₦airaland Forum

CSTR2:

You afonjas must be living in a parallel Universe.

naijaboy756:
no mind d zebra Zombie

Sibrah:
You lack comprehension of article you posted and Lalasticlala won't help you. Scream all you want bros . . .

Omooba77:
http://punchng.com/external-reserves-hit-11-year-low-24-21bn/
The country’s external reserves have hit an 11-year low of $24.21bn, according to the latest data from the Central Bank of Nigeria.

The development means a limited amount of dollars will be available at the official interbank spot market, fuelling concerns over another round of depreciation of the naira.

The country’s external reserves had depleted to a then record-low of $24.8bn about two weeks ago.



The foreign exchange reserves fell by $600m in two weeks before shedding $1bn in four weeks, the CBN statistics showed.

Specifically, the reserves fell from $25.8bn on August 16 to $24.8bn on September 16. It decreased by $600m from the $25.4bn recorded on August 31 to $24.8bn on September 16, the current CBN data revealed.

The spate of decline in the external reserves follows the CBN’s almost daily interventions at the interbank/official foreign exchange market in recent weeks, as chronic dollar shortage continues to weigh on the economy.

In its efforts to defend the naira and prevent it from falling further at the official interbank market, the central bank has been selling dollars there more frequently.

The naira had fallen to an all-time low of 365.25 to the dollar at the interbank market on August 18 before making a gradual recovery.

On Friday, the local currency closed at 305 against the greenback at the official market, while closing at 460 to the dollar at the parallel market on the same day.

The CBN had on June 20 lifted its 16-month-old currency controls and auctioned about $4bn on the spot and futures markets to clear a backlog of dollar demand and help boost interbank market trading.

The global plunge in oil prices caused the reserves to be depleting very fast. The development had forced the CBN to introduce foreign exchange controls, which were abandoned in June.

MrKrap:
why do u tink d reserve is under going serious depletion it was becos of buari's ungarded remarks about dollars, forex restrictions n lack of economic policy direction dat saw d con3 delisted from JP-morgan index group with foreign investors leaving in droves dat saw d economy lost $80 billion in d last one year.
if GEJ was in power today, he never would have wasted 6 months to appoint ministers n charge a new economic direction to deal with falling international oyel price. d naira will at most be at N250, thus d depletion of foreign reserves to defend d naira will not even arise.

Sibrah:
Whe didn't he halt it when he watched it deplete from over $50B in value? You need to think before typing.

Pavarottii:
Buhari is only concerned about the #theotherroom. Anything about Governance, we all know he has no idea..

Casssandra the dullard.

Sibrah:
Lots of people don't understand the meaning of this thread will just flow in to attack Buhari.

MrKrap:
why do u tink d reserve is under going serious depletion it was becos of buari's ungarded remarks about dollars, forex restrictions n lack of economic policy direction dat saw d con3 delisted from JP-morgan index group with foreign investors leaving in droves dat saw d economy lost $80 billion in d last one year.
if GEJ was in power today, he never would have wasted 6 months to appoint ministers n charge a new economic direction to deal with falling international oyel price. d naira will at most be at N250, thus d depletion of foreign reserves to defend d naira will not even arise.

naijaboy756:
Imagine Obama had people like you as supporters when he took over an American economy under recession. If Buhari isn't willing to work, he should just resign. How can a man be toying with the destiny of over 170M people? Didn't we elect him to get alternative sources?

progress69:
U are very ignorant and have zero knowledge of what u are talking about.

Let me quickly give u little education.

OBJ left a reserve of $42bn which was later grown to $65bn by Yaradua. That is what wr call savings

Now when there was global reccession, the CBN fel back to the national reserves to defend the Naira and economy which led to a depletion of nearly 50%. Even after this, the Naira lost more than 20% of its value.

Oil later rose above $100/barrel and remained so for over 2 years, but there was no savings.

The past President left a Paltry $30bn in the reserves, with oil selling below $50/barrel.

Now no money to defend the economy or Naira, as trying to is tantamount to depleting your reserves. The reserves is simply going down because of calculated attempts by CBN to intervene in the FX market.

Oil sells below $50/barrel and terrorists bomb pipelines, so there is no means to grow the reserves.

As long as CBN keeps intervening in the FX market, the reserves wil keep dropping

progress69:
U are very ignorant and have zero knowledge of what u are talking about.

Let me quickly give u little education.

OBJ left a reserve of $42bn which was later grown to $65bn by Yaradua. That is what wr call savings

Now when there was global reccession, the CBN fel back to the national reserves to defend the Naira and economy which led to a depletion of nearly 50%. Even after this, the Naira lost more than 20% of its value.

Oil later rose above $100/barrel and remained so for over 2 years, but there was no savings.

The past President left a Paltry $30bn in the reserves, with oil selling below $50/barrel.

Now no money to defend the economy or Naira, as trying to is tantamount to depleting your reserves. The reserves is simply going down because of calculated attempts by CBN to intervene in the FX market.

Oil sells below $50/barrel and terrorists bomb pipelines, so there is no means to grow the reserves.

As long as CBN keeps intervening in the FX market, the reserves wil keep dropping

Sibrah:
If Nigerians had left Jonathan in power by now there would be less than $2B there. Buhari, throug excellent management help slow down its depletion.

Sibrah:
Booked.

MrKrap:
see how u pipul ar just spreading lies just becos of hatred against GEJ. OBJ left about $40 billion from paltry $2 billion in external reservein 1999. yar'adua's govt grew it to $62 billion den depleted it again to $42 billion, tanks to his dogma of defending d naira at all cost (exactly wat buari is currently doing).
GEJ inherited about $40 billion in external reserve wen who took ova in 2010.
why don't u read dis article n refresh ur memory on how nigeria's external reserve was depleted.
https://www.naij.com/973207-revealed-soludo-sanusi-squandered-nigerias-external-reserves.html

Sibrah:
Lots of people don't understand the meaning of this thread will just flow in to attack Buhari.

Sibrah:
You think you are sly, but I know you aren't.

MrKrap:
if GEJ was in power today, nigeria will never be in recession.

progress69:
U are very ignorant and have zero knowledge of what u are talking about.

Let me quickly give u little education.

OBJ left a reserve of $42bn which was later grown to $65bn by Yaradua. That is what wr call savings

Now when there was global reccession, the CBN fel back to the national reserves to defend the Naira and economy which led to a depletion of nearly 50%. Even after this, the Naira lost more than 20% of its value.

Oil later rose above $100/barrel and remained so for over 2 years, but there was no savings.

The past President left a Paltry $30bn in the reserves, with oil selling below $50/barrel.

Now no money to defend the economy or Naira, as trying to is tantamount to depleting your reserves. The reserves is simply going down because of calculated attempts by CBN to intervene in the FX market.

Oil sells below $50/barrel and terrorists bomb pipelines, so there is no means to grow the reserves.

As long as CBN keeps intervening in the FX market, the reserves wil keep dropping

bfire:
Do you reside in USA. Are you aware of how long the recession lasted? It lasted for almost five years, if you are not aware.
You guys should stop all these emotional outburst and see the substance. debate on substance to educate yourself so that you'll be able to survive in other countries which you may find yourself.
There was a point that U.S dollars was very low. Infact, Canadian dollar was exchanging for $1.2 usdollars. That lasted for almost 5/6years.
Recession is not a simple process that you can just change like water. What making it worse is, Nigeria is not protected from this external shock unlike 2008 worldwide recession when we had enough saving in the buffer
I'll advise you youth of today to get educated and don't be drawn into all these foolish political nonsense.
Afterall, the thieving politician are marrying themselves; rich. And the the poor you guys who have not even seen the border of Benin Rebuplic are making a nuisance of yourselves.

progress69:
Please which lie is actually being spread here. Yes OBJ grew $2bn to $42bn, in how many years? 8 solid years. When Jonathan took over the reserve kept going low cos of the ,defense of the Naira". Hence the depletion of almost 50%. Oil picked up later, and hit above $100/barrel for about 2 years, enough for massive savings. When Jonathan finally left, there was just about $30bn in the reserves, so which lie are u telling?

MrKrap:
did u even read d article anyway, it is only an unserious govt dat will be complaing crying about inheriting low external reserve instead of tinking about restructuring d economic foundation of nigeria.
a con3 dat is even basing her external reserve in foriegn currency only goes to shows how roten d economic foundation of d con3 is. every economic power house in d world base their reserve in their home currency to boost confidence in their economy to aid production n exports of goods. in those con3s, every county, states n region control their own factors of production. it is by dis system true federalism dat d total aggregates in production boost d economic strenght of these con3s. but in nigeria d reverse is d case. instead of states controlling factors of production, it is d federal govt is controlling all factors of production. how will any economy develop wen factors of production is based at d centre any body expecting any meaningful diversification of d economy with dis current failed centralised economic structure of nigeria is decieving himself. centralization n feeding bottle is d bane of nigeria's underdevelopement. dis feeding bottle structure is d reason why d con3 is stuck with only one commodity - oyel for 50 years. apart from oyel, nigeria does not produce anything. everybody just like making easy money in dollars. den u wonder why d con3s reserve is based in dollars wen advanced economies like japan, italy, england, canada ect ar basing their reserve in gold n home currencies to aid production in their respective economies. if u dont have faith in d naira, foriegn investors will have no faith in d naira.
nigeria's problem is not low foriegn reserve, d problem is "feeding bottle" federalism.

MrKrap:
did u even read d article
anyway, it is only an unserious govt dat will be complaining n crying about inheriting low external reserve instead of tinking about restructuring d economic foundation of nigeria.
a con3 dat is even basing her external reserve in foriegn currency only goes to show how roten d economic foundation of d con3 is. every economic power house in d world base their reserve in their home currency. dis they do to boost confidence in their economy n aid production n exports of goods. in advanced con3s, every county, states n region control their own factors of production. since con3s makes wealth by trading, d total aggregates in production from every county, region or state is wat boost d economic strenght of these con3s against oda con3s.

but here in nigeria d reverse is d case. instead of states or regions controlling factors of production, it is d federal govt is controlling all factors of production. how can any economy develop wen factors of production is based at d centre it will never work! any body expecting any meaningful economic diversification with dis current failed centralised economic structure of nigeria is decieving himself.
centralization n feeding bottle is d bane of nigeria's underdevelopement. dis feeding bottle structure is d reason why d con3 is stuck with only one commodity - oyel for 50 years. apart from oyel, nigeria does not produce anything. oyel addicts just like making easy money in dollars. u wonder why d con3s reserves is based in dollars wen advanced economies like japan, italy, england, canada ect ar basing their reserve in gold n home currencies to aid production in their respective economies. if u dont have faith in d naira, foriegn investors will never have faith in d naira.
nigeria's problem is not low foriegn reserve, d problem is "feeding bottle" federalism.

progress69:
Hahahahahaha. So u hael suddenly spined from blaming Buhari to all these. This your sermon is a sharp turn from your previous comments. Wailers wil never seize to amaze me[/l