datolee:


Apologies for the choice of word used, i will withdraw that.

However, my argument still stand.. Financial crisis started in 2007 but nobody touched the foreign reserve because it was affecting mainly the private sector however, by 2011 when the crisis got to the goverment sector, and the currency value was being affected, the External reserve was used to defend the naira. At no point did i say that external reserve was used to bail out private companies.

Record oil prices had helped Nigeria to build the largest currency reserves in sub-Saharan Africa, which peacked at $63 billion in September 2008.

But oil prices have plummeted since September 2008 after attaining a record high of $147 in July. Oil was trading below $42 in New York yesterday

datolee:


Your question is very shallow.. So far in this thread, I'm the only one who answer question one by one.. all you do is just messing around and never answered not one question.

You always missed my point, Emefiele also used reserve to defend the naira, the question.. do he think that it is sustainable? No! But he was forced to do so just like Soludo, Only SLS think that it is sustainable to defend the naira

http://businessnews.com.ng/2014/10/02/cbn-restates-commitment-defending-naira/

barcanista:

Let us go with your logic:
Sanusi defended it, Reserves was $37.3 billion as at June.
Emefielle "devalued" it it became $40.02billion

As at Today, the reserve is at $38.2BILLION http://www.cenbank.org/intops/Reserve.asp are you saying that the reserve still went down after Emefiele devalued it? what is the point

demdem omenka obiagelli

omenka:
Glo has been as azzzzz today!!! Can't get a thing done!! Today of all days when I'm poised to whoop azzes!!!

barcanista:
My friend the financial crisis did not entirely affect our reserve, it was the Oil Price... You just don't understand, you keep mumbling

http://www.nigerianmuse.com/20090102021223zg/nigeria-watch/nigeria-s-foreign-reserves-dip-to-52-7-billion/
Here is an extract from the article

omenka:
Glo has been as azzzzz today!!! Can't get a thing done!! Today of all days when I'm poised to whoop azzes!!!

karlmax2:
is the financial crisis not part of what affected the oil price?oga read and stop running in circle

http://siteresources.worldbank.org/INTTRANSPORT/Resources/336291-1234451048011/5827121-1239045090161/Watts_PFC.pdf

barcanista:
Wait let get something straight...
Under Yar adua regime, the Naira was defended, yet we had increase reserve
Under Obasanjo regime same thing, yet we had increase reserve
Under Jonathan same thing yet we get depleted reserve

At a point the Naira was devalued in EVERY regime... But it was necessary at that time. It wasn't perculiar to Jonathan. Yet his case is different.

Meanwhile:
The Oil Price under Objs started at less than $20 per barrel in 1999 and peaked at $90 in 2007

That of Yar adua peaked at $147 perbarrel, as at then the reserve was $64billion, ALL time hgh. It only slipped when the oil price dropped to $35 during the economic meltdown. He also rescued banks. Yar adua still had to bear the burden of the extra subsidy bills

Jonathan's Reserve have been going downward, he has been enjoying a good Oil Price at $88 to 107$ for the past 4years.. Something non of his precessors enjoyed. Jonathan had the privilege of Subsidy removal since 2012. Instead of his Reserve to GO UP, it is depleting.

Only Jonathan BLEEPED our debt without Mercy.

My friend How do you explain this? Remember to use EVERY economic indices. You keep dodging this interesting part of OIL Market Price. You are very funny bro

barcanista:
What is the Oil Price between 2010 and Now? it is like you want to hook yourself. Beside, you have been trolling so I know how I treat your kind...



IGNORE

barcanista:
What is the Oil Price between 2010 and Now? it is like you want to hook yourself. Beside, you have been trolling so I know how I treat your kind...



IGNORE

datolee:


Simple answer to you

During GEJ time, Sanusi used $117bn defending the naira,

During OBJ / part of Yaradua, Soludo spent only $57bn defending the naira

Do the maths

I really do not understand what you mean by oil price. what has oil price got to do with the value of naira? or you think that $117 billion spent by SLS was from the $47. 7 billion left by Yaradua?

Of course oil price increased, so too did the expenditure on by SLS to defend the naira... What it means is that we had more than $117 bn in reserve during the time of SLS in-charge of CBN management by majority of the gain in oil price increase was used by him to defend the naria.

What is your question then?

PS: Sanusi was Part of the Yar Adua's Regime too.
All Government DEFENDED the Naira and at some point had no choice but to devaluate it and GET back to Defence. Soludo to Sanusi to Emefielle did. It is not perculiar to jonathan.

datolee:


Apologies for the choice of word used, i will withdraw that.

However, my argument still stand.. Financial crisis started in 2007 but nobody touched the foreign reserve because it was affecting mainly the private sector however, by 2011 when the crisis got to the goverment sector, and the currency value was being affected, the External reserve was used to defend the naira. At no point did i say that external reserve was used to bail out private companies.

At $100pb Nigeria earned $83.9billion in 2011 (NGN 12.6 trillion naira).The excess crude oil earned for 2011 should be approximately $31.9 billion (approximately NGN4.8 trillion excess crude oil revenue in 2011).

However, we should not forget that Nigeria operate joint venture (JV) agreement with the major international oil company at 55% to 45% JV agreement. This means Nigeria earned 55% of $31.9billion excess crude oil which came to about $17.5 billion (NGN2.6 trillion naira) in 2011.

datolee:


Apologies for the choice of word used, i will withdraw that.

However, my argument still stand.. Financial crisis started in 2007 but nobody touched the foreign reserve because it was affecting mainly the private sector however, by 2011 when the crisis got to the goverment sector, and the currency value was being affected, the External reserve was used to defend the naira. At no point did i say that external reserve was used to bail out private companies.

karlmax2:
your the one trolling it is only an illetrate that would not know that the financial crisis is part of what affected oil price. That is why I aske you to read

http://www.cluteinstitute.com/ojs/index.php/JBER/article/download/682

barcanista:
My friend the financial crisis did not entirely affect our reserve, it was the Oil Price... You just don't understand, you keep mumbling

http://www.nigerianmuse.com/20090102021223zg/nigeria-watch/nigeria-s-foreign-reserves-dip-to-52-7-billion/
Here is an extract from the article

Abok1:








I like this guy...that being said, lets get back to business.

The financial crises didn't affect the government directly, the election did. Because at at 2011 the price of crude oil was hovering above $100 per barrel.

http://www.eia.gov/todayinenergy/detail.cfm?id=4550
[img]http://www.eia.gov/todayinenergy/images/2012.01.12/2011BriefCrudeAnnual.png[/img]

This means the high cost of crude at $100 is higher than the 2011 budget benchmark of $62per barrel which means and i quote:





http://www.thisdaylive.com/articles/protecting-nigeria-s-revenue-through-crude-oil-hedging/120055/


The Nigerian economy depends solely on crude, so how did high income from crude have a negative effect on the external reserve, thereby leading to regression instead of appreciation?






That being said, how did the financial crunch affect the government that was making unprecedented earnings in crude oil sales? The simple answer is it didn't.

karlmax2:
Datolee u have tried to educate this simpleton so let him and his fellow dullard continue makin a fool of themselves
Don give him audience again.his just tuning in circle and holding on to straws

datolee:


Here is a link to analysis of 2012 budget, i will come up with the 2013 and 2014.. by the way, GEJ started from 2009

http://www.proshareng.com/news/18533/Nigeria-An-Analysis-of-the-2013-Budget

To the question of External reserve, Oby asked a question, SLS responded that the external reserve was used to defend the Naira.. please can you tell us the uses of country's external reserve? The question will be, have Naira been under pressure recently, the answer is yes

Did IMF recommend that we devalue the naira? answer is yes

what is alternative to not devaluing the naira? the simple answer is using your external reserve to defend your weak curreny

Really arguing with you is stressful. I have better things to do.

Abok1:








I like this guy...that being said, lets get back to business.

The financial crises didn't affect the government directly, the election did. Because at at 2011 the price of crude oil was hovering above $100 per barrel.

http://www.eia.gov/todayinenergy/detail.cfm?id=4550
[img]http://www.eia.gov/todayinenergy/images/2012.01.12/2011BriefCrudeAnnual.png[/img]

This means the high cost of crude at $100 is higher than the 2011 budget benchmark of $62per barrel which means and i quote:





http://www.thisdaylive.com/articles/protecting-nigeria-s-revenue-through-crude-oil-hedging/120055/


The Nigerian economy depends solely on crude, so how did high income from crude have a negative effect on the external reserve, thereby leading to regression instead of appreciation?






That being said, how did the financial crunch affect the government that was making unprecedented earnings in crude oil sales? The simple answer is it didn't.

Exports of Nigerian oil to the U.S. almost halved between 2011 and 2012, according to EIA data. In the late 2000s, Nigeria regularly shipped around one million barrels a day of crude to the U.S., but last year that number was just 405,000 barrels a day.

datolee:


What is your point? I said the finacial crisis of 2007 did not affect the reserve until 2011 when countries economies where affecte. Your article is talking about 2008

Infact do you that in May 2013 the external reserve was $48.9 billion? If GEJ office ended in may 2013, he would have left more reserve than Yaradua.

Abok1:








I like this guy...that being said, lets get back to business.

The financial crises didn't affect the government directly, the election did. Because at at 2011 the price of crude oil was hovering above $100 per barrel.

http://www.eia.gov/todayinenergy/detail.cfm?id=4550
[img]http://www.eia.gov/todayinenergy/images/2012.01.12/2011BriefCrudeAnnual.png[/img]

This means the high cost of crude at $100 is higher than the 2011 budget benchmark of $62per barrel which means and i quote:





http://www.thisdaylive.com/articles/protecting-nigeria-s-revenue-through-crude-oil-hedging/120055/


The Nigerian economy depends solely on crude, so how did high income from crude have a negative effect on the external reserve, thereby leading to regression instead of appreciation?






That being said, how did the financial crunch affect the government that was making unprecedented earnings in crude oil sales? The simple answer is it didn't.

datolee:


I will explain to you how the crisis affected the government,

During the finacial crisis, America, Nigeria's main customer reduced it's demand for Nigeria's oil in between 2011 and 2012.
http://online.wsj.com/articles/SB10001424127887324662404578333981454427720

So in a way even if the oil is $1,000 per barrels, if you don't have customers, you don't get revenue

datolee:


Simple answer to you

During GEJ time, Sanusi used $117bn defending the naira,

During OBJ / part of Yaradua, Soludo spent only $57bn defending the naira

Do the maths

I really do not understand what you mean by oil price. what has oil price got to do with the value of naira? or you think that $117 billion spent by SLS was from the $47. 7 billion left by Yaradua?

Of course oil price increased, so too did the expenditure on by SLS to defend the naira... What it means is that we had more than $117 bn in reserve during the time of SLS in-charge of CBN management by majority of the gain in oil price increase was used by him to defend the naria.

What is your question then?

Sibabasibaba1:
datolee the great.

...Constantly making Buharistans to beat about the bush.

Candyrain:
Barcanista thinks External Reserve is all about just stocking up money without touching them.

barcanista:
Wait let get something straight...
Under Yar adua regime, the Naira was defended, yet we had increase reserve
Under Obasanjo regime same thing, yet we had increase reserve
Under Jonathan same thing yet we get depleted reserve

At a point the Naira was devalued in EVERY regime... But it was necessary at that time. It wasn't perculiar to Jonathan. Yet his case is different.

Meanwhile:
The Oil Price under Objs started at less than $20 per barrel in 1999 and peaked at $90 in 2007

That of Yar adua peaked at $147 perbarrel, as at then the reserve was $64billion, ALL time hgh. It only slipped when the oil price dropped to $35 during the economic meltdown. He also rescued banks. Yar adua still had to bear the burden of the extra subsidy bills

Jonathan's Reserve have been going downward, he has been enjoying a good Oil Price at $88 to 107$ for the past 4years.. Something non of his precessors enjoyed. Jonathan had the privilege of Subsidy removal since 2012. Instead of his Reserve to GO UP, it is depleting.

Only Jonathan BLEEPED our debt without Mercy.

My friend How do you explain this? Remember to use EVERY economic indices. You keep dodging this interesting part of OIL Market Price. You are very funny bro

Take care of the bold or you want to argue it?

Johnpaul2k2:
Useless fo.ool

Continue to create posts.