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Nairaland Forum / Nairaland / General / Politics / External Reserves Slip By $905.5 Million In June – CBN (7043 Views)
Nigeria’s Foreign Reserves Slip By $915 Million Amid Forex Market Liberalization / External Reserves Slides To 27 Months Low / My Tenure Expires In June, CBN Governor Reacts To His Rumoured Removal (2) (3) (4)
External Reserves Slip By $905.5 Million In June – CBN by Deltafirstson(m): 5:05am On Jul 02, 2021 |
According to the CBN’s data on the movement of reserves, the reserves fell to $33.32bn as of the end of June 30 from $34.23bn on May 31. https://punchng.com/external-reserves-slide-further-lost-905-5m-in-june-cbn/ 1 Share
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Re: External Reserves Slip By $905.5 Million In June – CBN by sweetshisha: 5:21am On Jul 02, 2021 |
Something is fvcking wrong with Buhari, Zainab Ahmed and Godwin Emefiele Price of crude oil is relatively high Crude oil price according to the budget price benchmark is higher so we should have excess forex Forex is not released to importers of many products What the fvck is depleting our fvcking foreign reserves??! . 43 Likes 1 Share |
Re: External Reserves Slip By $905.5 Million In June – CBN by nlreserve: 5:45am On Jul 02, 2021 |
Trial and error Fulani government. 9 Likes 1 Share |
Re: External Reserves Slip By $905.5 Million In June – CBN by Monogamy: 5:46am On Jul 02, 2021 |
See as how this people are spending our money anyhow as if na their papa money 6 Likes |
Re: External Reserves Slip By $905.5 Million In June – CBN by Nobody: 5:58am On Jul 02, 2021 |
sweetshisha: 1. Increasing subsidy payments as it is becoming more expensive to keep fuel at a cheap price with rising oil prices meaning increase in the cost of refining fuel. Then subsidy makes it unprofitable to refine at home because domestic refinreis cannot set their prices and thus cannot make a profit on refining petrol here. 2. Oil has not been as high as we want it . We should have had oil at $133 for a balanced budget not the $80 it is ( breakeven price) 3. Because oil has not been as high as we want it to be we have to borrow to keep our heads above water. Paying back our debts is difficult. Recall that the oil price has been volatile since 2014. Atimes it has been as low as $24 and as high as $80. Meanwhile our breakeven oil price rose from $122 in 2012 to $139 in 2017.and now $133. When oil is not as high as you need it you take loans to cover the difference And then you have to pay back the loans. 4. Tax level low. Our tax to gdp ratio is 6.1%. Only 30% of the taxable population pays taxes. As such we are far more dependent on oil for everything (A big reason why NNPC boss Kyari is so insistent on subsidy removal is because it is taking a big bite from government revenues...meaning that government cannot spend money on other things until it has fed the subsidy monster) 5. Corruption and stealing at all levels of government. Inflated claims. Looting..Round tripping. You know the drill. 6. Failure to diversify the economy. Nigeria in particular loses billions to illegal mining. Agriculture is not at the level we need it to be to be a big exporter. And government talks a lot but does nothing. Rice pyramids does not mean that Nigeria has displaced Brazil and Thailand as a major rice producer. 7. Buhari. ( before anyone calls me his supporter which I ain't) 8. Insecurity, boko etc which drives off investors 34 Likes 4 Shares |
Re: External Reserves Slip By $905.5 Million In June – CBN by xelly: 6:06am On Jul 02, 2021 |
This government can only chase away investors. Any sign of democracy in Nigeria? How can you attract investors in a place that holds nothing as right but upholds infringements? 2 Likes |
Re: External Reserves Slip By $905.5 Million In June – CBN by cardoctor(m): 6:23am On Jul 02, 2021 |
Setting us up for another abracadabra. Pls read my sinature below. . |
Re: External Reserves Slip By $905.5 Million In June – CBN by donpapa(m): 6:24am On Jul 02, 2021 |
Re: External Reserves Slip By $905.5 Million In June – CBN by kadraxkyle(m): 6:25am On Jul 02, 2021 |
What is meant for external reserve is being reserved interally in their pockets. Thieves! |
Re: External Reserves Slip By $905.5 Million In June – CBN by Yankee101: 6:25am On Jul 02, 2021 |
Buhari Incompetence in security, economy, international relations, local politics and blatant ethnicity |
Re: External Reserves Slip By $905.5 Million In June – CBN by KingAzari: 6:25am On Jul 02, 2021 |
. |
Re: External Reserves Slip By $905.5 Million In June – CBN by onuman: 6:26am On Jul 02, 2021 |
Naira value is becoming like Somalia currency in valuelessness. This administration brought disaster to Nigeria. 2 Likes 1 Share |
Re: External Reserves Slip By $905.5 Million In June – CBN by Sunnybay7: 6:26am On Jul 02, 2021 |
Looters |
Re: External Reserves Slip By $905.5 Million In June – CBN by OmoManU: 6:26am On Jul 02, 2021 |
One thing over the last few years that I have observed about this external reserve is, it's growing nor reducing, just stagnant |
Re: External Reserves Slip By $905.5 Million In June – CBN by zaxbash: 6:27am On Jul 02, 2021 |
This country ehnn na Allah go save ours |
Re: External Reserves Slip By $905.5 Million In June – CBN by Ritapearlydove(f): 6:27am On Jul 02, 2021 |
Rubbish |
Re: External Reserves Slip By $905.5 Million In June – CBN by Nobody: 6:29am On Jul 02, 2021 |
Beancounter93: 1 - what refinery have they atleast set up to even make a point for subsidy removal? 2 - oil can never be as high as any Govt wants it, only proper managers make impacts with what they have. 3 - we have never been this indebted while still being extremely poor amongst the world despite oil at $80 approx. 4 - how can you tax what you have not given?.. - can people farm comfortably? - Are you going tax unemployed? - What level of tax can you get from underemployed? - is the climate favourable for foreign investment? 5 - The corruption and stealing is now a raging fire because if we are this indebted from the little infrastructure, still poverty capital, oil at $80, no forex for a lot of imports, non implementation of minimum wage, where are the monies? 6 - thought the reason for shutting the borders was for economic diversification?... how come we have not achieved that, people cant farm in peace, food inflation is fast going up... what was the purpose again? 11 Likes 1 Share |
Re: External Reserves Slip By $905.5 Million In June – CBN by NaijaFutbol: 6:33am On Jul 02, 2021 |
What you get when the clueless and vindictive get into power via propaganda 2 Likes |
Re: External Reserves Slip By $905.5 Million In June – CBN by oxygen247(m): 6:34am On Jul 02, 2021 |
This is Nnamdi Kanu's fault 1 Like |
Re: External Reserves Slip By $905.5 Million In June – CBN by mayo47(m): 6:35am On Jul 02, 2021 |
Valid Points. Might need to review second sentence of P.1 Beancounter93: |
Re: External Reserves Slip By $905.5 Million In June – CBN by NotGej: 6:36am On Jul 02, 2021 |
sweetshisha: Buhari and his team are selling to BDCs to exploit Nigerians. 3 Likes 1 Share |
Re: External Reserves Slip By $905.5 Million In June – CBN by Ykc2(m): 6:38am On Jul 02, 2021 |
Beancounter93:amadioha go display una yash for open market |
Re: External Reserves Slip By $905.5 Million In June – CBN by Nobody: 6:40am On Jul 02, 2021 |
Ykc2: Do have a good morning and may the gods you serve bless you richly 1 Like |
Re: External Reserves Slip By $905.5 Million In June – CBN by Comedian2019: 6:41am On Jul 02, 2021 |
sweetshisha:You can't be serving the interest of an uneducated person and get it right. 3 Likes 1 Share |
Re: External Reserves Slip By $905.5 Million In June – CBN by Enyimbamercedes: 6:41am On Jul 02, 2021 |
External reserves slipped but crude oil prices increased. Where is the money? It’s going on the fake subsidy! The APC are building a war chest of funds and using the fake subsidy to funnel money from the NNPC! Today they are claiming that petrol price is subsidized by about 118 naira. Multiply this figure by the fake daily consumption and you’ll know how much is stolen daily! 4 Likes 2 Shares |
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