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What's The Use Of Foreign Exchange Reserve? - Business (2) - Nairaland

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Re: What's The Use Of Foreign Exchange Reserve? by agitator: 7:59am On Mar 31, 2017
me too
Re: What's The Use Of Foreign Exchange Reserve? by HarkymTheOracle(m): 8:01am On Mar 31, 2017
Zulu212:
Pls vote tboss

1 Like

Re: What's The Use Of Foreign Exchange Reserve? by Emycord: 8:01am On Mar 31, 2017
abbeywasc:
in layman's term, Forex reserve is like money in the bank, the more you got, the better people are comfortable doing business with you. You can get loans because people know you have money to pay(in the right currency) and people know that when they invest in your economy, it will be easy to repatriate their gains home. and off course, your ability to do business on credit expands.

What determines your optimal level depends on how dependent you are on foreign goods and services(oversimplification). if you are self-sufficient, you need zero reserve, if you are totally dependent, you need lots and lots of it.
thanks for the last explanatio cos i wanted to ask if first world countries aka developed nations eg us germany england russia france etc need or have foreign reserves. Cos it seems its for non developed countries and it seems in actuall fact to be in detriment of our own economy, holistically speaking
Re: What's The Use Of Foreign Exchange Reserve? by olujastro: 8:05am On Mar 31, 2017
Last screenshots

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Re: What's The Use Of Foreign Exchange Reserve? by 0kp0nku: 8:21am On Mar 31, 2017
@Olujastro
Thanks for the education.
Re: What's The Use Of Foreign Exchange Reserve? by Nobody: 8:23am On Mar 31, 2017
abbeywasc:
in layman's term, Forex reserve is like money in the bank, the more you got, the better people are comfortable doing business with you. You can get loans because people know you have money to pay(in the right currency) and people know that when they invest in your economy, it will be easy to repatriate their gains home. and off course, your ability to do business on credit expands.

What determines your optimal level depends on how dependent you are on foreign goods and services(oversimplification). if you are self-sufficient, you need zero reserve, if you are totally dependent, you need lots and lots of it.
You nailed it bro.
Re: What's The Use Of Foreign Exchange Reserve? by naijaguy77: 8:30am On Mar 31, 2017
The foreign reserve is the foreign currency we get when we export our goods or services. Since we cannot spend dollars in Nigeria, we print the Naira equivalent of the dollar and spend i.e. If Mr Okoro exports cassava to USA, he earns $$s, he can't pay his farmers in $$s, nor can he buy other goods and services, so he takes his dollars to the bank (cbn), they print the naira equivalent and give to him, cbn collects the dollars and keeps in the Forex Reserve. 2 weeks later, Mr Okoro wants to import machinery for his business, he has naira but needs $$s, he takes his naira to cbn, who then exchange it and give him $$ equivalent taken from our Forex Reserve.

Anytime you pop champagne in a club, invite Kim Kardashian, or buy a car, you are contributing to the depletion of our Forex Reserve. Anytime you consume imported goods or services that have to ultimately be paid for using forex, you are contributing to the depletion of the Forex Reserve. It is that simple.

The Forex Reserve is not such a big deal, it is just a mechanism/tool used by the CBN for stabilising the local currency. So is it correct to accuse the FG of squandering the Forex Reserve? NO. Anyone who makes such an accusation is more or less an economic illiterate. The following can easily lead to the depletion of Forex Reserve:

1) Increase in consumption of Foreign Goods and Services. E.g. Cars, Food, Foreign Education, Machinery, Expatriate worker demand, or Kim Kadashian.

2) Decrease in value of export. E.g. Fall in oil prices.

3) Increase in the value of the Naira against the Forex Reserve currency.

4) A combination of some or all of the above.

The following points above mean that, NO matter how PRUDENT the FG is, the forex reserve can still be depleted by the lack of productivity of the economy, or the profligacy and foreign taste of the citizens. It is therefore very silly to accuse the FG of squandering the Forex Reserve.

Does FG also contribute to depletion of FR? YES, but nothing on the scale of other consumers in the economy. The FG would need forex just like other stakeholders in the economy, and their need, relatively speaking, is certainly not huge as the rest of the country combined. Ironically, it is the FG, through oil export earnings by NNPC and Oil companies, that is the largest contributor to the Forex Reserve.

3 Likes

Re: What's The Use Of Foreign Exchange Reserve? by Ugosample(m): 8:46am On Mar 31, 2017
Singapore1:
Purpose
First, countries use their foreign exchange reserves to keep the value of their currencies at a fixed rate. A good example is China, which pegs the value of its currency, the yuan, to the dollar. When China stockpiles dollars, that raises its value when compared to the yuan.

That makes Chinese exports cheaper than American-made goods, increasing sales.

Those with a floating exchange rate system can still use reserves to keep their value of their currency lower than the dollar, for the same reasons. Even though Japan's currency, the yen, is a floating system, the Central Bank of Japan buys U.S. Treasuries to keep its value lower than the dollar.


Like China, this keeps Japan's exports relatively cheaper, boosting trade and economic growth. For more, see How Foreign Exchange Markets Work.

A third, and critical, function are to maintain liquidity in case of an economic crisis. For example, a flood or volcano might temporarily suspend local exporters' ability to produce goods. That cuts off their supply of foreign currency to pay for imports. In that case, the central bank can exchange its foreign currency for their local currency, allowing them to pay for and receive the imports.

Similarly, foreign investors will get spooked if a country has a war, military coup, or other blow to confidence. They withdraw their deposits from the country's banks, creating a severe shortage in foreign currency. This pushes down the value of the local currency since fewer people want it. That makes imports more expensive, creating inflation.

The central bank can supply foreign currency, to keep markets steady, and buy up the local currency, to support its value and prevent inflation. This reassures foreign investors, who return to the economy. (Source: Haukur C. Benediktsson and Sturla Palsson, "Central Bank Foreign Reserves," Monetary Bulletin, Central Bank of Iceland, 2005)


A fourth reason is to provide confidence and assure foreign investors that the central bank is ready to take action to protect their investments, and prevent a sudden flight to safety and loss of capital for the country. In that way, a strong position in foreign currency reserves can prevent economic crises caused when an event triggers a flight to safety.

Fifth, reserves are always needed to make sure a country will meet its external obligations. These include international payment obligations, including sovereign and commercial debts, financing of imports, and to absorb any unexpected capital movements.

Sixth, some countries use their reserves to fund sectors, such as infrastructure. China, for instance, has used part of its forex reserves for recapitalizing some of its state-owned banks.

Seventh, most central banks want to boost returns without compromising safety. That's why they'll often hold gold and other safe, interest-bearing investments, to diversify their portfolios. (Source: Why Do Countries Keep Foreign Exchange Reserves? The Economic Times, November 22, 2004.)

Guidelines
How much are enough reserves? At a minimum, countries have enough to pay for three to six months of imports. That prevents food shortages, for example.

Another guideline is to have enough to cover the country's debt payments and current account deficits for the next 12 months. In 2015, Greece was not able to do this. It then used its reserves with the IMF to make a debt payment to the European Central Bank. For more, see Greece debt crisis.

By Country
The countries with the largest trade surpluses are the ones with the largest foreign reserves. That's because they wind up stockpiling dollars because they export more than they import. They receive dollars in payment.

Here are the reserves for the top countries with $100 billion or more of reserves as of December 2014:


While Nigeria is still struggling with $30b
Na wa
Re: What's The Use Of Foreign Exchange Reserve? by 2016v2017: 8:48am On Mar 31, 2017
abbeywasc:
in layman's term, Forex reserve is like money in the bank, the more you got, the better people are comfortable doing business with you. You can get loans because people know you have money to pay(in the right currency) and people know that when they invest in your economy, it will be easy to repatriate their gains home. and off course, your ability to do business on credit expands.

What determines your optimal level depends on how dependent you are on foreign goods and services(oversimplification). if you are self-sufficient, you need zero reserve, if you are totally dependent, you need lots and lots of it.
Re: What's The Use Of Foreign Exchange Reserve? by ZoneBslayer(m): 8:52am On Mar 31, 2017
in the simplest layman's definition, it is the amount of us dollars you have in your central bank with which you trade with other countries.
Re: What's The Use Of Foreign Exchange Reserve? by 2016v2017: 8:53am On Mar 31, 2017
Singapore1:
Purpose
First, countries use their foreign exchange reserves to keep the value of their currencies at a fixed rate. A good example is China, which pegs the value of its currency, the yuan, to the dollar. When China stockpiles dollars, that raises its value when compared to the yuan.

That makes Chinese exports cheaper than American-made goods, increasing sales.

Those with a floating exchange rate system can still use reserves to keep their value of their currency lower than the dollar, for the same reasons. Even though Japan's currency, the yen, is a floating system, the Central Bank of Japan buys U.S. Treasuries to keep its value lower than the dollar.


Like China, this keeps Japan's exports relatively cheaper, boosting trade and economic growth. For more, see How Foreign Exchange Markets Work.

A third, and critical, function are to maintain liquidity in case of an economic crisis. For example, a flood or volcano might temporarily suspend local exporters' ability to produce goods. That cuts off their supply of foreign currency to pay for imports. In that case, the central bank can exchange its foreign currency for their local currency, allowing them to pay for and receive the imports.

Similarly, foreign investors will get spooked if a country has a war, military coup, or other blow to confidence. They withdraw their deposits from the country's banks, creating a severe shortage in foreign currency. This pushes down the value of the local currency since fewer people want it. That makes imports more expensive, creating inflation.

The central bank can supply foreign currency, to keep markets steady, and buy up the local currency, to support its value and prevent inflation. This reassures foreign investors, who return to the economy. (Source: Haukur C. Benediktsson and Sturla Palsson, "Central Bank Foreign Reserves," Monetary Bulletin, Central Bank of Iceland, 2005)


A fourth reason is to provide confidence and assure foreign investors that the central bank is ready to take action to protect their investments, and prevent a sudden flight to safety and loss of capital for the country. In that way, a strong position in foreign currency reserves can prevent economic crises caused when an event triggers a flight to safety.

Fifth, reserves are always needed to make sure a country will meet its external obligations. These include international payment obligations, including sovereign and commercial debts, financing of imports, and to absorb any unexpected capital movements.

Sixth, some countries use their reserves to fund sectors, such as infrastructure. China, for instance, has used part of its forex reserves for recapitalizing some of its state-owned banks.

Seventh, most central banks want to boost returns without compromising safety. That's why they'll often hold gold and other safe, interest-bearing investments, to diversify their portfolios. (Source: Why Do Countries Keep Foreign Exchange Reserves? The Economic Times, November 22, 2004.)

Guidelines
How much are enough reserves? At a minimum, countries have enough to pay for three to six months of imports. That prevents food shortages, for example.

Another guideline is to have enough to cover the country's debt payments and current account deficits for the next 12 months. In 2015, Greece was not able to do this. It then used its reserves with the IMF to make a debt payment to the European Central Bank. For more, see Greece debt crisis.

By Country
The countries with the largest trade surpluses are the ones with the largest foreign reserves. That's because they wind up stockpiling dollars because they export more than they import. They receive dollars in payment.

Here are the reserves for the top countries with $100 billion or more of reserves as of December 2014:

1 Like

Re: What's The Use Of Foreign Exchange Reserve? by sammyj: 8:53am On Mar 31, 2017
Even one coin can be use for foreign transactions!!!!! grin grin grin grin tongue
snezBaba:
You won't see dem Afonja and Igbos e-warriors here but when they say the foreign reserve has dropped you see them spewing thrash like they know its meaning. SMH!
well, Foreign exchange reserves are used by an economy as money to facilitate trade around the globe; to buy things from countries where domestic currency is not valid. for instance a trade between Nigeria and Russia, naira is of no use to them while their currency is of no use to Nigeria so the US dollars has come to be accepted as the universal currency used in such trades. Other things can be used too like gold, SDR e.t.c sha....Google would EPP you more
Re: What's The Use Of Foreign Exchange Reserve? by Ugosample(m): 8:53am On Mar 31, 2017
olujastro:
Last screenshots

Abeg that guy should stop talking rubbish....

I'm going to reply most of the poo he wrote soon.

Let me be done with the work in doing

1 Like

Re: What's The Use Of Foreign Exchange Reserve? by breakeven: 8:54am On Mar 31, 2017
LILGWANZ:
lets ask buhari
Its like a blind man trying to help another blind man to cross an express highway. You know the rest....
Re: What's The Use Of Foreign Exchange Reserve? by abbeywasc(m): 8:58am On Mar 31, 2017
Tmex:
Foreign exchange reserve is the measure of how much international trade a country can afford, an import dependent country will have a lower foreign reserve compared to an export dependent country. In otherwords, foreign reserve is the balance or difference in the value of imports and the value of exports.
nailed

1 Like

Re: What's The Use Of Foreign Exchange Reserve? by miqos02(m): 8:59am On Mar 31, 2017
this is educative
Re: What's The Use Of Foreign Exchange Reserve? by israelmao(m): 9:08am On Mar 31, 2017
To mine mind foreign exchange reserve determines the volume of hard currencies a country could trade with in exhange for its own currrency.The quantity of a particular country's foreign reserve determines the liquidity ratio of the currency in which it trades with in relation to other country or countries.For instance if Nigeria had $30bn in foreign reserve its volume of trade in relation to other countries which trade in the same currency as a means of exchange can go above what it has in its foreign reserve.That is the more reason we need more of export goods than import goods in order to earn more dollar and increase the our volume of trade vis-a-vis foreign reserve and to ensure ease of foreign liquidity.And again World Bank or IMF sometime considers foreign reserve a country which intends to borrow from it(World Bank or IMF) has before it lends.
Re: What's The Use Of Foreign Exchange Reserve? by Ugosample(m): 9:11am On Mar 31, 2017
olujastro:
Last screenshots

So I have read from the beginning, in the other page, and from the beginning, you made a lot of sense. Countries that are primary economy based(extractive) and depends on only one extractive resource for over 70% of its earnings is exposed to volatility.
The same way Zambia got into trouble when the price of copper fell, and Senegal, when the price of Groundout tanks, or even some countries in East Africa, if the price of Coffee tanks.

That said, let's move to the talk about reserves and how Jonathan was "dishing out forex to import all sort of things" according to you.
In case you don't know, the president has ZERO jurisdiction over monetary policies (which include forex) so saying He dished out money is wrong.

More to come soon.....

1 Like

Re: What's The Use Of Foreign Exchange Reserve? by Nobody: 9:27am On Mar 31, 2017
It is like your pension. The money you save for the rainy day or when you retire.

Imagine Nigeria's oil has dried up, or an enemy has attacked our oil fronts, or we are in severe economic recession........ We rely on our pension savings 'The external reserve'

Other uses are to give us rating when it comes to international loans, to help the masses through subsidy (fuel, agricultural product, small scale project capitals, housing, infrastructure etc), to help strengthen our currency etc.

The Nigerian government needs divine help. If we got it right, out reserve would be in trillions of dollars over these years, and the common Nigerian citizen would be living like a king through various subsidies and government intervention.
Re: What's The Use Of Foreign Exchange Reserve? by dokunbam(m): 9:31am On Mar 31, 2017
olujastro:
I explained this extensively last month to my friends on Facebook as a way of educating them about the kind of economy we operate. Enjoy!

Check the second page for the last screenshots.

Where is the rest?

Can you give a link to the post on Facebook
Re: What's The Use Of Foreign Exchange Reserve? by aribisala0(m): 9:34am On Mar 31, 2017
A lot of people have opinions but these are generally vague and inaccurate.
First you cannot talk about foreign reserves without addressing the question,"What is money?".

Without understanding that concept you will struggle. If I start a thread with that question you will hear all kinds of vague responses parroted without any addressing the questiion in simple to understand terms.

So what is money? We know two qualities it has 1) Store of Value and 2)Medium of exchange . Let us start with those two which are quite straight forward.
1. I work in your shop for 30 days and you will give me x units of "money".
2. With X unit of "money" . I can pay for transport,a room food etc.


So there has to be an UNDERSTANDING and WILLINGNESS by those whom I pay for these things to accept whatever it is that I present to them as money as having value. So this is the crux understanding and willingness to accept a thing as having value because I believe and know that others have the same understanding and willingness to accept a thing in exchange. So if we look at those things that are used e.g banknotes. They have no intrinsic value. You annot do anything else with them except ake payments.You cnnot eat they or use them for anything I can think of so the only value they have is in understanding and willigness of people to accept them. If you think about it historically one day let us call it day D1 there were no banknotes at all called in Nigeria and people were trading before that so there has always been "money". The next day D2 banknotes were issued we have a new kind of money.
In the past transactions were between buyer and seller. You give me a goat and I give you a pig end of . With the introduction of banknotes a third party or bank comes into the arrangement. I give you a pig but do not want a goat or I do not want a goat now ,I want a goat in 6 monts time .So I take a paper from the bank which says X units of money. The moment I accept that paper I am done with the guy I gave my pig to and I am now at the mercy of the bank. I am believeing that in six months time I would still be able to get a goat with that paper . So what is the value of that paper.What does the bank do ,what activities does itt engage in that influences the value of that paper and DOES THE BANK CHARGE for providing this service.
Banks of this kind were in existence long before Central Banks. It is worth reflecting on this and digesting this before we actully address the issue of Foreign reserves
Re: What's The Use Of Foreign Exchange Reserve? by ekanDamie: 9:47am On Mar 31, 2017
BabaCommander:
Serves as Buhari's private bank.
u should be ashamed of urself. nuisance is what you are.
see how ur mates are displaying intellect on economic issues
those who don't know are signifying their willingness to learn
you fall in d category of those who neither have something to teach or learn
certified dummy.

1 Like

Re: What's The Use Of Foreign Exchange Reserve? by Ugosample(m): 9:47am On Mar 31, 2017
olujastro:
Last screenshots

Continues....

When Nigeria sowed the seed that grew into a tree with ripe fruits of suffering and penury was when in 2012, then preferred to keep a subsidy that was gulping billions of dollars per annum, instead of doing away with it.
This is even ironic because today, we are paying N145 for a litre when oil prices has halved, and hunger has multiplied, as opposed to N141 when oil prices were still much higher
Nigeria ate her today yesterday and we are all paying for it.
In Sanusi's words back then, he said it clear that if this subsidy regime continues, the next government in 2015 will smell pepper, and as if he was a prophet, that is what is happening today.

Billions of dollars we would have saved wasted on subsidy.

That said, who were those who put the FG under pressure to share the ECA?
Wouldn't that have also been a saving for us? but in usual black man fashion, the governors squandered out today yesterday.

You also talk about the militant activities in the ND.
This to me is the bigger failure of the current admin. With his careless comments and bravado, he set the ND on fire, instead of him to extend an olive branch to all regions to prove that indeed, the elections are over, he decided to polarize the country and what happened after was a direct result of his carelessness.
And due to the avoidable attacks, Nigeria lost billions of dollars that we would have used for better things

One other thing that led to the massive capital flight we saw in Jan 2016 was due to the fact that our mumu president took six months to assemble a useless cabinet.
Which serious government takes six months to constitute a cabinet? The international community of investors saw an unserious admin in Buhari's presidency, and pulled out at least $40B out.

What excuse is there for this level of unserious behaviour?
And to further show you that the gov is useless, threepresidents were sworn in Jan 2017, Donald Trump, Adama Barrow and Akufo Addo, and they all had theircabinet in place and hit the ground running.

I'm not saying that the former admin did not have its faults, but this one is just a useless one, and a big disaster.
so leave matter

5 Likes

Re: What's The Use Of Foreign Exchange Reserve? by DonBobes(m): 9:49am On Mar 31, 2017
bayocanny:
Haaaa

Cucumber girls will flood this thread o, with this your picture.
Re: What's The Use Of Foreign Exchange Reserve? by aribisala0(m): 9:50am On Mar 31, 2017
Central banks emerged later and sttarted isuing banknotes and eventually became almost monopoly issuers of money ,I use the word almost very deliberately because other banks too issue in effect what is money too. But CBN notes have a legal underpinning and the willingness and understanding that we talked about has a territorial underpinning so there is a willingness and understanding to accept Naira in Nigeria CFAs in Togo and so on . But we must not forget that those banknotes are essentially promises of the CBN . I have given away my goat for CBN paper based on the willingness and understanding that the CBN will continue to engage in activities to ensure that that paper is worth at least a goat. The moment the value of that paper starts to erode to say maybe a Turkey or chicken then my willingness and understanding to hold that paper erodes as does the willingness to echange future goats.Next time I will ask for more paper for my goat.

So the CBN has a duty to maintain value by ensuring the relative scarcity of its paper. If it engaages in more printing then its paer erodes in value and is worth less in terms of goats.
Human beings are not going to sit idly by and watch their wealth dissipated because the CBN is feckless.They will look for other places where they PERCEIVE that they can store value e.g gold or dollars.again this is a perceptual thing. THese two things hve no intrinsic value and are subject to the same erosion of understanding and willingness under the right set of circumstances.

In short money is a human creation with a very strong perceptual underpinning of what might happen in the future.Why don't lions have money? Well they don't contemplate the future.
Re: What's The Use Of Foreign Exchange Reserve? by DonBobes(m): 9:51am On Mar 31, 2017
bayocanny:
Haaaa


Cucumber girls will flood this thread o, with this your picture.
Re: What's The Use Of Foreign Exchange Reserve? by Ugosample(m): 9:53am On Mar 31, 2017
aribisala0:
Central banks emerged later and sttarted isuing banknotes and eventually became almost monopoly issuers of money ,I use the word almost very deliberately because other banks too issue in effect what is money too. But CBN notes have a legal underpinning and the willingness and understanding that we talked about has a territorial underpinning so there is a willingness and understanding to accept Naira in Nigeria CFAs in Togo and so on . But we must not forget that those banknotes are essentially promises of the CBN . I have given away my goat for CBN paper based on the willingness and understanding that the CBN will continue to engage in activities to ensure that that paper is worth at least a goat. The moment the value of that paper starts to erode to say maybe a Turkey or chicken then my willingness and understanding to hold that paper erodes as does the willingness to echange future goats.Next time I will ask for more paper for my goat.

So the CBN has a duty to maintain value by ensuring the relative scarcity of its paper. If it engaages in more printing then its paer erodes in value and is worth less in terms of goats.
Human beings are not going to sit idly by and watch their wealth dissipated because the CBN is feckless.They will look for other places where they PERCEIVE that they can store value e.g gold or dollars.again this is a perceptual thing. THese two things hve no intrinsic value and are subject to the same erosion of understanding and willingness under the right set of circumstances.

In short money is a human creation with a very strong perceptual underpinning of what might happen in the future.Why don't lions have money? Well they don't contemplate the future.

I like the way you explained this..
You will make a good lecturer cheesy

1 Like

Re: What's The Use Of Foreign Exchange Reserve? by degzy(m): 9:56am On Mar 31, 2017
olujastro:
Last screenshots

Insightful!! thank you. cool

I've really learnt a lot from these your posts. People tend to analyse most of these issues by isolating them
forgetting in the the grande scheme of macro economics, they are all interwoven.
Re: What's The Use Of Foreign Exchange Reserve? by patmil: 10:06am On Mar 31, 2017
obailala:
Facilitates International Transactions
THe foreign reserve is like the wallet of a man (country) containing spendable cash. The man might run a payment system within his household where he and his children buy/sell things amongst themselves using cowries, but if any member of the family wants to buy something from the outside (international transaction), the real cash in the wallet would be needed.

Determines Value of Currency
Just as above, if a child of that family for instance wants to buy a pack of biscuits, he needs to give some cowries to the father, who in turn pays for the biscuits with real cash. Now let's assume the man has $10 in the wallet, and let's assume the man exchanges the child's 1 cowrie for $1, if the amount in the wallet drops to $5 over time, the man may not be able to exchange 1 cowries for $1, he might then double the price by taking 2 cowries for $1. Conversely, if the children are not too demanding of biscuits all the time and if the man has increased the wallet amount to $20, he can then afford to exchange $2 for just 1 cowrie. In summary, the amount in the wallet and the demand of his children for biscuits determines the value of each cowrie compared to the dollars in the wallet.


I love your analysis, 1000 percent for you!

1 Like

Re: What's The Use Of Foreign Exchange Reserve? by bayocanny: 10:09am On Mar 31, 2017
DonBobes:


Cucumber girls will flood this thread o, with this your picture.
Make dem cum na grin

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