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Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS (5418 Views)

Naira Falls To Record Low Of N1,515 /$1 At The Black Market / Naira Hits Record Low Of N1,348.63 /$1 At The Official Market / NNPC Announces N18.12bn Trade Surplus (2) (3) (4)

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Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by kjhova(m): 7:21am On Mar 04, 2019
ClassicMG:
If I'm right a trade surplus should have a positive impact on our currency, but still nothing changes why?

Guys, please get some financial education and quit this fixation with dollar to naira rates as it has nothing to do with our economic progress.

As of today, 1 dollar is equal to:
5.5 cedis (Ghana)
112 yen (Japan)

Is Ghana now better off than Japan?

5 Likes 1 Share

Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by Kingmoney7: 7:31am On Mar 04, 2019
[quote author=kjhova post=76330224]

Guys, please get some financial education and quit this fixation with dollar to naira rates as it has nothing to do with our economic progress.

As of today, 1 dollar is equal to:
5.5 cedis (Ghana)
112 yen (Japan)

Is Ghana now better off than Japan?[/quote hmmmm boss you just opened my eyes to something now...plz explain more if you can]

2 Likes

Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by tiwiex(m): 7:41am On Mar 04, 2019
theoldpretender:


Smuggled goods don't get recorded in official statistics.

No, they don't. But this news assumes we making the surpluses and self sustained. It doesn't tell the full story.
Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by Nobody: 8:05am On Mar 04, 2019
ClassicMG:
If I'm right a trade surplus should have a positive impact on our currency, but still nothing changes why?

It depends. If the naira is free floating Yes. But it is clear the monetary policy is to use Naira to cut imports by making it weak. AND IT IS WORKING.

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Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by Bluntemperor: 8:09am On Mar 04, 2019
This is the best news this year on the way to go Nigerians.its worth celebration.This is the kind of news Donald Trump will share first before others and it's not good enough that the Presidency have no good PR.
everything on the Statistics of the Report is positive and progress.This is the way to grow our economy and it's a matter of time before the Naira is gaining value.We Nigerians should believe in ourselves and project our image abroad.The government should deliver on 24/7 light,Export more Finished Goods to other African Countries.Enough of Crude Oil Export,lets convert Crude to finished products.Nigeria has the largest market in Africa like Chinese Population,subsides your products to earn more Foreign Currencies.Good for Nigeria.

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Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by INTEGRITYA1(m): 8:22am On Mar 04, 2019
Nigeria recorded surplus in 4Q of 2018 in terms of balance of trade? In fact it's a very good news.

Good indication.
Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by grandstar(m): 8:45am On Mar 04, 2019
B1ak3:
High blood pressure for enemies of progress. Especially the group that are looking for lefelandum.

They call him a dullard but his achievements are saying something else. In four years he has done better than 16years of bad leadership. Yet they wanted us to bring a looter back into Aso Rock. Tufia

Your statement isn't backed up with facts.

Stats actually show that 1year of growth under PDP surpassed what Buhari did in 4years. That is what the records show

It is the hardship of those 4 years that made people dump Buhari and support Atiku

Go Google it

Note: I am apolitical. Just saying as it is.

1 Like

Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by grandstar(m): 8:52am On Mar 04, 2019
agyo:



Dollar was 362, now 360.

More importantly is the fact that we have export more than import. Shows we need to get back more on track to becoming an exporting country.

I pray APC led government gets it right. Now that no one of the cabals supported baba on us He should be free to flourish better than 1st tenure.

ClassicMG

The primary reason why there's a huge surplus is because local demand is weak. The impoverished masses don't have money.

Last year, the economy grew by a dismal 1.81% meaning Nigerians actually became poorer as population grew by 2.5%.

This are like the Abacha years when the foreign reserves grew from $500m to $8b and economic growth rates were nothing to write home about.

2 Likes

Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by obailala(m): 9:41am On Mar 04, 2019
ClassicMG:
If I'm right a trade surplus should have a positive impact on our currency, but still nothing changes why?
AreaFada2:


Voodoo economists will tell you that our weak currency has boosted export. grin cheesy

As if we really export things that are competitive like industrial goods.

China & others just need lots of our raw materials to satisfy their growing needs.

All the contra-ban goods coming through Benin Republic & Niger of course don't make the list of import.
The reason it has no apparent effect on the currency is because the exchange rate is fixed at N360/$ (not floating); main reason being to discourage cheap imports and to encourage export.

The CBN currently has enough forex in the reserves to force the Naira back to N200/$. All it needs to do is start a weekly (or increase the weekly) disbursement into the parallel market as has always been the case in the past to ensure Nigerians get cheap dollars for cheap imports. But the idea to fix it at N360 is intentional.

1 Like

Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by AreaFada2: 10:08am On Mar 04, 2019
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Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by AreaFada2: 10:16am On Mar 04, 2019
obailala:

The reason it has no apparent effect on the currency is because the exchange rate is fixed at N360/$ (not floating); main reason being to discourage cheap imports and to encourage export.

The CBN currently has enough forex in the reserves to force the Naira back to N200/$. All it needs to do is start a weekly (or increase the weekly) disbursement into the parallel market as has always been the case in the past to ensure Nigerians get cheap dollars for cheap imports. But the idea to fix it at N360 is intentional.

On $1 = 1 Naira we stand.

So Buhari didn't know the economic effect of promising the above? So anyway you twist Buhari doesn't know what he's doing. Forget the tortoise & hare story of CBN being in charge.

If our currency is truly worth anything or supported by the touted trade balance, why fix the rate? Let it trade freely to test it's mettle. That is what free market economy is about. Oh I forget, Buhari would rather run a Sharia economy.

We have a negative balance. Only that the huge amount of smuggled imported goods do not enter official records anymore.
Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by Oponel1962: 11:52am On Mar 04, 2019
What then is PMB's fault?
Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by AmTruth: 12:01pm On Mar 04, 2019
ogundeleai:
Every indicator is pointing to positive as far as economy is concerned... And am beginning to believe in the monthly release inflation index... Only on Saturday I purchase 50kg bag of rice for 13k after the significant drop in the month of January.. It's now a little above 11% and experts have said once he drop to single unit we are in for robust economy year of prosperity... The next level slogan is showing remarkable sign that indeed most of us that believe and que behind Buhari won't regret our action.. He means well for this Nation. You are right. It's just a matter of time things will certainly normalize















Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by akintunde63: 1:22pm On Mar 04, 2019
[quote author=deomelo post=76328674][/quote]

This is a great development, one of the best news I've read in years. The PDP government laid the foundation for recession despite the oil windfall recorded during their reign, PMB assumed power and the recession whose foundation had been laid reared its ugly head which was promptly decapitated. But unfortunately, everyone is saying Baba's performance has bee abysmal, perhaps because they were not allowed to steal of our treasury as the case had been before his assumption of office.
Whatever the case, I'd say this a really commendable development.
Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by akintunde63: 1:25pm On Mar 04, 2019
AreaFada2:


On $1 = 1 Naira we stand.

So Buhari didn't know the economic effect of promising the above? So anyway you twist Buhari doesn't know what he's doing. Forget the tortoise & hare story of CBN being in charge.

If our currency is truly worth anything or supported by the touted trade balance, why fix the rate? Let it trade freely to test it's mettle. That is what free market economy is about. Oh I forget, Buhari would rather run a Sharia economy.

We have a negative balance. Only that the huge amount of smuggled imported goods do not enter official records anymore.


Nigeria's economy will head for doom if the naira is allowed to float freely. Did u forget it was heading for somewhere between N500-N600 to $1 at some point?
Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by AreaFada2: 2:17pm On Mar 04, 2019
akintunde63:



Nigeria's economy will head for doom if the naira is allowed to float freely. Did u forget it was heading for somewhere between N500-N600 to $1 at some point?

Lol, which means the economy cannot support the currency without being kept on life support by fixing currency rate. grin cheesy

The market is not foolish. Investors know its vulnerability. So they invest in oil & gas that they know the West & Asia take away to refine & sell back to us: guaranteed market.

It would make sense if we produced lots of goods and export them and keep our currency artificially weak like Chinese Renmibi. But we are keeping ours artificially strong to keep a facade of a better economy. While unable to attract FDI into sectors that create tangible economic growth and create jobs.

Long & short of it is that Buhari promised a policy of $1 = 1 Naira without a clue of the dire consequences of it. grin grin grin cheesy cheesy cheesy

1 Like

Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by akintunde63: 4:30pm On Mar 04, 2019
AreaFada2:


Lol, which means the economy cannot support the currency without being kept on life support by fixing currency rate. grin cheesy

The market is not foolish. Investors know its vulnerability. So they invest in oil & gas that they know the West & Asia take away to refine & sell back to us: guaranteed market.

It would make sense if we produced lots of goods and export them and keep our currency artificially weak like Chinese Renmibi. But we are keeping ours artificially strong to keep a facade of a better economy. While unable to attract FDI into sectors that create tangible economic growth and create jobs.

Long & short of it is that Buhari promised a policy of $1 = 1 Naira without a clue of the dire consequences of it. grin grin grin cheesy cheesy cheesy


It's kind of complicated, bro. If they allowed naira float freely, may we'd be exchanging at N1000 to $1 now. But now that we are recording a positive trade balance, they shd allow it float freely so we could benefit from the gains of the trade surplus. And honestly, they made serious progress in reducing our over-dependence on import and promoting of export

1 Like

Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by kjhova(m): 8:08pm On Mar 04, 2019
[quote author=Kingmoney7 post=76330399][/quote]

Caveat: Not an Economist.

Countries can deliberately overvalue or undervalue their local currencies depending on desired achievables. Some could peg their currency to a major global currency. There are different means of FX management.

Whatever the case, FX rate has never been regarded as yardstick for measuring national economic performance. in fact, the inordinate fixation on FX rate among the Nigerian mass is almost unrivaled globally. Take my word, it is nearly irrelevant as a measure.

The important economic measures that matter most include; GDP, GNP, PCI, Foreign Reserves, Export Volume etc.

1 Like

Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by obailala(m): 10:52pm On Mar 04, 2019
AreaFada2:


On $1 = 1 Naira we stand.

So Buhari didn't know the economic effect of promising the above? So anyway you twist Buhari doesn't know what he's doing. Forget the tortoise & hare story of CBN being in charge.

If our currency is truly worth anything or supported by the touted trade balance, why fix the rate? Let it trade freely to test it's mettle. That is what free market economy is about. Oh I forget, Buhari would rather run a Sharia economy.

We have a negative balance. Only that the huge amount of smuggled imported goods do not enter official records anymore.
First of all, may I point out that you're just another victim of fake news; Buhari never promised anywhere to make N1 = $1. That a fake report is peddled and it trends around like wild fire, that doesnt necessarily make it true.

Regarding the fixing of exchange rates, whilst so many (including myself) may argue that the total floating of the Naira will be the best policy for Nigeria's economy, I wouldn't be wise if I start thinking that those who think the opposite are crazy. China today resembles Nigeria in a lot of ways, especially with regards the large population and cheap labour supply. But do you know China currently fixes its exchange rate and even intentionally devaluates its currency to encourage local production?... Why exactly do you really think this would not work for Nigeria? Because Buhari is the one doing it?

1 Like

Re: Nigeria Records Trade Surplus Of N1.44tln In Q4 – NBS by Nobody: 9:40pm On Mar 06, 2019
They should channel the money for beta things asap.

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