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External Reserves Hit Two-week Low As Naira Weakens - Business (2) - Nairaland

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Oil Price Falls To Three-week Low On Planned OPEC, Russia Output Hike / Naira Rebounds From One-week Low / Naira Weakens To N458 Per Dollar At Parallel Market (2) (3) (4)

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Re: External Reserves Hit Two-week Low As Naira Weakens by ifyalways(f): 7:53am On Apr 01, 2017
La la la.

Make dem continue to dey save face by pumping our external reserves into the open market instead of letting naira fall and rise by itself.

2 Likes

Re: External Reserves Hit Two-week Low As Naira Weakens by link2ok22: 7:54am On Apr 01, 2017
Ok
Re: External Reserves Hit Two-week Low As Naira Weakens by dealslip(f): 7:54am On Apr 01, 2017
Ikwokrikwo:

Hardworking BMC agent
While I dislike Buhari like hell, he is actually right there, normal mood swings. The dollar is not expected to stay in one spot. As factors determining its stability change so does it change
Re: External Reserves Hit Two-week Low As Naira Weakens by abescom: 8:01am On Apr 01, 2017
ESDKING:
Thanks to Buhari. Reno Omokiri was right.
Where were you when it was climbing up? Not Buhari's fault then? You lots need brain transplant whether there will be someone foolish enough to donate to you lot is another discussion on it.

1 Like

Re: External Reserves Hit Two-week Low As Naira Weakens by 2shur: 8:02am On Apr 01, 2017
Dollar go go up.
Some aboki stil dey sell esse black for 15naira
Wen na 10 card
Re: External Reserves Hit Two-week Low As Naira Weakens by ojoisimi(m): 8:02am On Apr 01, 2017
Mentcee:
Buhari is actually a fool.

Gentlemen, you may now pre-order a copy of my new book titled THE IDIOT CALLED BUHARI.

press like to order Pls.

Thanks.

it's only an idiot that would pre-order an idiotic book with idiotic title by an absolutely idiotic idiot

2 Likes 1 Share

Re: External Reserves Hit Two-week Low As Naira Weakens by tclever: 8:03am On Apr 01, 2017
http://itunes.cubecode.site/?r=r8iouMU2b
Re: External Reserves Hit Two-week Low As Naira Weakens by Nobody: 8:06am On Apr 01, 2017
When I won't take.
Re: External Reserves Hit Two-week Low As Naira Weakens by brightisodje(m): 8:10am On Apr 01, 2017
WebSurfer:
grin

When will fools with bad brains stop blaming Buhari for everything ? Is he the Finance Minister or CBN governor managing our finance?
you are a big fool so go like you still exists dey there dey blow English wen go make hungry hit ur roof mumu

1 Like

Re: External Reserves Hit Two-week Low As Naira Weakens by brightisodje(m): 8:11am On Apr 01, 2017
abescom:
Where were you when it was climbing up? Not Buhari's fault then? You lots need brain transplant whether there will be someone foolish enough to donate to you lot is another discussion on it.
You be fool so goat like you still dey here

1 Like

Re: External Reserves Hit Two-week Low As Naira Weakens by 19naia(m): 8:13am On Apr 01, 2017
Pumping the Currency trade full of reserve dollars is only as stable as the supply of those dollars. As soon as you get enough $ out there to bring the Naira up, the reserves fall low and the Naira no longer has enough dollar to prop up on.
The idea is sound but only when implemented in a functional economic setup. One where the local productivity is stable through diversity and significant foriegn customer demand.
It is always going to be better to have a low value Naira along side a high producing Nigeria. There is no escape from the economic blackhole until Nigeria is Producing more inside to sell outside rather than buying more outside to consume inside. It is Trade, and that requires having something to trade for the dollars. If oil has not been stable enough to carry trade in an economically balanced way, then obviously there is need to get back into cocoa and to get into new things as well. Oil is only going to get more unstable as alternative energy rises and more nations compete to sell fuel around the world.
All of this productivity expansion is in the works in Nigeria and it would be better to let the Market do its own thing(even if it falls) while the government props up local productivity rather than currency value. A low currency value is a gold mine to highly productive nations.
Low Naira value is not the issue.
Low productivity and low quality standards are the issue.

3 Likes

Re: External Reserves Hit Two-week Low As Naira Weakens by Kingcesar: 8:15am On Apr 01, 2017
WebSurfer:
grin

When will fools with bad brains stop blaming Buhari for everything ? Is he the Finance Minister or CBN governor managing our finance?
another branded mumu ! Defense ministry was in charge of fighting boko haram during gej and efcc was in charge of fighting corruption during gej as well... if yu like don't allow our useless politicians to take blame on their wrong policy.

1 Like

Re: External Reserves Hit Two-week Low As Naira Weakens by erico2k2(m): 8:16am On Apr 01, 2017
abescom:
I think even at $45 to a barrel of crude and the agricultural drive of the government looking like starting to take off ( even if just marginally) the CBN can still sustain the dollar sale to the market.

However, something needs to be done about price control. We all felt the impact of the dollar going high against the naira as if it was headed for the moon but we are yet to feel the impact of the naira gaining ground on the dollar.

People selling things like cars, electronics and their likes may have excuses because they may still have old stocks but how about others like food items. How come their prices are not coming down?

Nigerians are Nigerians' problems. If it was that the naira was crashing in the last week, they all would have hiked up their prices but it is climbing down now but they still keep the old prices. It is beyond annoying especially for those of us who are earning in dollars.

I don't mind my $100 losing face value providing the buying power is in tact but the reverse is the case now. Makes it difficult for someone like me ( if I am honest) to pray for the dollar to crash even though it would be good if it does for the sake of those who don't earn in dollars.
I think we should fully float the Naira so we see its free and real value
Re: External Reserves Hit Two-week Low As Naira Weakens by hysteriabox(m): 8:17am On Apr 01, 2017
Expect Reno "Omockery" to come out of hiding

1 Like

Re: External Reserves Hit Two-week Low As Naira Weakens by wristbangle: 8:27am On Apr 01, 2017
Where is 98900 sef?
Re: External Reserves Hit Two-week Low As Naira Weakens by Daboomb: 8:31am On Apr 01, 2017
abescom:
I think even at $45 to a barrel of crude and the agricultural drive of the government looking like starting to take off ( even if just marginally) the CBN can still sustain the dollar sale to the market.

However, something needs to be done about price control. We all felt the impact of the dollar going high against the naira as if it was headed for the moon but we are yet to feel the impact of the naira gaining ground on the dollar.

People selling things like cars, electronics and their likes may have excuses because they may still have old stocks but how about others like food items. How come their prices are not coming down?

Nigerians are Nigerians' problems. If it was that the naira was crashing in the last week, they all would have hiked up their prices but it is climbing down now but they still keep the old prices. It is beyond annoying especially for those of us who are earning in dollars.

I don't mind my $100 losing face value providing the buying power is in tact but the reverse is the case now. Makes it difficult for someone like me ( if I am honest) to pray for the dollar to crash even though it would be good if it does for the sake of those who don't earn in dollars.

You have said IT ALL!

The GREED of Nigerians is what is killing Nigeria, yet the most guilty of this GREED are the ones that would be abusing Buhari the most!

Bunch of greedy hypocrites

1 Like

Re: External Reserves Hit Two-week Low As Naira Weakens by Daboomb: 8:33am On Apr 01, 2017
Kingcesar:
another branded mumu ! Defense ministry was in charge of fighting boko haram during gej and efcc was in charge of fighting corruption during gej as well... if yu like don't allow our useless politicians to take blame on their wrong policy.

You are not making sense at all!

1 Like 1 Share

Re: External Reserves Hit Two-week Low As Naira Weakens by Nobody: 8:50am On Apr 01, 2017
Every time oil price bla bla bla. Where are the other natural resources in the northern part? We need to know the benchmark of gold, silver, bronze, and others? Nigerians should ask minister of minerals and natural resources to present all the records of these resources in their ministries to Nigerians.

Once there is no more oil to share dollars by these lazies politicians. That would be when northerners will calls for restructuring.

3 Likes

Re: External Reserves Hit Two-week Low As Naira Weakens by mYphhiRes: 9:12am On Apr 01, 2017
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Re: External Reserves Hit Two-week Low As Naira Weakens by abescom: 9:36am On Apr 01, 2017
brightisodje:
You be fool so goat like you still dey here
look in the mirror, the fool will be staring right at you in it.
Re: External Reserves Hit Two-week Low As Naira Weakens by modath(f): 9:44am On Apr 01, 2017
wristbangle:
Where is 98900 sef?

It's 989900 smiley
Re: External Reserves Hit Two-week Low As Naira Weakens by Fourwinds: 9:53am On Apr 01, 2017
d OP didn't state d external reserve and he/she expect me to believe this nonsense
Re: External Reserves Hit Two-week Low As Naira Weakens by WebSurfer(m): 9:54am On Apr 01, 2017
brightisodje:
you are a big fool so go like you still exists dey there dey blow English wen go make hungry hit ur roof mumu

Even if i dash you 2 million right now, hunger will not reach my roof in 10 years time. Go and work on yourself and stop blaming Buhari and the government all the time
Re: External Reserves Hit Two-week Low As Naira Weakens by WebSurfer(m): 9:56am On Apr 01, 2017
Daboomb:


You are not making sense at all!
No mind all these lazy kids of nairaland with no brains
Re: External Reserves Hit Two-week Low As Naira Weakens by WebSurfer(m): 10:01am On Apr 01, 2017
Nebuchadnezar:
[s][/s]
shatap there and get out
who has the right to appoint competent hands and sack incompetent bastards?
Who takes the glory when things goes well.

my friend shatap your dirty mouth there and stop ranting like a kid
I'm speechless at your stupidity, you will understand life better when you grow up if you can ever grow up

1 Like

Re: External Reserves Hit Two-week Low As Naira Weakens by Nebuchadnezar: 10:10am On Apr 01, 2017
[s]
WebSurfer:

I'm speechless at your stupidity, you will understand life better when you grow up if you can ever grow up
[/s]
Nonsense trash
Re: External Reserves Hit Two-week Low As Naira Weakens by wristbangle: 12:22pm On Apr 01, 2017
modath:


It's 989900 smiley


Okay. Thanks mo. He is no where to be found.
Re: External Reserves Hit Two-week Low As Naira Weakens by linearity: 12:27pm On Apr 01, 2017
abescom:
I think even at $45 to a barrel of crude and the agricultural drive of the government looking like starting to take off ( even if just marginally) the CBN can still sustain the dollar sale to the market.

However, something needs to be done about price control. We all felt the impact of the dollar going high against the naira as if it was headed for the moon but we are yet to feel the impact of the naira gaining ground on the dollar.

People selling things like cars, electronics and their likes may have excuses because they may still have old stocks but how about others like food items. How come their prices are not coming down?

Nigerians are Nigerians' problems. If it was that the naira was crashing in the last week, they all would have hiked up their prices but it is climbing down now but they still keep the old prices. It is beyond annoying especially for those of us who are earning in dollars.

I don't mind my $100 losing face value providing the buying power is in tact but the reverse is the case now. Makes it difficult for someone like me ( if I am honest) to pray for the dollar to crash even though it would be good if it does for the sake of those who don't earn in dollars.

At $45/barrel and given Nigerian government's attitude for waste, I doubt if things will be as rosy as you are painting them.

The 2017 budget was predicted on $42.5/per barrel at 2.2 mill/per day/barrel production.

The current realistic production numbers is 1.8mi/day, am discounting recent NNPC announcements that we have added additional 200,000 barrels/day to our production output. Also Remember that any violence or pipeline vandalism in the Niger Delta cuts that number down drastically....So it is save to use 1,800,000 barrels/day as longtime production output.

Which means 2017 budget expects: 2.2mil * 42.5 /daily from oil....if oil go to $45 as you have stipulated, then the actual numbers will be: 1.8mil * 45/daily...which is about $4.5b shortfall on the 2017 budget. Remember that, we have not factored in Nigeria mismanagement factor into any of these.

Compound this with the yet to be booked short falls from the 2016 budget, which was predicted on the same parameters as above, but also on N197/$1 exchange rate, since that exchange rate did not pan out throughout 2016, it means that, there are myriad of projects and promises of 2016 budget that only existed in the pages of newspapers and the budget documents because of lack of funds.

2017 budget, though not yet approved will suffer the same fate, so I will not have my hopes up, but will continue to pray that oil remain at least at the $50 levels.
Re: External Reserves Hit Two-week Low As Naira Weakens by CellTabRepairs: 1:04pm On Apr 01, 2017
Teewhy2:
What the CBN is doing is just a temporary solution, now that USA crude oil is sold to many nations it has affected the price of crude oil in the international market, until we start earning income from other sources our currency might never improve. The external reserve is going down and the CBN has started having issues with the value of currency. I think the CBN needs to review its policy and probably if he feels he can do it he should resign and let other people take control of it.

Read the all in all about Ofada rice by clicking below.

https://www.nairaland.com/3579520/ofada-rice-facts-need-know

Add to it the fact that this government has not funded anything on capital infrastructure projects. They just spend on defending the dollar and payment of salaries and emoluments of public /civil servants. How will the dollar defence continue? If it does continue then the economy will just stand still with no job creation and financing the budgets. Wahala wa but not for me...

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