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Nigeria Leads South Africa In Foreign Reserves - Politics (3) - Nairaland

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11 Million "Poor And Vulnerable" List. Zamfara Leads, South-East Lowest / Nigeria Leads Africa In Poor Water Supply To Citizens / Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b (2) (3) (4)

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Re: Nigeria Leads South Africa In Foreign Reserves by GavelSlam: 9:33am On May 09, 2018
aribisala0:
I am sure you have no clue what foreign reserves are .
FYI Nigeria has more foreign reserves that the US .

So what?

Let us empty the reserves.



grin
Re: Nigeria Leads South Africa In Foreign Reserves by SoNature(m): 9:34am On May 09, 2018
Even though I am not a Buhari's fan, I must give him some credit for increasing our foreign reserves.

More foreign reserves attract Foreign Direct Investment

Well done, Bubu

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Re: Nigeria Leads South Africa In Foreign Reserves by Wiseandtrue(f): 9:35am On May 09, 2018
TheAngry1:
And South Africa leads Nigeria in infrastructure and human capital development. The way we celebrate meaningless awards and titles in this country ehn! That was how one otondo President and his Zuwo Finance Minister re-calibrated and said we were Africa's biggest economy, while they were busy looting the treasury undecided undecidedMscheeewwww!
In fact you took the words from my mouth undecided

This administration no get shame at all! they say and do meaningless things

Buhari's administration is too archaic

1 Like

Re: Nigeria Leads South Africa In Foreign Reserves by TEYA: 9:37am On May 09, 2018
aribisala0:
I am sure you have no clue what foreign reserves are .
FYI Nigeria has more foreign reserves that the US .

So what?
Read, you will not read, you will just jump into nairaland and start embarrassing your family.

3 Likes 1 Share

Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 9:39am On May 09, 2018
Lifestone:

Nigeria's foreign reserve higher than that of US? You lied, verify your fact please and don't confuse people here.
Aside what baffles me most is how easy Nigerians wave off positive things about this country and screams the negative aspect of our life.
Somehow, no matter how much you hate this country you are a Nigerian
You are the one that is confused so I will ask you soe simple questions if you think you have better facts

Tell us in which currency or currencies the US Treasury holds its foreign reserves and how much each in each currency
Re: Nigeria Leads South Africa In Foreign Reserves by SoNature(m): 9:40am On May 09, 2018
TheAngry1:
And South Africa leads Nigeria in infrastructure and human capital development. The way we celebrate meaningless awards and titles in this country ehn! That was how one otondo President and his Zuwo Finance Minister re-calibrated and said we were Africa's biggest economy, while they were busy looting the treasury. undecided undecidedMscheeewwww!

When you don't understand something, the reasonable thing to do is to ask questions.

When your ease of doing business and foreign reserves increase, it will encourage FDI (foreign direct investment) into your country because you are sending a signal that you won't over-tax them.

The benefit of foreign reserves is same as banks giving Dangote or Otedola loans without collaterals because they are "rich men"


I hope you get it now

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Re: Nigeria Leads South Africa In Foreign Reserves by tonex2: 9:41am On May 09, 2018
Printerscanner:
Nigeria is leading South Africa in net foreign reserves as that of the West African country hits $47.37 billion in March to beat South Africa which has $43.15 billion.

Nigeria which recently recovered from economic recession with less than $21 billion in foreign reserves has built up its reserves massively over one and half years. The increase in the country’s foreign reserves is reported to have stabilised its foreign exchange which had gone haywire in the past.

South Africa’s reserves fell to $43.115 billion in April from $43.384 billion in March, the Reserve Bank said on Tuesday. The forward position, which represents the central bank’s unsettled or swap transactions, was lower at 1.933 billion dollars from 1.996 billion dollars in the previous month. “The decrease of 440 million dollars in the gross reserves reflects the foreign exchange payments made on behalf of the government and the appreciation of the U.S. dollar against most currencies,” the central bank said. Nigeria’s new figures rose from about $46.2 billion realised at the end of March.

The CBN Governor, Godwin Emefiele, announced the new balance in the reserves at the opening of the 25th seminar for Business Editors and financial Correspondents in Uyo. Mr Emefiele, who was represented by the newly appointed deputy governor, Corporate Services, Edward Adamu, said the CBN hopes to meet the $50 billion target before the end of the year.

SOURCE: https://www.vanguardngr.com/2018/05/nigeria-leads-south-africa-foreign-reserves/



What of our foreign debt? does it make sense to have huge reserve with more huge foreign debt?

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Re: Nigeria Leads South Africa In Foreign Reserves by lastempero: 9:41am On May 09, 2018
TheInspired:

u also read that Kenya is better . so why should we believe u too

appreciate ur own more than the outside .. that is the reason why other country develop because they appreciate what they have...

Are we to celebrate the constant loss of life,the jihad that is going on or the propagandist govt that has no value for its citizens abi na d rogues parading themselves as politicians.my dear we have nothing to celebrate its better we keep informing the world of what is going on rather than celebrating mediocrity.
Re: Nigeria Leads South Africa In Foreign Reserves by tibro(m): 9:42am On May 09, 2018
What of income per head IE per capita income.
Life expectancy and power generation.
South Africa is generating 50, 000 MW of electricity and we are celebrating 7000MW and foreign reserve that doesn't have anything to do with income per head or the poor and uneducated Nigerian masses.https://www.usaid.gov/powerafrica/south-africa
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 9:42am On May 09, 2018
SoNature:
Even though I am not a Buhari's fan, I must give him some credit for increasing our foreign reserves.

More foreign reserves attract Foreign Direct Investment

Well done, Bubu
Foreign reseerves attrct FDI

How exactly does that work?
Re: Nigeria Leads South Africa In Foreign Reserves by TheAngry1: 9:43am On May 09, 2018
SoNature:


When you don't understand something, the reasonable thing to do is to ask questions.

When your ease of doing business and foreign reserves increase, it will encourage FDI (foreign direct investment) into your country because you are sending a signal that you won't over-task them.

The benefit of foreign reserves is same as banks giving Dangote or Otedola loans without collaterals because they are "rich men"


I hope you get it now


I am not as dumb as you, I got it from the first read. My point is, it is meaningless to 'celebrate' FDI as if it is suddenly proof that the living conditions of the man on the street has improved. Once infrastructure is put in place and inflation stabilises, the people will be the ones to blow the government's trumpets. Do you know how much our FDI was during OBJ's era? and foreign reserves? Was there noise?
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 9:45am On May 09, 2018
aribisala0:
I am sure you have no clue what foreign reserves are .
FYI Nigeria has more foreign reserves that the US .

So what?

False. US currently has a larger foreign reserve.

1 Like

Re: Nigeria Leads South Africa In Foreign Reserves by GavelSlam: 9:45am On May 09, 2018
TheAngry1:



I am not as dumb as you, I got it from the first read. My point is, it is meaningless to 'celebrate' FDI as if it is suddenly proof that the living conditions of the man on the street has improved. Once infrastructure is put in place and inflation stabilises, the people will be the ones to blow the government's trumpets. Do you know how much our FDI was during OBJ's era? and foreign reserves? Was there noise?

Are you saying there is no upswing in infrastructural development simultaneously?
Re: Nigeria Leads South Africa In Foreign Reserves by SoNature(m): 9:45am On May 09, 2018
TheAngry1:



I am not as dumb as you, I got it from the first read. My point is, it is meaningless to 'celebrate' FDI as if it is suddenly proof that the living conditions of the man on the street has improved. Once infrastructure is put in place and inflation stabilises, the people will be the ones to blow the government's trumpets. Do you know how much our FDI was during OBJ's era? and foreign reserves? Was there noise?

I can't have a conversation with you

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Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 9:46am On May 09, 2018
TheAngry1:
And South Africa leads Nigeria in infrastructure and human capital development. The way we celebrate meaningless awards and titles in this country ehn! That was how one otondo President and his e Finance Minister re-calibrated and said we were Africa's biggest economy, while they were busy looting the treasury. undecided undecidedMscheeewwww!

Trash. In the next 3 year watch as the reserve will hit $100billon mark then imagine leaving it @ that mark while putting the rest into the economy without saving.

That is why Nigeria is the biggest economy in Africa

3 Likes 1 Share

Re: Nigeria Leads South Africa In Foreign Reserves by chidibond(m): 9:47am On May 09, 2018
aribisala0:
I am sure you have no clue what foreign reserves are .
FYI Nigeria has more foreign reserves that the US .

So what?
Google is your friend.

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Re: Nigeria Leads South Africa In Foreign Reserves by sexdoll: 9:49am On May 09, 2018
O' sai baaba!!!
Re: Nigeria Leads South Africa In Foreign Reserves by SoNature(m): 9:51am On May 09, 2018
aribisala0:
Foreign reseerves attrct FDI

How exactly does that work?

Good question. I had a financial analyst explain that to me once.

Many Nigerian banks don't ask Dangote and Otedola for collaterals when these men ask for loans. As a matter of fact, banks beg them to finance their projects because of the networth of these men. Yes, they are rich men.

The same applies to a country. If Nigeria has huge amount in foreign reserves and Buhari holds a business meeting with US businessmen, for instance, he will use that as a selling point.

The reason is that having a huge foreign reserves pass the message that your country is so rich, though this may be untrue, to tax businesses unnecessarily just to survive. Yes, that's the reason.

Huge foreign reserves send a very good signal to foreign investors because nobody likes to be taxed senselessly

I hope you understand now

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Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 9:54am On May 09, 2018
aribisala0:
Foreign reseerves attrct FDI

How exactly does that work?

It's like having so much money in the bank. Everybody will be willing to do business with you.

1 Like

Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 9:55am On May 09, 2018
tonex2:




What of our foreign debt? does it make sense to have huge reserve with more huge foreign debt?

.


.

.

.
This is why I say people should stop talking about foreign reserves because they do not understand what they are and people are misled into thinking

Foreign reserves are Government money.


NOTHING COULD BE FURTHER from the truth.

There is no relationship between foreign reserves, debt of a country and the ability to pay debt.

Foreign reserves are assets of the Central bank that are an internationally accepted medium of settling debts incurred by those who own naira and wish to trade internationally.

They are the mechanism by which the CBN ensures the value of the Naira

What then is the Naira because that is at the core of this misunderstanding.

The Naira in your pocket is nothing more than a CBN debt , IOU or LIABILITY.

The CBN issues Naira notes into circulation which essentially are its liabilities with an inmplicit PROMISE to redeem.

That PROMISE has no meaning without possessing assets and a major part of the assets the CBN has is foreigh currency which by the way is a liability of another CBN


In short let us think about every single naira note in circulation . This would run into trillionsof naira. What value does it have since it is just a CBN promise? The only value that those trillions of Naira has is based on the assets of the CBN .


If there is 10 trillion Naira in circulation and the CBN has $1 billion in reserves then every person with 1 billion naira in theory owns $100000 of those reserves.


Reserves are not government savings or money for government to spend. When they grow it means the real owners of the reserves(Ngerans) are importing less than they export and vice versa

1 Like

Re: Nigeria Leads South Africa In Foreign Reserves by skallion7(m): 9:57am On May 09, 2018
knaikky:
Same Nigeria leads the entire Africa in terms of debt. We are the biggest debtor in Africa
Taaa, you read that from your father's diary or where
Re: Nigeria Leads South Africa In Foreign Reserves by dorodee(m): 9:59am On May 09, 2018
Ok that's fine but what about in HUNGER RESERVE?
Re: Nigeria Leads South Africa In Foreign Reserves by TheAngry1: 10:00am On May 09, 2018
SoNature:


I can't have a conversation with you


I apologise for calling you dumb, my emotions got the better...your conversation was civil, mine wasn't...apologies.

1 Like

Re: Nigeria Leads South Africa In Foreign Reserves by lexy2014: 10:02am On May 09, 2018
TheInspired:

u also read that Kenya is better . so why should we believe u too

appreciate ur own more than the outside .. that is the reason why other country develop because they appreciate what they have...
same way buhari appreciates our health system hence he travels 2 UK for treatment
Re: Nigeria Leads South Africa In Foreign Reserves by TheAngry1: 10:02am On May 09, 2018
GavelSlam:


Are you saying there is no upswing in infrastructural development simultaneously?


There is, but it is not simultaneous. As it stands now, until the projects are completed, we can't really go to the bank to cash the cheques. Unfortunately, we have a sad history of unfinished projects.
Re: Nigeria Leads South Africa In Foreign Reserves by jollyjarkofgod: 10:02am On May 09, 2018
Reserve can not be use to develop economy...u can not lie to us again we are wise now...but mean why some people are ready to sell their vote as low as 5h...in my hood APC sharing 4 pics of indomie + kings 1 litre vegetable oil...poverty is a cursed.....i must make it IJN
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 10:03am On May 09, 2018
PUSH1:


It's like having so much money in the bank. Everybody will be willing to do business with you.


Who is the "YOU" in thhis your sentence that has the money that everyone wants to do business with?

Can you be more specific?


Foreign reserves are not like having money in the bank.

It is absolutely nothing of the sort


Foreign reserves of a Central Bank

and

Savings of a government are unrelated



It is clear to me when I join such threads and read such comments that MOST PEOPLE have no clue what foreign reserves are and probably will do well not to discuss them.

Th US has less reserves than Russia ,Brazil Hong Kong or Singapore that does not mean people want to do business more with any of those countries

1 Like

Re: Nigeria Leads South Africa In Foreign Reserves by SalamRushdie: 10:04am On May 09, 2018
Bolowolowo:


False. US currently has a larger foreign reserve.

From your dataSouth Africa even has more foreign reserve
Re: Nigeria Leads South Africa In Foreign Reserves by SalamRushdie: 10:04am On May 09, 2018
Foreign reserve without vision is nothing
Re: Nigeria Leads South Africa In Foreign Reserves by lexy2014: 10:04am On May 09, 2018
PUSH1:


Trash. In the next 3 year watch as the reserve will hit $100billon mark then imagine leaving it @ that mark while putting the rest into the economy without saving.

That is why Nigeria is the biggest economy in Africa
100billion u say? Is that ur personal projection or that of d CBN?
Re: Nigeria Leads South Africa In Foreign Reserves by StaffofOrayan(m): 10:05am On May 09, 2018
Buying Euro bonds and all that crap is not going to help Nigeria,
Nigeria's minimum wage is nothing near South Africa,
No state in Nigeria can stand close to the worst province in S.A
I just pity the poorly educated
Re: Nigeria Leads South Africa In Foreign Reserves by SachaBastien(m): 10:06am On May 09, 2018
The Buhari Administration uses foreign reserves to deceive and manipulate those who only understand what I call "Street Economics". You don't become wealthy by piling money.
Nigeria has a higher reserve than South Africa yet Nigerians are flocking to South Africa, literally begging to get visas.
What about the U.S? The United States had foreign currency reserves of $42.8 billion as of March 2018.
Having huge foreign reserves is not a developmental achievement of a government. It doesn't translate into a wealthy economy.
With President Trump's announcement that the U.S. has pulled out of the " Iran Deal" oil prices is expected to plummet since Iran won't be able to sell oil if sanctions follow. Iran is already in altercations with The Saudi's over the OPEC deal.
If that happens which is likely,Nigeria will fall back and deplete it's high reserves to avoid a collapse of the economy. Back to square one.

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