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

TheAngry1:



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.

aribisala0:


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

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. Mscheeewwww!

cosmatika:
I just read that our exchange rate has been stabilized; U mean at $1=#360? Nawao.
Moreover, economists in the house should help me explain how this foreign reserve affects the life of a common man who still buys things very costly

SalamRushdie:


From your dataSouth Africa even has more foreign reserve

Bolowolowo:


False. US currently has a larger foreign reserve.

beekayz:


Well, to my own best of knowledge..
It dosnen't affect a comman man directly. There are some economic policies that will only come to affect a common man in the long run, example is that of diversification of economy (agriculture) which buhari has really played well in this part. With time, food and livestock will become lesser etc. Now about the foreign reserves, as explained above Foreign reserve are held against external debt. If a nation at least to some extent can finance its debt, less amount will be dedicated to debt financing in the budget this means there will more funds allocation to human capital development, man power, health, security and moreso it will help against the high exchange rate.

Sincerely speaking, no doubt PMB is a dullard no argument but he has some capable people under him that has helped this nation alot, esp Kemi adeosun the finance minister, this woman has really tried as pertaining to Economy. Nigeria economy is getting better. Only that bubu is dull and weak. He has only failed woefully security wise and I want to tell you the opponents are under this killings. God bless Nigeria.
Thank you.

PUSH1:


I'm talking about the government and foreign direct investments

georgecso:
Sai Bubu till 2023
Foreign Exchange Reserves are assets held by a central government or other monetary authority, usually in various reserve currencies. ... The main purpose of holding foreign exchange reserves is to make international payments and hedge against exchange rate risks.

aribisala0:

It is better not to join issue on things which you are not well informed of .

Just going to Wikipedia to copy and paste a list which you do not understand is half the job.

This thread is about Nigeria having larger foreign reserves than South Africa but the list you pasted shows the oposite do you know why?

Foreign reserves are measured in several different ways

They could include

1. Gold
2. Strategic Drawing Rights or SDR with the IMF
and or

3. Actual foreign currency account balances which is what I believe the the CBN in Nigeria holds and tends to publish

our CBN does not hold gold

So in making a comparison be clear that you are comparing like with llike

My question to you is a simple one

In currency reserves excluding gold and IMF SDRs

what currency does the US Treasury hold as foreign reserve and how much exactly is it?

To the best of my knowledge the bulk currency is in Euros and it is about the equivalent of 35 billion USD

aribisala0:
I am sure you have no clue what foreign reserves are .
FYI Nigeria has more foreign reserves that the US .

So what?

somehow:
I bet most of the previous commenters have no clue on what they just read if they ever read it in the first place.

At least with this, we wouldn't see any sudden naira fall.

aribisala0:

It is better not to join issue on things which you are not well informed of .

Just going to Wikipedia to copy and paste a list which you do not understand is half the job.

This thread is about Nigeria having larger foreign reserves than South Africa but the list you pasted shows the oposite do you know why?

Foreign reserves are measured in several different ways

They could include

1. Gold
2. Strategic Drawing Rights or SDR with the IMF
and or

3. Actual foreign currency account balances which is what I believe the the CBN in Nigeria holds and tends to publish

our CBN does not hold gold

So in making a comparison be clear that you are comparing like with llike

My question to you is a simple one

In currency reserves excluding gold and IMF SDRs

what currency does the US Treasury hold as foreign reserve and how much exactly is it?

To the best of my knowledge the bulk currency is in Euros and it is about the equivalent of 35 billion USD

aribisala0:
Foreign reseerves attrct FDI

How exactly does that work?

bejeria101:
With nothing to show and a dullard relic at the helm of affairs. Adewunmi adeshina said you cant eat gdp and foreign reserves.

lexy2014:
were in d world did u get that?

aribisala0:


The government DOES NOT own the foreign reserves...........

If you look at the countries with the largest reserves the US and the EU are not in the top 10 . FDI is not about reserves.

Bolowolowo:


Note from the data given that the last time the reserve was measured for South Africa was December 2017. However, the fact is that the US still has much larger reserves than Nigeria.

Dollyak:

High Foreign exchange reserves (FER) is really important for the developing countries. Because investors in developed countries like UK/USA etc. often require developing countries to provide high-value U.S. financial instruments as collateral to ensure the safety of their investments. That's one of the reasons Nigeria tries to export to U.S. and other western countries so as to accumulate large reserves, with which they can buy western countries financial assets (such as bonds).

PUSH1:


Who owns it? You cannot compare a developed country with a developing country.

emmygzy:
APC propaganda. Nigeria has more foreign reserve than Southafrica and their currency has more value, they better infrastructure, they generate 50,000;megawatts of electricity while the 7,000 APC claim to be generating, they can't even distribute it. Nigeria has the highest poverty and unemployment rate in Africa. Country that have crude oil and will take that crude oil abroad to go and refine it and bring it back again. Useless country with useless leaders and gullible citizens.

aribisala0:

It is better not to join issue on things which you are not well informed of .

Just going to Wikipedia to copy and paste a list which you do not understand is half the job.

This thread is about Nigeria having larger foreign reserves than South Africa but the list you pasted shows the oposite do you know why?

Foreign reserves are measured in several different ways

They could include

1. Gold
2. Strategic Drawing Rights or SDR with the IMF
and or

3. Actual foreign currency account balances which is what I believe the the CBN in Nigeria holds and tends to publish

our CBN does not hold gold

So in making a comparison be clear that you are comparing like with llike

My question to you is a simple one

In currency reserves excluding gold and IMF SDRs

what currency does the US Treasury hold as foreign reserve and how much exactly is it?

To the best of my knowledge the bulk currency is in Euros and it is about the equivalent of 35 billion USD

emmygzy:
APC propaganda. Nigeria has more foreign reserve than Southafrica and their currency has more value, they better infrastructure, they generate 50,000;megawatts of electricity while the 7,000 APC claim to be generating, they can't even distribute it. Nigeria has the highest poverty and unemployment rate in Africa. Country that have crude oil and will take that crude oil abroad to go and refine it and bring it back again. Useless country with useless leaders and gullible citizens.

waveman2:

Don, t be a ignoramos. The foriegn exchange is on a fixed rate determined by the cbn,have u ever wondered why our exchange rate doesn't, come down as a result of increase in foreign reserve or increase of export and less import. Please try to read more

aribisala0:
Let us end this conversation. You haven't a clue

maestroferddi:
Propaganda not taking APC anywhere...

How much has been borrowed by this government before we start talking about foreign reserves?

mars123:
The importance of having a buffed up foreign reserve is just like having dollars (not naira) in your personal savings account. Buhari deserve some accolades for raising that amount from USD 20 billion to what it is now. If Buhari is man enough to keep growing that money and not share it like the previous government, then the next president will have an easy task of managing the economy.