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Nairaland Forum / Nairaland / General / Politics / Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End (18477 Views)
Nigeria Leads South Africa In Foreign Reserves / Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b / External Reserves Rise Further, Now $25.4bn (2) (3) (4)
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Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by NgeneUkwenu(f): 2:31pm On Feb 13, 2017 |
• Reserves rise to $30.5bn as Bank assures importers’ demand will be met through FX forwardshttp://www.thisdaylive.com/index.php/2017/02/13/as-emefiele-targets-40bn-fx-reserves-cbns-strategy-becomes-apparent/ lalasticlala 31 Likes 3 Shares
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Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by NgeneUkwenu(f): 2:32pm On Feb 13, 2017 |
In the times of Oil Boom, The reserve kept depleting... Under Recession, The Reserve Keeps increasing.... In fact This Man Below is really an ineffectual Buffoon! 127 Likes 17 Shares
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Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Nobody: 2:35pm On Feb 13, 2017 |
Ok "He also disclosed that with the single-mindedness exhibited by the CBN governor to rebuild FX reserves, he has set a target to grow reserves to $35 by the middle of 2017 and $40 billion by the end of the third quarter of this year." This statement is useless as there is huge backlog of forex requirement by students (schooling abroad) for tuition purposes and your government is not considering supporting them. I think this reserve build-up is unnecessary. Because the stomach can not be hungry, while soup is in the fridge. Nonsense. Is the terminal date for Nigeria - May 29, 2019? So why act as if there is an award to be won in the end? Hopeless situation. 35 Likes 1 Share |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Nobody: 2:35pm On Feb 13, 2017 |
Wow In the midst of low oil prices they put policies in place (though harsh on citizens, but that's what we honestly need to learn to patronize our own) so that our reserves will keep rising. While, one certain Otueke man managed to deplete our reserves from $47 billion to below $30 billion with nothing to show for it despite the fact that we had oil boom, also plunging us into $9.4* billion debt! 43 Likes 4 Shares |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by druidvision: 2:35pm On Feb 13, 2017 |
So am I supposed to have an erection on this news? The issue is not to grow foreign reserves, the tools cbn is using to support economic growth are outdated. It's like using the manual of a 1985 Range Rover to diagnose the problem of a 2017 Range Rover. 17 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by MOSTEC(m): 2:36pm On Feb 13, 2017 |
Why is there still recession. I don't believe it. 12 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by martineverest(m): 2:36pm On Feb 13, 2017 |
at this rate and increasing oil price,they will hit 55-60 billion dollars by yr end.that automatically signals end of recession 9 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by kunlexyfred(m): 2:36pm On Feb 13, 2017 |
Have u added Yakubu's 9.8million dollar to it? 12 Likes 1 Share |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by sirssb(m): 2:37pm On Feb 13, 2017 |
wailers food don do, first to come shall be the first to be served. Oya! hurry up 6 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Nobody: 2:37pm On Feb 13, 2017 |
g |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by theophorus(m): 2:38pm On Feb 13, 2017 |
Economist understand the effect of this. Please when analysing this Government try as much as possible to do it with all Sincerity in Wisdom. #DevelopmentTakesTime. 9 Likes 2 Shares |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Lasskeey: 2:38pm On Feb 13, 2017 |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Lasskeey: 2:38pm On Feb 13, 2017 |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by nabegibeg: 2:38pm On Feb 13, 2017 |
e dey rise dem no dey spend the money and people dey die everyday 1 Like |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Standing5(m): 2:38pm On Feb 13, 2017 |
One man depleted same reserve with greater earning and was termed a hero. Another one increases the same reserve with far lesser earning and is being termed a dullard. Nigerians are too negative. 65 Likes 8 Shares |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Lasskeey: 2:39pm On Feb 13, 2017 |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by spectator2001: 2:39pm On Feb 13, 2017 |
This is simply elementary economics! "...foreign investors will be assured that once they want to take their funds out, they can do so without hindrance." How did we get to this level as a nation? It's a pity that the blame game in the Nigerian politics is like a pendulum -it goes back and forth. Trust me, the nation is on a jet-speed in the direction opposite of a successful destination. The CBN governor who supervised the looting of the previous administration in conjunction with a Minister of Finance presumably thought to be above board all failed the nation immensely. The day some man named Oronsaye was named in a corruption scandal was the day I gave up on Nigeria. Africans are forever unfit for self-governance. Please don't argue this. Jammeh escaped with $11 million dollars, how much does Gambia as an entire nation possess to warrant that dirty looking nui.sance escape with such amount of money? The problem with Nigeria is very simple. "Let me get there and chop my own". Until a generation is ready to sacrifice all the entrapment of comfort which our lackadaisical attitude promotes, we shall forever watch our nation earn optimal level of disrespect from the rest of the world. same goes for other African nations. How does the external reserve directly affect the life of those people at bottom of the "crumbs" chain NOT food chain please! How? Every move or pronouncement at this very point should translate into something meaningful in the lives of the ordinary Nigerians, when its time to impress the upper class with jargons such as external reserves bullshit, we'd get there. Wait, Isn't it the same government that is about to plunge the nation into further debt of billions of dollars? If these figures as quoted strikes off as genuine- then it is pure madness if the government can't withdraw $10 billion dollars from the external reserve to fund a proper recovery plan for the economy which would include massive infrastructure development that would thoroughly impact the lives of Nigerians positively! 15 Likes 1 Share |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Micah360(m): 2:39pm On Feb 13, 2017 |
Still a lot of time to make up
wish dem gudluck |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by kabrud: 2:39pm On Feb 13, 2017 |
Choi, children of 8 will not sleep tonight. 3 Likes 1 Share |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Pesuzok(m): 2:39pm On Feb 13, 2017 |
NgeneUkwenu: 1 Like |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by incognita: 2:40pm On Feb 13, 2017 |
Gradually gradually we will get there, the country is facing a difficult time now,but things will get better that I know. 3 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by martineverest(m): 2:40pm On Feb 13, 2017 |
MOSTEC:do u know the meaning of the headline? 8 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Kx: 2:40pm On Feb 13, 2017 |
You build forex reserves while the economy keeps several (about 9 alleged) different exchange rates? 4 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by chukzyfcbb: 2:41pm On Feb 13, 2017 |
who dat one EPP. you keep building up reserves meanwhile the exchange rate keeps deteriorating. what's the point of having 40billion dollars in the fx account when only a tiny fraction is being supplied to the market. I repeat, who dem EPP!!!! 1 Like |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Pesuzok(m): 2:41pm On Feb 13, 2017 |
Keneking:The same statement the former governors told former president Jonathan to share the ECA 9 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by HAH: 2:41pm On Feb 13, 2017 |
So when will dollar start coming down since income has increased, cos everything is expensive due to fx hike 1 Like |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by michoim(m): 2:42pm On Feb 13, 2017 |
All those protesters including Emir lamido sanusi and Oby Ezekwesili that are making empty noises that the FG policies are not good, where are they now. Noisy critics. 5 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by me69: 2:42pm On Feb 13, 2017 |
NgeneUkwenu:No point of having rising reserves if the Forex market lacks liquidity and the fundamental problem of efficient forex allocation is not addressed. When eventually the CBN start releasing Forex to people, the demand will be so huge that the reserves will again fall. Plus all these BDCs are just waiting for CBN to start selling at cheap rates so that they can change the nairas they bought at high rates from customers, when this happens it will be the biggest wealth transfer (pure money conversion, not based on production increase) ever seen in Nigeria. BDCs will be so rich that politicians will look like mere civil servants. And inflation will be soo high 2 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Nobody: 2:42pm On Feb 13, 2017 |
Pesuzok: Even at that time, Naira was N160/$ and available via Form A for tuition. But now, the governor is practically running the country aground with this obscure strategy of building reserves and going to bed hungry. Nonsense. |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by ayusco85(m): 2:44pm On Feb 13, 2017 |
Of what use is it when $1 is equally to 500 naira? Pls blow whistle if u no fit talk |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Adminisher: 2:44pm On Feb 13, 2017 |
Keneking: You must be an Ijaw man. Sorry we are not running Nigeria with clueless Ijaw philosophy again. And yes there could be good in the fridge and the stomach stays have hungry. It is called "delayed gratification". All successful people in the world do it. Ijaws don't do it. 29 Likes 1 Share |
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