KratosCorp:

RZArecta2:
surprising isn't it ? This govt is more interested in semantics and outward appearances than actual governance that will benefit the people. We won't know the extent of damage done till they leave power.

KratosCorp:


O gosh! Did you notice how these mods keep deleting my comments? Geez! Can you even believe the jokers? Well,.let's see how long it will take them to push this thread to the front page.

Counting....

CodeTemplar:
We know this already just that Nigerians are so capable of adjusting their perceptions of situation to whatever massages their ego.

RZArecta2:
surprising isn't it ? This govt is more interested in semantics and outward appearances than actual governance that will benefit the people. We won't know the extent of damage done till they leave power.

lecowas:
Choi! This is too bad to be true. Is a one chance

RZArecta2:
some senators spoke out early this year and told you guys that Nigeria is broke, most people didn't listen while some listened and abused them. The vocal ones are being hounded by the FG... Good morning Nigeria

Okoroawusa:
How did OBJ grow it and how did GEJ deplete it?


Explain Mr Economist

lecowas:


That Nigeria is broke is a well known and established fact which is bad. Even at that, I don't support those sinnators because I don't believe they really have the interest of the masses at heart. Moreover, those that were supposedly hounded by the FG have a lot of skeletons in their cupboards,they only cry foul when the deal doesn't favour them.

Okoroawusa:
How did OBJ grow it and how did GEJ deplete it?


Explain Mr Economist

SalamRushdie:
I have addressed it time without number that our Foreign Reserve is definitely a fictitious cooked errors of paper based values with absolutely nothing on ground if not Buhari wouldn't have borrowed so much at such a high cost in three years...like I asked yesterday where is the Federal Govt which is claiming to lack funds getting enough to save as Foriegn reserve from?

plaetton:

First and foremost, remove this notion that GEJ depleted the foreign reserves. That was just an APC propaganda talking point. It obviously resonated and still resonates well with unthinking Zombies. That's why they are call Zombies.
The foreign reserves went down from its peak during the OBJ era to slightly shy of $30b when GEJ left office. In the case of GEJ, almost $7b of that was raw cash in the form of excess crude oil account ( ECA).
That hardly be described as a depletion.

OBJ grew the foreign reserves in many different ways.
First, rising oil prices meant more earnings and more reserves.
Secondly and most importantly, OBJ first renegotiated, then rescheduled and eventually got rid of $38b of foreign debt.
With $38b off our necks, and no multi-billion dollar interest payments and penalties, Nigeria was free to keep much of its foreign exchange earnings.

In the case of GEJ, rising crude Oil prices also meant rising revenues and reserves. But also meant commensurately rising cost of fuel subsidy payments.
GEJ was also prosecuting a very costly full fledged war against Boko Haram . The other tiers of government, the states and local governments, also demanded and got a commensurately higher allocations in line with the higher revenues.
As the economy grew year after year , so grew consumption , particularly imports, year after year. It is also worthy of note that a significant portion of the foreign reserve drawdown occurred from the transition period to the first 3 months of the Buhari administration , when Buhari scared away foreign capital with his uninformed and unguarded statements as well his intended declaration of war on Capital, as projected by his body language.

honeychild:
@RZArecta2 from what I understand from your post, the foreign reserves we have now are not cash money available for the government to spend, because the government has already collected the Naira equivalent from CBN (correct me please if I am wrong).

But is it still available for the average importer who needs forex?

If so, then I will say it's still a positive development from 2015. I remember in 2015 my business was at a standstill because I couldn't get forex to pay my manufacturer in China, even though of course I had the Naira equivalent.

From what I understood then, the government could not support local forex demand because the foreign reserves were low.

Please do correct me where I am wrong because I actually have a very rudimentary understanding of this.

RZArecta2:
no matter how much you school these zombies, they'll never learn. My worry right now is why are these mods deleting posts on this thread right from the first one where nobody was insulted neither was any nairaland rule broken. Must our people remain ignorant forever just so criminals can have free reign in power ? When this bubble bursts, nobody should say they didn't know o because a hungry man is a dangerous and angry man

plaetton:

First and foremost, remove this notion that GEJ depleted the foreign reserves. That was just an APC propaganda talking point. It obviously resonated and still resonates well with unthinking Zombies. That's why they are call Zombies.
The foreign reserves went down from its peak during the OBJ era to slightly shy of $30b when GEJ left office. In the case of GEJ, almost $7b of that was raw cash in the form of excess crude oil account ( ECA).
That hardly be described as a depletion.

OBJ grew the foreign reserves in many different ways.
First, rising oil prices meant more earnings and more reserves.
Secondly and most importantly, OBJ first renegotiated, then rescheduled and eventually got rid of $38b of foreign debt.
With $38b off our necks, and no multi-billion dollar interest payments and penalties, Nigeria was free to keep much of its foreign exchange earnings.

In the case of GEJ, rising crude Oil prices also meant rising revenues and reserves. But also meant commensurately rising cost of fuel subsidy payments.
GEJ was also prosecuting a very costly full fledged war against Boko Haram . The other tiers of government, the states and local governments, also demanded and got a commensurately higher allocations in line with the higher revenues.
As the economy grew year after year , so grew consumption , particularly imports, year after year. It is also worthy of note that a significant portion of the foreign reserve drawdown occurred from the transition period to the first 3 months of the Buhari administration , when Buhari scared away foreign capital with his uninformed and unguarded statements as well his intended declaration of war on Capital, as projected by his body language.

Okoroawusa:

blablablaaaaaaaablabla

Horus:

https://www.youtube.com/watch?v=wVxAyqkQTZM

Nigeria's foreign reserves hit 4 year high at $47 billion

Nigeria's foreign reserve has now hit 47 billion dollars. This is the highest it has been in over four years. This defies the many times the central bank has had to dig into the reserves to protect the Naira. The apex bank says the reserve grew by 3.2 billion dollars between February and March this year alone and is expected to hit the 50 billion dollar mark before the end of the year.