you see a tempting man, you might accept.....

Let us be room mates, don't worry, we won't multiply and become 3 or 4. Harmattan don pass

Just kidding ooo, before you start asking for my number

if my my 3 wives catch you!

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by hamzeiy: 9:01am On Mar 10, 2017

obembet:
HOW TO FOOL A NIGERIAN
Increase his hardship from 0% to 300% after a period of time reduce it to 280%
He will love & praise you.

we all know the clueless one from otorpo who wiped our reserve..and direvctly sent us to 300% hardship

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by 7lives: 9:05am On Mar 10, 2017

9jakohai:
Good work CBN governor....

Modified...in 2008...Soludo did what Emefiele has been doing.

The only reason why we did not feel it was because

1.The oil price fall of 2008 lasted a short time
2.It never fell below $60
3.We had $47bn in the savings.

Of course...we cannot rely on oil forever. Diversify the export base, and increase manufacturing.

Now that PMB is back...let that be his mantra.

Your head correct, most Nigerians don't even know that the value of Naira is determine by the volume of our reserve.
If our reserve can hit 35 billion USD, I see naira going below 300 to a dollar, if our reserve could hit 40-45 billion dollars, our Naira could exchange at 190- 200 to the dollar.
I am a believer, naira can still go for 50 to dollar in this country, there is nothing like impossibility anything is possible.

1 Like

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Nobody: 9:13am On Mar 10, 2017

9jakohai:

All right....time for some history lessons

1.In 1973....oil prcies shot up by large margins thanks to OPEC's embargo on the US for backing Israel in the Yom Kippur war. For Nigeria...that meant an increase in the amount of oil money we got.

2.Throughout the 1970's and early 80's....high oil prcies meant we had a high standard of living. What was even better was that we had a lot of non-oil exports...like cocoa, tin, palm oil, columbite, etc.

3.In 1982...when Shagari was in power....oil prcies crashed. By 1983...things were so bad that Shagari introduced austerity measures.

4.Even then, massive corruption, and the economic crisis of 1983....led to Buhari taking over by December 31 1983.(On Jan 1 1984...Nigerians greeted each other with Happy New Year, AND happy new Government).

5.Buhari, to cut a long story short ,ran a tight austerity government,with the aim of reducing our losses due to the fall in oil prcies. He also had to contend with the collapse of our agric sector...which started when Shagari was in office...and which led to the groundnut sector completely collapsing by 1982...which was when the last groundnut pyramid vanished in Kano.

6.Even then, Buhari SHOULD HAVE invested more in power, transport, etc...and he should have taken a loan to do that. Like now to. But PMB did not want to take a loan in 1984...like now.

7.The increasing hardship...led to IBB taking over in 1985. But things did not get better...they got worse. In 1986....we had two choices...take a massive loan from IMF....or follow IMF'S Structural Adjustment Programme (SAP). We chose SAP. THigns got worse.(ASUU sticker from 1988...My take home salary cannot take me home).

8.In 1989...we devalued our naira....which was supposed to help our local industries...but only made thigs worse.

9.In 1990...oil prices went up again, and stayed up in 1991...due to the Gulf war 1. Things got a bit better...only to get worse.....when the prices fell again by late 1991.

10.In 1993..ibb stepped aside...Abacha eventually took over. Our economy remained depressed. Abacha brought in strict austerity measures, which were undermined by massive corruption. Inflation rose, and then dropped, but things remained bad.(Salary of a lecturer in a Nigerian University: N5000 monthly by June 1996).

11.Things did not start getting better until oil prices rose again in 2003....and stayed up until the crash again in 2014. Note that by January 2015...Okonjo Iweala was saying that whoever won the eelction....things were going to be tough.

And that is your history lesson for today. And no.....I am not defending Buhari. They should really walk the talk on diversificaiton...which is our only way out of this.

And the main thrust of my comment is your assertion that things got better after Buhari was thrown out in 1985. I lived through that period...and I can assure you things got worse.

Incredibly educative comment.

I would be following some of your posts in future.

I was born in the early 80s but i didn't understand this whole sequence well as you clearly explained it.

Re: Naira Appreciates To N455/$ As External Reserves Hit $30bn by Nobody: 9:26am On Mar 10, 2017

9jakohai:

And because

1.Oil prcies went up

2.Restrictions do work. If CBN had let dollars flow last year....we would have been broke and building from scratch.

Restrictions have their place but they also fuel smuggling and pressures on parallel fx markets. Higher import duties do better. You make valid points but the landscape is a little more varied - causes wise

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