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Nairaland Forum / Nairaland / General / Business / Foreign Reserve Drops To $25.209bn (13210 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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Foreign Reserve Drops To $25.209bn by ijustdey: 5:20pm On Aug 23, 2016 |
Nigeria’s foreign continue to depreciate in the face of economic recession, low capacity oil production and dwindling revenue profile. http://www.dailytrust.com.ng/news/business/foreign-reserve-drops-to-25-209bn/159902.html
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Re: Foreign Reserve Drops To $25.209bn by TheFreeOne: 5:30pm On Aug 23, 2016 |
No measure seems to be working on the economy too...just defying all odds and breaking records. Anyways, it's now survival of the fittest.. A boy call FM radio station, 46 Likes 2 Shares |
Re: Foreign Reserve Drops To $25.209bn by CriticMaestro: 7:17pm On Aug 23, 2016 |
is there something that's going in the right direction in this government......next u'll hear pdp Well 63 Likes 3 Shares
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Re: Foreign Reserve Drops To $25.209bn by praxisnetworks: 7:18pm On Aug 23, 2016 |
why not? the minister of finance spends hours doing a million braids.... and several days convincing PMB to take actions, the rest to whip staff in line when she go get time for the economy? How can you leave a Soludo, Iweala for a Kemi..... proudly Yoruba... so bash me well...tribal warlords 52 Likes 4 Shares |
Re: Foreign Reserve Drops To $25.209bn by luvinhubby(m): 7:18pm On Aug 23, 2016 |
The irony of this whole economic saga is that cargo volume of imports in our wharfs dropped by 50%, 41 items ( including monster forex consumers like fuel & rice), have been blacklisted from CBN forex sales & the reseves keep dwindling. So who & what is depletting our reserves? We'll keep praying. 17 Likes |
Re: Foreign Reserve Drops To $25.209bn by sCun: 7:18pm On Aug 23, 2016 |
Thought they said Jonathan left nothing in the foreign reserves? Is it the dog called Buhari that dropped this one there? 72 Likes 8 Shares |
Re: Foreign Reserve Drops To $25.209bn by jerryunit48: 7:19pm On Aug 23, 2016 |
Jeez ! They should all start stepping down one by one, after over a year no tangible progress 7 Likes |
Re: Foreign Reserve Drops To $25.209bn by tribalistseun: 7:19pm On Aug 23, 2016 |
Buhari will kill this country kpata kpata. 25 Likes 1 Share |
Re: Foreign Reserve Drops To $25.209bn by Gmekx(m): 7:19pm On Aug 23, 2016 |
Implications anyone? 2 Likes |
Re: Foreign Reserve Drops To $25.209bn by sunnyanet(m): 7:19pm On Aug 23, 2016 |
It is well |
Re: Foreign Reserve Drops To $25.209bn by Nobody: 7:20pm On Aug 23, 2016 |
Shuoo!!!! We no get pepper again o... Wahala dey. 3 Likes |
Re: Foreign Reserve Drops To $25.209bn by osile2012: 7:20pm On Aug 23, 2016 |
[size=18pt]quite alarming- Guess the reserves is not the only thing going down.[/size] 4 Likes 1 Share
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Re: Foreign Reserve Drops To $25.209bn by wristbangle: 7:20pm On Aug 23, 2016 |
It is well. Every news about this country seems nose diving on derogatory path but with time things will be better. Na wao! 2 Likes |
Re: Foreign Reserve Drops To $25.209bn by adekayo1234(m): 7:20pm On Aug 23, 2016 |
Even if dem take d foreign reserve go moon where no gravity dey, hin go still fall 11 Likes |
Re: Foreign Reserve Drops To $25.209bn by pepigeorge(m): 7:21pm On Aug 23, 2016 |
Wot do u expect wen u have a priimay school holder abo.ki president and a SSCE finance minister..... the worst is yet to come. ..put on ur seat belt 27 Likes 2 Shares |
Re: Foreign Reserve Drops To $25.209bn by tribalistseun: 7:21pm On Aug 23, 2016 |
Zombies are now committing suicide. Is alright 36 Likes 1 Share |
Re: Foreign Reserve Drops To $25.209bn by henrydadon(m): 7:21pm On Aug 23, 2016 |
;Du |
Re: Foreign Reserve Drops To $25.209bn by Innodon(m): 7:22pm On Aug 23, 2016 |
Ok |
Re: Foreign Reserve Drops To $25.209bn by henrydadon(m): 7:22pm On Aug 23, 2016 |
I knew I will never regret not voting for buhari Without the huge population of the north buhari Won't have won that election And we won't be in this woes we find our self in We want our good luck back 23 Likes 1 Share |
Re: Foreign Reserve Drops To $25.209bn by ireneony(f): 7:22pm On Aug 23, 2016 |
God help this country 2 Likes |
Re: Foreign Reserve Drops To $25.209bn by boydzeal: 7:23pm On Aug 23, 2016 |
That's pretty cool Wetin concyn me 2 Likes
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Re: Foreign Reserve Drops To $25.209bn by Kaybee14(m): 7:23pm On Aug 23, 2016 |
The rate at which everything is nose diving in this our country is just worrisome. I can only wish our dear country, Nigeria the very best because it is indeed a trying time at the moment. 2 Likes 1 Share |
Re: Foreign Reserve Drops To $25.209bn by megawax8: 7:23pm On Aug 23, 2016 |
Till we obey the call to diversify and not just saying we need to, I'm afraid more declines would make headline. |
Re: Foreign Reserve Drops To $25.209bn by Miles300: 7:23pm On Aug 23, 2016 |
I really do not know which way in this country ,where did we get it wrong , does restricting fx makes the naira strong, I can't tell what is really affecting the economy , even if it's oil price wat about Russia economy that's under sanction yet they are doin well to manage it .. Naira falls so sharply without wavering ..using ur master card abroad is as good as useless cos wat the banks will charge will make u want to cry and just give up on this nation... Wat is actually going on .. Tickets are sky rocketing .. Qatar airways I use to buy 200k to nd fro it's now worth 400-500k ..this thing isn't just funny at all .. I pray we don't start hearing of people commiting sucide.. 14 Likes 2 Shares |
Re: Foreign Reserve Drops To $25.209bn by Amiano(m): 7:24pm On Aug 23, 2016 |
Just observing and waiting patiently till 2019 12 Likes 1 Share |
Re: Foreign Reserve Drops To $25.209bn by UNAPAPA101(m): 7:24pm On Aug 23, 2016 |
Edriss abdulkareem should just remix Nigeria jagajaga because this is the best time to sing it 10 Likes |
Re: Foreign Reserve Drops To $25.209bn by Nobody: 7:24pm On Aug 23, 2016 |
Nigeria keeps getting better nd better!! 1 Like |
Re: Foreign Reserve Drops To $25.209bn by DIFY20(f): 7:25pm On Aug 23, 2016 |
d |
Re: Foreign Reserve Drops To $25.209bn by muller101(m): 7:25pm On Aug 23, 2016 |
Get ready nigerians 2 Likes
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Re: Foreign Reserve Drops To $25.209bn by 9jatatafo(m): 7:26pm On Aug 23, 2016 |
E don red ooo 4 Likes |
Re: Foreign Reserve Drops To $25.209bn by Standing5(m): 7:26pm On Aug 23, 2016 |
Nothing strange. Nigeria is like a man who had a well paying job but refused to invest until he was sacked. How will he discipline himself to invest in the shortest possible time and get results? PDP kept eating precious money that could have served us in times like these. Any investment and diversification not done under PDP shouldn't be expected now. 3 Likes |
Re: Foreign Reserve Drops To $25.209bn by Nobody: 7:27pm On Aug 23, 2016 |
Hmmm..from this article Corden and Neary (1982) have demonstrated how Dutch disease occurs in an economy. According to them, in a country experiencing "boom" in the export of a commodity, the economy can be divided into three sectors: the "booming" export sector, the "lagging' traditional export sector and the non-export sector. The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. [b]The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty.[/b] This is what is happening to Nigeria. APC.....start walking the talk about diversification. You were not voted in to wait for oil to rise again. 5 Likes |
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