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Nairaland Forum / Nairaland / General / Politics / Nigeria Leads South Africa In Foreign Reserves (23309 Views)
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 Dollyak(f): 10:37am On May 09, 2018 |
aribisala0:Use your brain man. Without high Foreign reserve what collateral does Nigeria have? You think CBN is just piling on cash for nothing? In literal sense you don't go to investors with just high FOR but it's part of what will give an investor confidence in your economy. Without high Foreign reserve Russia rubble would have crashed due to U.S. and EU sanctions. 1 Like 1 Share |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 10:37am On May 09, 2018 |
dadavivo: That means you don't know how much revenue Nigeria makes daily 1 Like 1 Share |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 10:41am On May 09, 2018 |
Bolowolowo:GOLD is not FOREX Foreign reserve and foreign exchange reserve are often used interchangeably but do not mean exactly the same thing |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 10:45am On May 09, 2018 |
Dollyak:collateral for what? what nonsense are you talking about? Can you tell me one example from anywhere where foreign reserves have been used as collateral? If they are not even used as collateral for borrowing cash how can they be used as collateral for investors. An asseet that des not belong to government which is highly liquid and volatile? guy you really are out of your depth here and do not know what you are talking about Crashing of ruble is irrelevant to FDI discussion we are having here and is just a gratuitus diversion. FDI and Foreign reserves have no correlation. Investors are interested in genuine opportunity ,security and rule of law not foreign reserves |
Re: Nigeria Leads South Africa In Foreign Reserves by beautyhound(m): 10:50am On May 09, 2018 |
georgecso: so u r happy cos of dt? does Nigeria have dt more than the US?? |
Re: Nigeria Leads South Africa In Foreign Reserves by Dollyak(f): 10:52am On May 09, 2018 |
aribisala0:You Nigerians never fail to amaze me. A quick Google search will cure your ignorance (see below). https://www.economicshelp.org/blog/853/currency/foreign-currency-reserves/ Have a read or continue in your ignoramce. Investing in third world countries are normally deemed high risk. Therefore, your need a degree of credit worthiness to attract significant investment. 1 Like 1 Share |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 10:53am On May 09, 2018 |
aribisala0: I was referring to forex reserves the whole time. My apologies for not making the distinction. |
Re: Nigeria Leads South Africa In Foreign Reserves by NairaMaster1(m): 10:56am On May 09, 2018 |
TheAngry1: The illiterates/drop out youths won't know these. |
Re: Nigeria Leads South Africa In Foreign Reserves by TheAngry1: 10:57am On May 09, 2018 |
GavelSlam: I like your positive outlook...I also cautiously optimistic. |
Re: Nigeria Leads South Africa In Foreign Reserves by MiddleDimension: 10:57am On May 09, 2018 |
SoNature: i can assure you that this is the best post you ever posted here 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 10:59am On May 09, 2018 |
Dollyak:You can be confident I won't be visiting your little blog. Take home points Foreign exchange reserves are not government reserves or funds They are CBN assets used to maintain value of naira and support international trade They cannot be used as a collateral FOR ANYTHING Governments do not routinely provide collateral to investors ,I have never heard that before Can you give one example where Foreign exchange reserves have EVER been used as a collateral? Just One |
Re: Nigeria Leads South Africa In Foreign Reserves by SoNature(m): 11:00am On May 09, 2018 |
MiddleDimension: Thanks, ![]() ![]() ![]() ![]() ![]() ![]() ![]() |
Re: Nigeria Leads South Africa In Foreign Reserves by Gamesmart: 11:02am On May 09, 2018 |
maestroferddi: And so what if the government borrowed even $25bn? 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 11:10am On May 09, 2018 |
Wealth does not translate to development. Nigeria is the richest country in Africa but still underdeveloped. Its not by having reserves, its by what is obtainable in your economy. |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 11:11am On May 09, 2018 |
To say that government owns CBN reserves is as foolish as saying Jim Ovia owns the deposits in Zenith Banks The reality is that a basic accounting principle is all the deposits in a bank are liabilities of the banks not its assets. So if the CBN has $40 billion in reserves what are its liabilities? To start with all the naira in your pocket is a CBN liability. Every single naira in the country is a CBN debt so when you put that in perspective you must realizee that $42 billion is not such a big deal. If every Nigerian turns up at the same time wanting to buy dollars then the CBN is in trouble unless it has the reserves to "defend the naira " i.e pay its debts. The CBN was not able to do so 4 years ago and so it DEVALUED its debt(currency) and Naira crashed to where it is now. If for any reason the government appropriates the forex reserves guess what will happen to the naira in your pocket? It is the same as government taking the money in your account |
Re: Nigeria Leads South Africa In Foreign Reserves by seguno2: 11:31am On May 09, 2018 |
georgecso: Your sai Buhari who has indebted you and your generations unborn? Do you know what you are talking about? |
Re: Nigeria Leads South Africa In Foreign Reserves by Dollyak(f): 11:33am On May 09, 2018 |
aribisala0: Read below, Bank of England definition of FER and equate it to the junk you've been writing. FYI, FER is not only exclusive to your highlighted comment. This conversation is definitely going nowhere, so knock yourself out if the link below can't cure your ignorance. https://www.bankofengland.co.uk/-/media/boe/files/ccbs/resources/foreign-exchange-reserves-management.pdf 2 Likes 1 Share |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 11:35am On May 09, 2018 |
Dollyak: Simple question Can you give one example where Foreign exchange reserves have EVER been used as a collateral? 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by emmygzy(m): 11:35am On May 09, 2018 |
PUSH1:Lol. How are those fact I said trash? Isn't Nigeria the country with the poorest people in africa? Is south Africa not generating 50,000 megawatts? Southafricans is 100 years miles ahead of Nigeria. A whole president of the country resigned because of corruption allegation. Local government chairman won't even resign in Nigeria self no matter the atrocities he commits. Common use ur brain. |
Re: Nigeria Leads South Africa In Foreign Reserves by Dollyak(f): 11:49am On May 09, 2018 |
aribisala0:Why should I reply an unintelligent troll who supposedly knows more than BOE, has refused to read the information provided but instead spread his ignorance. Please get off my mentions and welcome to my ignore list. 2 Likes 1 Share |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 12:00pm On May 09, 2018 |
Dollyak:Posting stupid links is no substitute for a lack of substance. You came here to talk nonsense Specifically you stated the incredibly stupid idea that FOREIGN RESERVES CAN BE USED AS COLLATERAL Such uncommon idiocy is truly rare. When called out on this you try to bluster and bluff. It won't work Your idea of a link between foreign reserves and investment is quite foolish where is the correlatiion |
Re: Nigeria Leads South Africa In Foreign Reserves by lottomkyes200: 12:05pm On May 09, 2018 |
am they are 70% better off nigeria what a show of shame |
Re: Nigeria Leads South Africa In Foreign Reserves by pennyforthought: 12:07pm On May 09, 2018 |
Printerscanner: Foreign reserves are phenomenally easy to acquire for a resource based economy, especially one that relies on oil. Literally exporting of crude earns you dollars. Nigeria is far weaker than South Africa in every other metric be it economic development, diversification, infrastructure, literacy, wealth per person, etc. 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by Dollyak(f): 12:10pm On May 09, 2018 |
pennyforthought:Indeed, hence why this news isn't a course for celebration. |
Re: Nigeria Leads South Africa In Foreign Reserves by DynasTee: 12:20pm On May 09, 2018 |
cosmatika: This can help https://www.nairaland.com/4408581/whats-inside-nigerias-foreign-reserves#65998275 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by DynasTee: 12:21pm On May 09, 2018 |
cosmatika: This can help https://www.nairaland.com/4408581/whats-inside-nigerias-foreign-reserves#65998275 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by DynasTee: 12:24pm On May 09, 2018 |
Petrobros: This explains the foreign reserve https://www.nairaland.com/4408581/whats-inside-nigerias-foreign-reserves#65998275 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by kenoyad: 12:44pm On May 09, 2018 |
TheAngry1:God bless you real good... you said it all! 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by Lifestone(m): 1:03pm On May 09, 2018 |
aribisala0:I thought you will just keep quiet and enjoy your ignorance or better still be educated more by the numerous corrections you have received, then you came up with this your question. You deserve an award for emptiness. 2 Likes 1 Share |
Re: Nigeria Leads South Africa In Foreign Reserves by Ugosample(m): 1:12pm On May 09, 2018 |
mars123: ignorance ![]() |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 1:18pm On May 09, 2018 |
Lifestone:You win the one for FOOL-ness |
Re: Nigeria Leads South Africa In Foreign Reserves by redsun(m): 1:26pm On May 09, 2018 |
What is the point of foreign reserve when you can boast of common electricity in so called cities in Nigeria?You might just as well have zero reserve if your country can not afford the basics of life for her citizens. Animals in humans skin. |
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