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Breaking: Nigeria’s Foreign Reserve Hits $42.8 - Politics - Nairaland

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Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deji17: 3:43pm On Feb 14, 2018
Nigeria’s foreign reserve hits $42.8

ON FEBRUARY 14, 2018

By Emma Ujah, Abuja Bureau Chief The nation’s foreign reserve has hit $42,8 billion.

The image maker of the Central Bank of Nigeria (CBN), Mr. Isaac Okoroafor, disclosed this at a meeting with Rice Farmers Association of Nigeria (RIFCAN) this Morning, in Abuja. He attributed the steady growth of te reserve to CBN policies targeting reduction in importation of goods, especially food that can be produced in the country. Rice production under the Anchor Borrowers Programme remains a reference point in the bank’s efforts at conserving the nation’s foreign exchange. Details later….


https://www.vanguardngr.com/2018/02/nigerias-foreign-reserve-hits-42-8/

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Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Nobody: 3:46pm On Feb 14, 2018
$42b is not worth the budget of California. California budget for 2018 is $190b.

So these morons should know we are not all from Daura.

9 Likes

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Nobody: 3:48pm On Feb 14, 2018
Billyonaire:
$42b is not worth the budget of California. California budget for 2018 is $190b.

So these morons should know we are not all from Daura.

your comparison with california make no sense.
nigeria is a very poor country. we cannot compare it to California.
California GDP is about 2.5 trillion dollars while the GDP of the whole west africa is 1.5trillion

8 Likes 3 Shares

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Aonkuuse(m): 3:48pm On Feb 14, 2018
what is the meaning of this foreign reserve self? when am not seeing changes on the economy

6 Likes

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Nobody: 3:55pm On Feb 14, 2018
This government and propaganda sef,they can bamboozle their gullible follows,not we Biafrans.

If the nigerian government is that buoyant why is it borrowing money to finance its budget?

How does Nigeria raise its foreign reserve?These are the ways?

(1) BONDS AND TREASURY BILLS:Nigeria has a budget deficit and needs money to finance it,they 'borrow through BONDS AND T-

BILLS.Nigeria is a high risk country for investors(for obvious reasons),in other to attract foreign investors,FG sets high interest rates for BONDS

AND T-BILLS,foreign investors come with USD,but they need naira to invest,the CBN gave them naira and save their dollars in foreign

reserve,hence the rise in foreign reserve.

What happens when the investors wan their money or the tenure of the investments expire?Government will get their dollars back with the interests accrued,and the foreign reserve will go down.

Technically some of the monies in the foreign reserves are actually 'borrowed' monies,THEY ARE PART OF THE FOREIGN DEPT.

(2) EXCESS CRUDE SALES:Have you ask why the oil benchmark was set ridiculously low at $47 per barrel,why oil is sold at at +$65 per

barrel,leaving excess of +$25 per barrel?

Why does the excess go to?

Why can not they set it high and use it to finance the budget instead of the borrowing?

Well, the excess is embezzled,and the leftover are kept in foreign reserve,so that it can be used to bamboozle gullible people by saying the reserve is rising.


WHAT IS MORE IMPORTANT IS DEPT TO INCOME RATIO,AND I CAN TELL YOU,NIGERIA IS ALMOST IN THE RED ZONE.

THE LAND OF THE RISING SUN MUST SET FORTH AT DAWN.


[/b]

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Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by CROWNWEALTH019(m): 3:57pm On Feb 14, 2018
Who foreign reserve help?

2 Likes

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deji17: 3:57pm On Feb 14, 2018
Billyonaire:
$42b is not worth the budget of California. California budget for 2018 is $190b.

So these morons should know we are not all from Daura.

Coming from somebody that has probably never paid a single naira as tax.. grin grin grin grin

California residents pay tax. You don't

2 Likes

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deji17: 4:15pm On Feb 14, 2018
Aonkuuse:
what is the meaning of this foreign reserve self? when am not seeing changes on the economy

The changes are happening and those who are smart enough are smiling to the banks. Example is the new farmer millionaires ...


Man praises President Buhari after making over N1m from rice farm

A Nigerian man has showered praises on president Muhammadu Buhari after he made a whooping N1,375,000 from his rice harvest this week.

The farmer identified as Umar Ango posed with the cash he made from his rice farm and shared the photo online. His caption for the picture read:

President Buhari, may God continue to bless your life and Nigeria…… You advise us to go back to farm, for creation of wealth and self reliance, now this is the result. I never hold N1,375,000 as mine, till when I sold my Rice harvest this week. I promise will do more by next year……

God bless Buhari!
God bless Buhari!!
God bless Buhari!!!
God bless Nigeria.

3 Likes 3 Shares

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deji17: 4:58pm On Feb 14, 2018
CROWNWEALTH019:
Who foreign reserve help?

Yourself, if only you know what it means and how to take advantage of the opportunities in Nigeria
Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deji17: 5:21pm On Feb 14, 2018
life2017:


your comparison with california make no sense.
nigeria is a very poor country. we cannot compare it to California.
California GDP is about 2.5 trillion dollars while the GDP of the whole west africa is 1.5trillion

Abi o. If you ask the guy now if he has ever paid a single kobo as tax to the Nigerian Govt, he will be looking at you like Lucozade. Forgetting that a good percentage of the California budget comes from tax revenue.

1 Like 1 Share

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by TheKingdom: 5:24pm On Feb 14, 2018
Yet they are borrowing up and down, while the “foreign reserves” are used to develop the “foreign” economies

2 Likes

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Nigeriabiafra80: 5:25pm On Feb 14, 2018
What of foreign debt? Not every body come from daura
They only raise foreign reserve as a bargaining point for debt and borrowing

Sense won't kill buhari, increase reserve with I billion borrow 100billion adeosun I hail u
Modified :all ye typing on comparison with California are just daft, u are the reason nigeria leaders are not accountable do u know what the so called California achieve 50years after creation?With your type in next 100 years nigeria if in existence will still be battling its woes,U won't compare Nigeria with south Korea, Singapore, dubai of yesterday what of Ghana here or south Africa, always picking crumbs shouting at least u are better, many country with kind of nigeria resources will become a world leader

4 Likes

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deomelllo: 5:26pm On Feb 14, 2018
Billyonaire:
$42b is not worth the budget of California. California budget for 2018 is $190b.

So these morons should know we are not all from Daura.



The state of California was created September 9, 1850 and it is the 7th largest economy in the world so where is the sane and rational basis for that ignorant and illogical comparison?


I just wonder why these half-baked ipob losers don't shut up sometimes..

8 Likes 3 Shares

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deji17: 5:32pm On Feb 14, 2018
TheKingdom:
Yet they are borrowing up and down, while the “foreign reserves” are used to develop the “foreign” economies

Reserves are like personal savings, they are your assets. Represents your ability to pay back when you borrow money. It boost investors confidence in your economy and attracts foreign investment.

If you must know, most nation owes money, including the developed one like the USA.

4 Likes 3 Shares

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Nigeriabiafra80: 6:33pm On Feb 14, 2018
deji17:


Reserves are like personal savings, they are your assets. Represents your ability to pay back when you borrow money. It boost investors confidence in your economy and attracts foreign investment.

If you must know, most nation owes money, including the developed one like the USA.
what of country with higher debt profile than their reserve like nigeria with no structure to show for it only COWlony

1 Like

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deji17: 6:37pm On Feb 14, 2018
Nigeriabiafra80:
what of country with higher debt profile than their reserve like nigeria with no structure to show for it only COWlony

Again, your comment is inaccurate. Nigeria debt to GDP ratio or debt to reserve ratio, is low compared to many other countries... No infrastructure to show for it because previous Govts failed to spend on infrastructure. Now we are doing that and as the project gets completed, the result will be glaring.

3 Likes 2 Shares

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Ovamboland(m): 6:55pm On Feb 14, 2018
life2017:


your comparison with california make no sense.
nigeria is a very poor country. we cannot compare it to California.
California GDP is about 2.5 trillion dollars while the GDP of the whole west africa is 1.5trillion

When we tell them Nigeria is a very poor country they will never believe. That Gdp is the hand work of less than 30 million people in california while 180 million of us can only produce a GDP of $500 bn. Yet some still wonder why we are not living like them.
They contribute the $190 bn to run their affairs while we have to borrow to make our budget up to $20 bn

2 Likes 2 Shares

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by NASTYNASOSO: 7:19pm On Feb 14, 2018
Billyonaire:
$42b is not worth the budget of California. California budget for 2018 is $190b.

So these morons should know we are not all from Daura.

HMMMMMMMMM

WHEN WILL YOU GET OUT OF THIS THIRD WORLD EUPHORIA
YOU GIVE REASON TO PEOPLE LIKE TRUMP TO HEAP SHITHOLE CRAZE ON US.
CALIFORNIA IS AMONG THE WORLDS 5 LARGEST ECONOMIES.
SIMPLY COMPARING YOUR BANK ACCOUNT TO THAT OF DANGOTE.
SEE ME SEE WAHALA

3 Likes 1 Share

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by middlebeltboy: 7:20pm On Feb 14, 2018
abeg make we hear world jor, abi u think say na everybody d lick cow yansh

2 Likes

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by ogbeniolola: 7:34pm On Feb 14, 2018
I don't know how to hide my joy!...I'm just enjoying this president!

2 Likes 1 Share

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Desyner: 7:45pm On Feb 14, 2018
deji17:


The changes are happening and those who are smart enough are smiling to the banks. Example is the new farmer millionaires ...


Man praises President Buhari after making over N1m from rice farm

A Nigerian man has showered praises on president Muhammadu Buhari after he made a whooping N1,375,000 from his rice harvest this week.

The farmer identified as Umar Ango posed with the cash he made from his rice farm and shared the photo online. His caption for the picture read:

President Buhari, may God continue to bless your life and Nigeria…… You advise us to go back to farm, for creation of wealth and self reliance, now this is the result. I never hold N1,375,000 as mine, till when I sold my Rice harvest this week. I promise will do more by next year……

God bless Buhari!
God bless Buhari!!
God bless Buhari!!!
God bless Nigeria.
What is the use of the change if all the cash is used to facilitate Dangote's expansion at the expense of Nigerias infrastructure? You must think you have successfully disguised as a patriot.

2 Likes

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by mrvitalis(m): 7:45pm On Feb 14, 2018
Billyonaire:
$42b is not worth the budget of California. California budget for 2018 is $190b.

So these morons should know we are not all from Daura.
How much did Jonathan leave

And who is the fool that compares budget and reserve?

Is it buharis fault we have such a low reserve or even budget?

2 Likes 2 Shares

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Desyner: 7:47pm On Feb 14, 2018
Ovamboland:


When we tell them Nigeria is a very poor country they will never believe. That Gdp is the hand work of less than 30 million people in california while 180 million of us can only produce a GDP of $500 bn. Yet some still wonder why we are not living like them.
They contribute the $190 bn to run their affairs while we have to borrow to make our budget up to $20 bn
Nigeria was very rich when Change was being promised. It is still rich enough today.
Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Desyner: 7:49pm On Feb 14, 2018
mrvitalis:

How much did Jonathan leave

And who is the fool that compares budget and reserve?

Is it buharis fault we have such a low reserve or even budget?
What is the meaning of saving N10 and then borrowing another N12? Think.

1 Like

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deji17: 7:53pm On Feb 14, 2018
Desyner:

What is the use of the change if all the cash is used to facilitate Dangote's expansion at the expense of Nigerias infrastructure? You must think you have successfully disguised as a patriot.

Where are you getting this fake information from?
Assuming CBN assisted Dangote refinery in any way, do you know when last Nigeria was self sufficient in Petroleum products, without importation?


Bad belle no go kill you.

1 Like 1 Share

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deji17: 7:57pm On Feb 14, 2018
Desyner:

What is the use of the change if all the cash is used to facilitate Dangote's expansion at the expense of Nigerias infrastructure? You must think you have successfully disguised as a patriot.

You too should try farming and see if you will not be holding big wad like the guy in the picture in about a year's time

1 Like

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deji17: 7:58pm On Feb 14, 2018
Desyner:
What is the meaning of saving N10 and then borrowing another N12? Think.

If the 10 Naira you borrow , can yield another 5 Naira, you will do it. That is what most successful businesses and countries do.. Think..

Nigeria is borrowing to invest in infrastructure that will yield better economic results, not consume.

1 Like

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deji17: 8:05pm On Feb 14, 2018
ogbeniolola:
I don't know how to hide my joy!...I'm just enjoying this president!

You can dance kukere, skelewu, or shakushaku joor..

1 Like

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by mrvitalis(m): 8:06pm On Feb 14, 2018
Desyner:
What is the meaning of saving N10 and then borrowing another N12? Think.

Lol you think foreign reserves are money saved ??

Lool very very funny and you would be the first to call Buhari an illiterate

1 Like 1 Share

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Desyner: 8:13pm On Feb 14, 2018
mrvitalis:


Lol you think foreign reserves are money saved ??

Lool very very funny and you would be the first to call Buhari an illiterate

Foreign reserve are forex saved in order to cater for the Forex needs of an economy. They get saved before they are spent. When Buhari tookover folks like you pointed to what Norway and Saudi saved and now you suddenly realise it isn't a saving. Think before you post son.

1 Like

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by deomelllo: 8:15pm On Feb 14, 2018
deji17:


Where are you getting this fake information from?
Assuming CBN assisted Dangote refinery in any way, do you know when last Nigeria was self sufficient in Petroleum products, without importation?


Bad belle no go kill you.


Not only petroleum products, we are also getting the largest fertilizer plant in Africa, largest petrochemical plant in Africa, largest Gas plant in Africa. we are basically going to be self sufficient in so many products, products that our manufacturers, farmers and the Nigerian government won't be spending our foreign exchange on.

The poster you quoted and his kind are the typical ignorant and unintelligent jokers you see running up and down on NL posting rubbish..

5 Likes 2 Shares

Re: Breaking: Nigeria’s Foreign Reserve Hits $42.8 by Desyner: 8:15pm On Feb 14, 2018
deji17:


If the 10 Naira you borrow , can yield another 5 Naira, you will do it. That is what most successful businesses and countries do.. Think..

Nigeria is borrowing to invest in infrastructure that will yield better economic results, not consume.
Please sample those infrastructures let's see.

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