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Nairaland Forum / Nairaland / General / Politics / Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b (21132 Views)
British court orders Irish firm to seize $9b Nigeria’s foreign reserves / Nigeria’s External Reserves Hit $44bn First Time In 2019 / When PDP Hears That Nigeria Foreign Reserve Has Hit $47 Billion USD (2) (3) (4)
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Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by RillJ(m): 6:39am On Apr 10, 2018 |
And our debt profile hits ...(should be smash self) 1 Like |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by seguno2: 6:41am On Apr 10, 2018 |
Admin401: So who can? What do we do for the person to fix OUR country Abi what is the essence of your revelation? |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by fuckpro: 7:10am On Apr 10, 2018 |
4Play:...thumbs up you know what you are saying ...your write up makes sense |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by ashjay001(m): 7:15am On Apr 10, 2018 |
AZeD1: Hmm... All these egg? abi na coconut head sef!? When pmb, refused to devalue, una dey complain, if he had, we probably will still be on 700naira/dollar. If it's not backed by anything, how come market forces, havent broken d cbn limit? Abi, for a country, exiting recession, who's supposed to provide forex? Gej n his cohorts, spent billions, to expose his lack of integrity. A former petroleum minister, head of state, ptf administrator, of Nigeria, still lives in a humble abode n can't be linked to any form of ill-gotten wealth! Point out, one other, in this country of ours, that has been involved in d petroleum ministry n can't lay claim to stupendous wealth? According to u, by virtue of a son, being a criminal, d father is also a criminal? That members of d executive lack integrity, signifies pmb, lacks integrity? 1 Like 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by Ugosample(m): 7:21am On Apr 10, 2018 |
jimrog: That's what the propaganda machinery will tell you Oil prices began to fall at the tail end of the last govt, and the govt (CBN under sanusi, and emefiele continued) was defending the naira from that reserve So it is expected that oil prices fall it's that simple |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by Ugosample(m): 7:22am On Apr 10, 2018 |
Afamed: Of course yes! |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by Ugosample(m): 7:24am On Apr 10, 2018 |
olujastro: Inflation dropping is not the same as deflation The Consumer Price Index falling does not mean that there is a deflationary pressure in the economy Now I see many pro Buhari elements are simply unimformef, or will i say misinformed Deflation by black atse |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by jimrog: 7:28am On Apr 10, 2018 |
Ugosample: No that's not the reason per say because oil drop to its lowest after this govt took over and the reserve never fall at the pace it was falling during the last govt. Even the lowest oil price of the last govt is still very much higher than current oil price.... 1 Like 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by Ugosample(m): 7:35am On Apr 10, 2018 |
jimrog: How will I explain this thing to you now Okay Now, the last govt was defending the Naira at 199 to the dollar, that was what made the reserves slide the way it did, This govt is defending the naira at 360, and is not even paying direct fuel subsidy Let the govt defend the naira even at 250 to the dollar, and see what will happen to that reserves and the economy. Long story short, this govt is a failure that needs to be dropped in the dustbin of Nigeria's history in 2019 |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by olujastro: 7:40am On Apr 10, 2018 |
4Play:I was hoping someone would reply you but no one did. At the first bolded, yet no one can answer the question, why was our foreign reserve reducing instead of going up when oil prices were rocket high at over $100 under Jonathan, the looter-in-chief? At the second bolded, you are equally being ignorant if not worse. It's called foreign reserves not local reserves, which means it's denominated in foreign currency (mainly USD) and not naira. Meaning the amount in the reserve has nothing to do with the prevailing exchange rate. Even if exchange rates go up, people adjust to the new rate and pass on the difference to the consumers which leads to inflation. People don't stop importing except the government doesn't give out fx anymore. Like I said, your ignorance is far worse than the average Nigerian. Venezuela is down to its last $10b of foreign reserve and as a result its currency is almost useless with concurrent hyperinflation. Before 2014, $1 = 10 vef. Now $1 = 205,000 vef. Venezuelans have been running to neighbouring Colombia and other neighbours to avoid starvation because the government can no longer import basic foods and medicines since 2015. Foreign investors do not bring foreign currency into a country that has low reserves because of fear that they can't repatriate their money when they want to. PS: Nigeria would have been heading to a refuse dump of economic crisis like venezuela if Jonathan had continued beyond 2015 as he added nothing to us but looted virtually everything in sight. Those who know know. Buhari's emergence put a major halt against our then impending economic crisis that all economists (including Okonjo, Sanusi and Soludo) had been warning us about if oil prices crash. 3 Likes 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by udeh3(m): 8:27am On Apr 10, 2018 |
I laugh when I see all these indices which does not translate into reality and development. First, South Africa is not more than 50m in terms of population. They have their system, manufacturing companies working but in Nigeria when import everything even the so called oil Please, let's move ahead and stop being deceived! |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by efficiencie(m): 8:42am On Apr 10, 2018 |
seguno2: Bro we did not become import dependent in a day. Our human capital is horrible so we do not have the requisite stock of acumen to drive non-oil wealth creation. Our infrastructure is also terrible with emphasis on the security, property right protection, power supply and health facilities which are in short supply. Then to crown it all up we have trade partners who are more sophisticated economically than we are thus ensuring that they reap more of the gains of comparative cost advantage than we do - imagine Nigeria having the US, the UK and China as major trading partners whilst recording very low South-South intra-industry trade where we can reap substantial gains from comparative advantage. These problems have accumulated over the years and only very tough administration can turn the tide and set Nigeria on an economic trajectory headed towards economic independence, resilience and sustainability! And sadly we are yet to have serious, sincere and smart leaders. The crop of politicians I see today, including those who call themselves representatives of the youths, do not have the stuff of tough leaders who can make tough decisions in the interest of Nigeria. Trump may be a madman but his "America first" ideal shows that he is the right madman for America. Nigeria also needs a madman who will put "Nigeria first"! 1 Like |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by efficiencie(m): 9:14am On Apr 10, 2018 |
olujastro: Brilliant response! I am not just happy with you mentioning Okonjo among the three names you mentioned. Okonjo supervised and witnessed first hand the plunder and pillage that was fatal to Nigeria. Nevertheless the Buhari government is quite slow and Nigeria still shows the same structural weaknesses that makes it vulnerable to both local and international shocks. The global financial crisis of 2008 and the fuel price drop of 2015 both revealed that Nigeria cannot stand a shock of a global magnitude and on the local front the so called herdsmen crisis, Boko Haram, organized crime, epileptic power supply, poor health facilities, poor supply of effective high level manpower and poor educational institutions all show that even locally we do not have an necessary fundamentals to foster a market emerging economy. Nigerians expected the government to display an aggressive style of governance towards addressing these ills but from the trajectory we are currently I do not see the Buhari government addressing these issues even in his second tenure. Sadly Buhari does not have a worthy replacement as it was during the last election. 2 Likes 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by efficiencie(m): 9:20am On Apr 10, 2018 |
Ugosample: Well for your information, the decline in the consumer price index is DEFLATION. Nevertheless the decline in the inflation rate is not a deflation it is rather a disinflation! 1 Like 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by vani86: 9:24am On Apr 10, 2018 |
AZeD1: you are right, i am right too, they all connect, what do you think will happen to a country's currency that cannot pay for its imports (case in point, Venezuela). of course their currency will crash. his question was how does it affect the common man, so i used that simple illustration to educate him 1 Like 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by vani86: 9:29am On Apr 10, 2018 |
shedy03: a combination of a foreign reserve that was as low as $25 billion dollars, coupled with crash in oil price coupled with Nigeria's very poor economic stability also add to that the very poor CBN policy of banning access to dollars for some imports abruptly without any warning which led to a surge in the black market. 3 Likes 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by sexyanyabubakar(f): 9:45am On Apr 10, 2018 |
Redoil: |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by sexyanyabubakar(f): 9:52am On Apr 10, 2018 |
Ugosample: |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by sexyanyabubakar(f): 10:01am On Apr 10, 2018 |
Mypeople2: |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by Nobody: 10:02am On Apr 10, 2018 |
How has this helped our currency? Our naira is still depreciating. Who are we deceiving and who did us this thing |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by olujastro: 11:23am On Apr 10, 2018 |
efficiencie:Exactly! Finally someone reasons like me. I'm not so happy that I have to support Buhari's reelection for all the above reasons, but it feels like I don't have a better option to him at the moment. Imagine what Nigeria has been reduced to. When I'm hoping my country can develop faster and become another Dubai in the shortest possible time, I'll have to endure another four years of a slow, non aggressive president. Chai! I'll just have to take consolation in the fact that a slow president is far better than the quick looters contesting against him. 2 Likes 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by 4Play(m): 12:40pm On Apr 10, 2018 |
olujastro: Your post is epic idiocy. If the Naira remained at N155 to $1, the reserves won't rise significantly even if oil were at $100 p/b as Nigerians would be able consume more imported goods. At N360 to $1, import demand is much weaker and you only need a decent recovery in oil prices to accumulate reserves. Increasing minimum wages from N5k to N18k, whilst maintaining relatively stable exchange rate, fueled consumption of imported goods. Without exchange rates falling, reserves could not have been accumulated notwithstanding high oil prices. Comparing forex reserves at significantly different exchange rates is a sign of economic illiteracy. As for the Venezuela analogy, this is again borne out of ignorance. Venezuela entered into a recession in 2013, at a time GEJ was in power. Did you in 2014 or 2015 praise GEJ for not turning Nigeria into Venezuela? June 9, 2013 1:32 pm by Benedict Mander in Caracashttps://www.google.co.uk/amp/s/amp.ft.com/content/b41fbcb4-d0f1-11e2-be7b-00144feab7de How can you attribute to the present government a phenomenon (the relative underperformance of Venezuela by comparison to Nigeria) which was already apparent as early as 2013? Save your uninformed commentary to your fellow benighted ignoramuses. 4 Likes |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by 7lives: 12:57pm On Apr 10, 2018 |
abduljabbar4: Thank God things are shaping up, God bless everyone who made this beautiful RESERVE possible. But I believe we can go higher, God bless PMB. 1 Like 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by 7lives: 1:00pm On Apr 10, 2018 |
CodeTemplar:k So you don't know that most Nigerians are educated fools?. 1 Like 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by Barzinime(m): 1:48pm On Apr 10, 2018 |
Cos you people love living the fake lifestyle..you want to enjoy but dont want to sacrifice for it...you prefer to import foods than produce locally...GEJ gave you a sugar coated economy someone came to fix it & you expect miracles to start happening....Pastors and Imam tells you to bring part of your hard earned money you have no problem in doing so....where have Nigerians kept their brains.... rainylad: 1 Like 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by Barzinime(m): 1:50pm On Apr 10, 2018 |
Yes ooo educated fools that just follow the largest noise makers 7lives: 1 Like |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by Barzinime(m): 1:51pm On Apr 10, 2018 |
Even if you beg Jesus Christ to come and rule.... Them Saraki & co will sabotage everything.. seguno2: |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by seguno2: 2:00pm On Apr 10, 2018 |
Barzinime: Who are Saraki & co where you have 170 million citizens 1 Like |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by 7lives: 2:12pm On Apr 10, 2018 |
Naruto87: I bought a bottle of Palm oil for 300 Naira, it was almost 800 Naira two years ago. 1 Like 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by Barzinime(m): 2:15pm On Apr 10, 2018 |
I can see how active & intelligent the 170million is....Following & praising the so called corrupt Politicians... The new gimmick is Get your PVC and vote them out and the 170million follows seguno2: 1 Like 1 Share |
Re: Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b by seguno2: 2:48pm On Apr 10, 2018 |
Barzinime: How else do you think that they can be gotten rid of? What are you doing in line with your own thinking about how to get rid of them? Thanks. |
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