Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,163,448 members, 7,853,950 topics. Date: Saturday, 08 June 2024 at 08:27 AM |
Nairaland Forum / Nairaland / General / Politics / Nigeria Back To Defending The Naira With Foreign Reserve (1159 Views)
Nigeria’s Foreign Reserve Is $3.7 Billion, Not $33.8 Billion - JP Morgan / Emefiele Operated Separate $47bn Foreign Reserve Account , 527 Others Without FG / Central Bank Of Nigeria To Spend $8 Billion Defending The Naira In 2022 (2) (3) (4)
Nigeria Back To Defending The Naira With Foreign Reserve by whatisthetruth: 4:59pm On Apr 16 |
Nigeria is burning through foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira https://twitter.com/BloombergAfrica/status/1780224897534325150
|
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Ofunaofu: 5:01pm On Apr 16 |
We know that the foreign exchange reserve is being depleted, but N216 to a dollar should be their target because that's where the APC met it in 2015. 15 Likes
|
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Raskimonojendor: 5:01pm On Apr 16 |
whatisthetruth:Even if it turns out to be true since this report is still based on guess work and zero evidence , isn't that what you people want i.e. for naira to return to it's previous rate of exchange? They float you complain, they return to previous government style of subsidizing the dollars, you still complain. Modified. Take Bloomberg Africa serious at your own peril One of their Africa reporters is a Peter Obi supporter. They often feed off theie bias hence putting out a report without fact on Bloomberg Africa 15 Likes 2 Shares
|
Re: Nigeria Back To Defending The Naira With Foreign Reserve by SpatialKing(m): 5:03pm On Apr 16 |
What has Tinubu achieved as a president? 2 Likes |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Raskimonojendor: 5:04pm On Apr 16 |
SpatialKing:He is not even up to one year. He is no magician. 11 Likes |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by socialmediaman: 5:04pm On Apr 16 |
PressMyButton lwisee OgaFactCheck Pecoleee345 tollyboy5 BreconHills adeememman |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by FreeStuffsNG: 5:04pm On Apr 16 |
Most of the funds was used to pay back the billions in forex backlog debts incurred more than 4 years ago. You can support your national currency in the short run to ensure that others see that you have a skin in the game. That decision of paying back international airlines alone has led to drastic fall in airfares and increased confidence in the naira. From the chart below, the dates when our reserve fell tally with the period we cleared this massive backlog from early March till when CBN announced it in late March which lagged into April. We are barely in mid April. May God bless Nigeria for ever! Check my signature for free stuffs! 17 Likes 1 Share
|
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Raskimonojendor: 5:05pm On Apr 16 |
FreeStuffsNG:Thank you. That's why I mentioned that the news is based on guess work. 12 Likes |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Raskimonojendor: 5:06pm On Apr 16 |
Ofunaofu:Where is your proof? 9 Likes |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by EmeeNaka: 5:07pm On Apr 16 |
So Tinubu is back to square one. He is currently paying subsidy on petrol which runs in Trillions. He is once again depleting our foreign reserves just to defend Naira after attempting to float it. 3 Likes |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by thesicilian: 5:08pm On Apr 16 |
Why are you people complaining? Have you seen any football team that plays attack without defending? |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Goodvibes007: 5:08pm On Apr 16 |
News or report is not Factual or based on fact The report says: "raising concern". The mods should fix the headline as it's misinformation as it is right now. 1 Like |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Kukutenla: 5:10pm On Apr 16 |
Raskimonojendor:They float, you defend, they return to subsidizing you still defend. What exactly are you defending? 1 Like |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Kukutenla: 5:11pm On Apr 16 |
Goodvibes007:Na so the thing hit you reach you had to change moniker @Raskimonojendor 1 Like |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Kukutenla: 5:13pm On Apr 16 |
Raskimonojendor:Suddenly you need proof to believe bloomberg You didn't ask for proof when same bloomberg declared naira most improved currency sha And the report has only one writer not two so I don't know what you mean by "one of the writers" 2 Likes
|
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Goodvibes007: 5:13pm On Apr 16 |
Kukutenla:Lagos 1st son or whatever your name is. Face the topic and stop derailing..News or report is not factual. Simple as ABC. 3 Likes |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Racoon(m): 5:14pm On Apr 16 |
Every sane person should be able to decipher that startling fact.Just as they are doing with the fraudulent fuel subsidy case. This is because the price of goods and services are not on a commensurate downward trend as the dollar is allegedly doing. The lie and propaganda government is simply subsidising the dollar. This is why Reno Omokri propaganda of recent is only focused on this issue. 2 Likes |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Ofunaofu: 5:14pm On Apr 16 |
Raskimonojendor: Did you have proofs before making the below comment? Aren't you supposed to counter my submissions with proofs? Raskimonojendor: 1 Like |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by SpatialKing(m): 5:14pm On Apr 16 |
Raskimonojendor: Same way you guys defended Buhari for 8yrs 2 Likes |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Raskimonojendor: 5:14pm On Apr 16 |
Kukutenla:Yes proof is required. I have gone to read the post. That's all there is to it are the screenshot below. If you have any proof as per the topic title suggests, bring it out and stop being emotional like a toddler. 8 Likes
|
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Validated: 5:16pm On Apr 16 |
They should continue until $ reaches N400. I want to check something |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Raskimonojendor: 5:16pm On Apr 16 |
SpatialKing:Bring out a posts of me defending Buhari for 8 years else you are a liar. |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Donaldoni: 5:16pm On Apr 16 |
A piiiigg is behind that report for sure All I know is that there is a convergence of the official and black market rates. Also, the dollars is not being subsidised to the extent that the import duty is now a function of the current exchange rate. |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Kukutenla: 5:17pm On Apr 16 |
Bottomline is, there's no policy that's a sure solution to fix forex palaver. Anyone thinking forex issues is just a matter of policy will run into the confusion Zombies are battling with now. The solution is to jump-start the economy to be productive, plug leakages and corrupt tendencies and ensure that govt business is done in a straightforward and accountable manner instead of rent- seeking. If all that is on ground, whether you fix o or you float o, the naira will be alright. Any other thing is chasing the wind. |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Raskimonojendor: 5:18pm On Apr 16 |
Donaldoni:The report by the Nigerian author (Osae-Brown) is neither here nor there. Garbage journalism for sure. |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Kukutenla: 5:19pm On Apr 16 |
Raskimonojendor:But the opening says "Nigeria is burning through foreign reserves at a rate not seen four years ago". That statement requires proof no? 1 Like |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Raskimonojendor: 5:19pm On Apr 16 |
Kukutenla:Check out freestuff NG's and donaldoni's post above. So in your little mind, burning through means and concludes that it is being used to subsidize the dollars... |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by michlins(m): 5:20pm On Apr 16 |
whatisthetruth:if that's what it will take to reign in speculators and not allow the economy to go to the dogs, Nigeria will do it double. If you don't like it, migrate to Mozambique. Waiting for the economy to go to tatters so you will rejoice and mock the country. Before you mention me, I supported and still supporting Obi but I don't have another country. I will rather have a progressive nation than have my candidate win. Tinubu is the president and I will support him. The destinies of millions depends on the success of his administration 4 Likes 1 Share |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by tollyboy5(m): 5:20pm On Apr 16 |
Racoon:It is only you and your Peter obi greedy fans that are not seeing price of goods dropping. All imported product are dropping in prices. Your Peter obi fans think they're the only one that knows how to import. I was telling someone price of electronic and rice have been dropping. He called his Peter obi dealer guy that one said Na lie o!, He came back to me and told me I'm a liar This is Lagos there's no monopoly of importation. Peter obi fans should keep buying imported goods @ ₦1800 to $ rate from their Peter obi fans dealers. We left them behind. All the best. 1 Like |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Raskimonojendor: 5:21pm On Apr 16 |
Ofunaofu:The report says raising concerns. That's not a statement backed up by facts. What would you say about the convergence of the black market and official rate? 1 Like |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Enugurangers: 5:23pm On Apr 16 |
michlins:They would call you agbado like they have always called me even though I support PDP and voted Atiku. Lol. 1 Like 1 Share |
Re: Nigeria Back To Defending The Naira With Foreign Reserve by Kukutenla: 5:23pm On Apr 16 |
Raskimonojendor:Freestuff did not get his maths and his dates correct. The depletion us 5.6%. Freestuffs is claiming $7bn backlog. The dates don't tally as well. That's what the headline implies when it says it coincides with strengthening of the naira 1 Like |
Whites Want To Colonize Africa Again. / Something Strange And Unusual Is Happening On Nairaland : See It / Do You Believe In Universal Human Rights?
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 41 |