IfnobeGod20:

You think only Dangote refinery can do the magic? Please continue deceiving yourself. The government also need to be involve in all strata of governments. Both local, state and FG. We need waking up as a people and country. We don't know what we are in. This sleeping Tinubu must wake up.

Nobody said only Dangote refinery will do the magic, but Dangote refinery is the greatest investment that Nigeria have had for the past 2 decades.

Just leave your biases and imagine the billions in $$ that will be freed for other purposes considering the fact that Nigeria import petrol and diesel normally. Now they are being bought and sold in naira.

In 1 year time, we will understand the massive savings that will come with this.

Yes, we need to wake up and create more production capacity, but the little Dangote did should also be commended.

Kobojunkie:
Pretty much a Government encouraged monopoly.

Nigerians get to flush $2 billion down the drain all in order that Dangote's business can rise as savior for all Nigerians. Na. Wa oo!

Don't mind them.

LegendHero:
∆ Nobody said only Dangote refinery will do the magic, but Dangote refinery is the greatest investment that Nigeria have had for the past 2 decades.
Just leave your biases and imagine the billions in $$ that will be freed for other purposes considering the fact that Nigeria import petrol and diesel normally. Now they are being bought and sold in naira.
∆ In 1 year time, we will understand the massive savings that will come with this.
Yes, we need to wake up and create more production capacity, but the little Dangote did should also be commended.

So what other companies out there are reason for the country literally flushing $2 billion down the latrine for? Just some hours ago, someone told me that the Government did it in order that Dangote and NNPCL(which we all know is a joke still) will pick up the slack. Now you say that isn't the case. So what is the fact here?

You say in one year something will happen. What is it? As we have it the government has yet to invest massively in industries and local production of goods, so what exactly do you say will be there in 1 year that is not being worked on right now?

And when it’s very low the naira appreciation will reverse

Bom boy economics

LegendHero:


Nobody said only Dangote refinery will do the magic, but Dangote refinery is the greatest investment that Nigeria have had for the past 2 decades.

Just leave your biases and imagine the billions in $$ that will be freed for other purposes considering the fact that Nigeria import petrol and diesel normally. Now they are being bought and sold in naira.

In 1 year time, we will understand the massive savings that will come with this.

Yes, we need to wake up and create more production capacity, but the little Dangote did should also be commended.

This is the problem of some of you hailers of government.. always contented with the little in the midst of gigantic problems. Nigeria is in a serious problem, that we don't produce anything. There is nothing stopping every segment of government to go into massive agriculture and investment in technology, that will be added to what Dangote will be doing at his own end but to think the life wire of a country will be placed in the hands of one man. Don't you think otherwise, if tomorrow Dangote now diversify his business, what would become of the country? Please my brother put on thinking cap, it is not all the time you must give blanket support to your leaders. There's need to reason sometime to save your country.
This is not about hatred but about reality. What is my gain if my country collapse? It would surely affect me and my family and the country at large. I have no other country to call my own except Nigeria. But I am not happy the way it's been run at all. By now the country should be into heavy production but not.

Golan007:


Think with your brain.

The impact on the man on the street is what's most important.

The man in the streets is still crying like a rat on menses

This is exactly what Deji Adeyanju was trying to explain to his followers on his Facebook page this morning, na wah for apc ooo

Racoon:
https://www.thecable.ng/nigerias-fx-reserves-drop-to-32bn-lowest-level-in-six-years/amp/

Goodvibes007:

It's about $1.5B and not even up to $2B. Mean while:

PBAT administration met $34 billion in our foreign reserve June 2023.

Off the top of my head :-
-This administration paid $500 million Eurobond in July 2023.

-Paid external debt in Q4- : $900 million

-Paid CBN legacy debt of $7 billion

-Paid ways and means debt of $4 billion

That is $12 billion.

I am aware the government also paid $1 billion to the USA government for weapons in November 2023

We don’t know how much credit line and importation has been paid for. We are yet to see what the government paid for external debt in Q 1 2024.

But let’s cry, because we have a $32.5 billion in our reserves. $1.5 billion drop from where this administration met it despite over $12 billion expenditure.

not so clever fox...why didn't you talk about all the loans....eg the Afrexim bank loan, not to mention other crude oil sales

Golan007:


Think with your brain.

The impact on the man on the street is what's most important.

And the impact is actually Terrible.

Tinubu has finished Nigerians with hardship.

Racoon:
https://www.thecable.ng/nigerias-fx-reserves-drop-to-32bn-lowest-level-in-six-years/amp/

Useless post, so there should be plenty of dollar reserve when people are starving
Get your economy moving and your people not starving then you can talk about reservy

A bag of garri is now N82k chai.

I don't even mind that they are back to fixing naira rate. The float was a misadventure like I have told Grandstar severally. That said, like I also said this measure is rather simplistic and cosmetic, but I'll still allow it on the premise that the refineries are immediately up and running to pick up the slack.

But so far, as is the culture of the APC, you never know what's what. Dangote refinery na 'we will' level we still dey. PH refinery nko, we are still waiting for the new deadline to be set. Anyway make dem use our reserve further bring it down below 1k sha, make son of man load up.

Also let's not forget the other mounting indebtednesses we have backed by same foreign reserve, the same level of indebtedness that led JP Morgan to tell us that out net reserve is around 3b and the simple reason why the govt went for the afrexim bank loan. Just reminding those that are shouting about how 30b is a big deal, but your govt that knows it had 30+ billion still used crude oil as collateral to borrow 10% of the sum. That tells you that the 30+ billion isn't just to be dipped into recklessly.


But I know only a few sane minds will understand what I've written...which is fine too😁

They borrowed dollars to cut the rate... Unah never see anything yet

This report is written with a malicious and dishonest intention, but what do I know.

And people expect the local currency, Naira to continue to appreciate against the dollar? CBN just put bandage on open wound & people are jubilating that naira is back. We haven't seen nothing yet until we have economy that produces, not consuming & importing almost all our needs.

Racoon:
Just as the silly lie and propaganda the fella below is saying right? Birds of the same plumage forage together.

60K is still higher than a minimum wage.

Racoon:
"The last time the foreign reserves stood at this level ($32.29 billion) was on September 9, 2017, when the CBN reported N32.28 billion. The decline in foreign reserves comes amid CBN intervention in the parallel market in a bid to crash the FX rate." Think with your brain first.

Havent we been intervening before now?

slivertongue:
APC scamming NIGERIANS

Dollar is 500naira…yass!
What a bunch of clueless folks. A government that is only interested in social media clout. How sustainable can they be?

DaTruths:


And the impact is actually Terrible.

Tinubu has finished Nigerians with hardship.

Hardship don show you shege.

LegendHero:
Lol, Nigeria media and nonsense sensational reporting.

Below is a quick chart I did on the FX reserve data from CBN. You can see how the foreign reserve move average through the years from 2006 to 2024.

Cardoso paid over $6bn in FX backlog, repayed trillion from the way and means, where do they expect him to see the money aside dipping in the foreign reserve and borrowing from external source?

Even the Bloomberg report that they are all copying and pasting clearly mentioned the above in their report. Just that Nigeria media don't use brain in copying.

To all those kids screaming keep your dollar, how many of una even get dollars lol? For those with dollar, keep it so that your family can cry for you when you lose your life fortune.

God bless Nigeria.

Omo, there was a massive drop during GEJ era. From a whooping 59b.

Golan007:


Think with your brain.

The impact on the man on the street is what's most important.

Did you remember this words of wisdom when the subsidies were being removed?

erniok:

Omo, there was a massive drop during GEJ era. From a whooping 59b.

Only God know what they did to it. I was also surprised like you.

Infact as bad as people are painting Buhari, he actually did increase the forex reserve.

Surprising statistics. Yet, we idolize Sanusi and Okonjo even when they depleted the FX reserve. Then curse Emefiele who increased it.

Dittodat:
What's the big deal in a 2 Billion dollar drop? Stop trying to make a mountain out of a mole.

Then why crucify Emefiele for the same thing they are doing, and since fuel subsidy is out we should have more money yet nothing was saved

Dittodat:
What's the big deal in a 2 Billion dollar drop? Stop trying to make a mountain out of a mole.

Lol. This topic pass una ooo.

When your reserve is decreasing it scares foreign investors to come into your economy to invest because they think you might run out of foreign cash when they need to repatriate their money.

Foreign Reserve acts like collateral.
Also the ones still in country start panicking say your dollar go finish now and you won't have any dollar when they ask for dollar to repatriate back to their country.

Nobody fit give you loan, sake of say them dey fear, say you can't pay them back since your dollar reserve Don dey on decline

Raskimonojendor:

And also keep your handkerchief closer


Of course emergency lovers of Nigeria will love the news.


At splashme, check the screenshot below for your enjoyment.

Hahaha in this life nothing can be worse than being an Apc urchin

Especially if the person is in the low income class,how can you stand with same evil APC structure that is structured to dish out unimaginable level of suffering, Insecurity and hardship to you and your family even generation yet unborn
It's impossible to be pro Apc and yet claim not to be a ZOMBIE

LegendHero:
Lol, Nigeria media and nonsense sensational reporting.

Below is a quick chart I did on the FX reserve data from CBN. You can see how the foreign reserve move average through the years from 2006 to 2024.

Cardoso paid over $6bn in FX backlog, repayed trillion from the way and means, where do they expect him to see the money aside dipping in the foreign reserve and borrowing from external source?

Even the Bloomberg report that they are all copying and pasting clearly mentioned the above in their report. Just that Nigeria media don't use brain in copying.

To all those kids screaming keep your dollar, how many of una even get dollars lol? For those with dollar, keep it so that your family can cry for you when you lose your life fortune.

God bless Nigeria.

Lose life fortune because of buying dollars? Lol. I've always had dollars right from the days of $1 to N219 as far back as 2015 and more at N300 and N360 in 2019. Now, the dollar is over N1,000.

I am aware that although I have more—three or four times more—Naira, I don't necessarily have excessively more in terms of value as the cost of living has skyrocketed due to inflation and naira devaluation. But I would have had ALL my naira devalued if I hadn't invested in USD. So, investing in USD is the best option. This is the summary of what Aisha was saying, and only people with practical experience can relate.

Anyone who listens to your advice is foolish.

socialmediaman:
PressMyButton lwisee OgaFactCheck Pecoleee345 tollyboy5 BreconHills adeememman any comments?

LegendHero you’re needed here, we have to counter this. Tell them that Binance executives looted it and they’ll soon be fished out. Hurry, make something up

No need to do that

The government met reserves at 34bn and it is still at 32bn after payment on euro bond, fx debt, defence contract instalments etc. Plus the extra FAAC payments. The market knows the reality and will respond accordingly.

NothingDoMe:
Lose life fortune because of buying dollars? Lol. I've always had dollars right from the days of $1 to N219 as far back as 2015 and more at N300 and N360 in 2019. Now, the dollar is over N1,000.

I am aware that although I have more—three or four times more—Naira, I don't necessarily have excessively more in terms of value as the cost of living has skyrocketed due to inflation and naira devaluation. But I would have had ALL my naira devalued if I hadn't invested in USD. So, investing in USD is the best option. This is the summary of what Aisha was saying, and only people with practical experience can relate.

Anyone who listens to your advice is foolish.

I am explaining it the other way round.

—Do you agree there are some people that went to buy $ at the rate of N1600 to $1 because they believed that Naira will depreciate more so that if it gets to like N2500, they will sell their $$ and cash out?

Those are the people I addressed. From what the useless Aisha said, some people will still go ahead to buy the dip now believing naira will shoot up to N2000 so they will be able to get profit.

Those are the foolishhh people I was referring to in my statement.

OChimex:


Lol. This topic pass una ooo.

When your reserve is decreasing it scares foreign investors to come into your economy to invest because they think you might run out of foreign cash when they need to repatriate their money.

Foreign Reserve acts like collateral.
Also the ones still in country start panicking say your dollar go finish now and you won't have any dollar when they ask for dollar to repatriate back to their country.

Nobody fit give you loan, sake of say them dey fear, say you can't pay them back since your dollar reserve Don dey on decline

Countries hold foreign currency reserves for many reasons, including:
-International trade: To ensure a steady supply of imports during a crisis
-Debt servicing: To meet foreign exchange needs and external debt obligations
-Exchange rate stability: To stabilize the value of the domestic currency
-Financial crises: To help a country withstand external shocks
-Confidence: To demonstrate backing for the domestic currency
-Emergencies: To meet deadlines on overseas debt payments
-Portfolio diversification: To reassure foreign investors

These are some of the reasons for having foreign reserves and from all indications, a very small portion (less than 2 Billion) has been used for some of the reasons stated above.
Foreign reserve is not there for picture taking, it's there to be used when needed.

Splashme:
The most foolish Nigerians are APC supporters.

See, even a primary School CBN governor can do what Cardoso is doing.

The man is simply dipping a hand in our foreign reserves, share it at subsidised rates for Banks & BDCs to sell to Nigerians at regulated rates.

Same thing Emefiele was doing
.

Same thing i was saying before they came for my head on the other thread. The exchange rate market is technically fixed again, but, most of them don't understand how exchange rate market works or have little knowledge of economics.

CBN sells dollar to BDCs and bank, mandate them to sell at a particular rate, that mean the exchange rate market has been fixed. Then, they will float it again when they want to steal.

This country too daft sha. Tufiakwa..

Quest7777:
Increased Production and Exports remain one sure way to strengthen the Naira, not all these superficial bulaba economics they have been scamming us with.

Unfortunately, this is the only way.
I knew from the onset that their policies were cunning and deceitful.
When two directly proportional quantities don’t progress simultaneously, just know that there is a statistical ineptitude going on.