₦airaland Forum

Standing5:
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.

NOT NIGERIANS, BUT WAILERS ARE DULL.

theophorus:
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.

I support Buhari but not the CBN governor. He is just not that competent in my opinion. No president is an economist in NIgeria. Since we don't have a specialised economic ministry or economic agancy, the role of stabilising the economy is mostly on the shoulders of the CBN. The CBN has performed poorly over the past 2 years.

This also highlight the fact that we urgently need an agancy like a "Government economic service" or a ministry of Economy

chibuzorAbia:
Spend on what? Consumer products that we are too stupid, lazy or foolish to produce ourselves? Spend on rice perhaps! God almighty!

You need to be educated on critical analysis of things and thought.

If that is your case, SPEND ON TECHNOLOGY.
INDIA WAS AN EXAMPLE OF CRUDE TECHNOLOGY, BUT CHECK WHERE THEY ARE TODAY. ie if I'm to come to your level of qualitative reasoning.
You can't work me up. okay?

Good to know they are trying hard to save to help quench the raging inferno which is the Naira's value but they mmust know this. Savings can only make you rich. It cannot confer wealth on any individual, group or nation. Wealth is a function of the capacity to generate.... that is to make, create, innovate. This is what government should be urgently doing.

Adminisher:
Scarcity is a great factory for invention and Innovation.
Someone asked in his post ..What next?. What next is People using their brains. People doing import substitution, people making things in Nigeria.
It worked for India, North Korea, Iran, China, Brazil, South Korea, South Africa. Nigeria's exchange rate is a good pull for investment already. $35billion has flowed in from Nigerians abroad already. Look at textiles that Jonathan comprehensively destroyed through zero action, It is $5bn a year conservative export potential..And the cotton is grown locally.
We have to stop the stupidity that sees Nigeria as only an oil producing country that then converts oil prices to local currency to share inefficiently via corruption, patronage, prostitution to its masses . This is not a modern way to run a country

What's APC with Jonathan? did Nigeria come into existence in 2010? or was it heavens before then? Isn't it same Nigeria folks lined up for essential commodities?

Plz what level was textile industry that Jonathan came and destroyed?

Standing5:
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.

To me it is not a issue of politics here, it is about exposing the way CBN plays with minds. Understand that all the issues Nigeria is facing today is because of the way the Forex policy was handled by the CBN till today. At a point, according to news, CBN was selling to banks at CBN rate to allocate to their customer but the banks were making profits by selling it back to BDCs at high rates.

Guy, the fact that naira is still falling on the parrallel market means that the CBN has not figured out the main drivers of exchange rate fluctuation in Nigeria. What would make a Nigerian go to the black market and buy 1$ at 500N if he really he doesn't need it, the fact is that those people buying at 500N desperatly need it and CBN policies have not captured them for allocation.

Any government can just hoard the Dollar and say i have incresed dollar during my tenure , but i assure you that by the end of that tenure naira would have been more than doubled.

Keneking:
The build up of reserves serve what purpose?

The threshold for reserves is three months of import in case of drought, famine, war etc.

Do we have humanitarian crises?

If these figures were real and there's no political undertone...Why aren't they picking a paltry $7billion to finance infrastructure which will have positive multiplier Effect on the economy and people's living standards? Why seek for loans abroad which will leave Nigeria exposed and highly indebted notwithstanding our volatile import dependent economy and currency?...Imagine what such debt will metamorphose to by the end of Buhari's tenure given our experience with the naira so far under him?

NgeneUkwenu:
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!

you didn't remember to add IPOB to your post,thought your Oluwole kinsmen and Kabiyesi amala intellectuals advocated for him to be sacked?miserrrable cretiins.

Sunmolar:
You need to be educated on critical analysis of things and thought.

If that is your case, SPEND ON TECHNOLOGY.
INDIA WAS AN EXAMPLE OF CRUDE TECHNOLOGY, BUT CHECK WHERE THEY ARE TODAY. ie if I'm to come to your level of qualitative reasoning.
You can't work me up. okay?

You say spend on technology, which technology? iPhone-7 abi?

Standing5:
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.

CBN is simply HOARDING forex hence this increase...which isn't good... because any day, they go out to satisfy consumers of forex, there would be massive pressure and depletion of this reserve including a naira that will receive more battering

Has it reduced the price of garri in d market ?

chibuzorAbia:
You people are just so stupid. We have several rates because of plenty of idiots in our society. If you really have to import nonsense to the country, source for your own dollar. Is that too much to ask?

Ok but is aircraft maintenance, jet fuel, raw materials, tuition fees, all nonsense. September last year i was at bank to try and buy forex for an urgent need, i was told cbn had released forex to be sold at cbn rate for people travelling with their visa and flight tickets ready, anyone could buy up to $4,000 but i eventually couldn't buy after 2 days of queing because of crowd. as long as you have visa and ticket you can buy. I asked a guy waiting with me what brought him, he said was just goin on vacation and would buy $4,000 but would spend only small and sell the rest to black market at high rate. What policy is that, people made a lot of money from CBN policy

me69:
To me it is not a issue of politics here, it is about exposing the way CBN plays with minds. Understand that all the issues Nigeria is facing today is because of the way the Forex policy was handled by the CBN till today. At a point, according to news, CBN was selling to banks at CBN rate to allocate to their customer but the banks were making profits by selling it back to BDCs at high rates.

Guy, the fact that naira is still falling on the parrallel market means that the CBN has not figured out the main drivers of exchange rate fluctuation in Nigeria. What would make a Nigerian go to the black market and buy 1$ at 500N if he really he doesn't need it, the fact is that those people buying at 500N desperatly need it and CBN policies have not captured them for allocation.

Any government can just hoard the Dollar and say i have incresed dollar during my tenure , but i assure you that by the end of that tenure naira would have been more than doubled.

Guy, you are talking a lot of nonsense. Until you are productive and run a trade surplus ( meaning you export more than you import) all your economic policies are not worth the paper you write them on.

The only sane policy is to save the dollar we have which the CBN and the government are doing.

All the bullshit you put up there is simply just BS. The issue is a very simply one. Pat Utomi and Msdam world bank makes it sound so complicated. Produce!, produce! and produce! Or die!

chibuzorAbia:
Guy, you are talking a lot of nonsense. Until you are productive and run a trade surplus ( meaning you export more than you import) all your economic policies are not worth the paper you write them on.

The only sane policy is to save the dollar we have which the CBN and the government are doing.

All the bullshit you put up there is simply just BS. The issue is a very simply one. Pat Utomi and Msdam world bank makes it sound so complicated. Produce!, produce! and produce! Or die!

How do u produce if you can't get access to Forex to get raw materials. The recession was created by CBN with their Forex policy. Companies can't produce!!!!! this is the point. You fail to understand that all countries use they reserves to maintain the value of their national currency

Whynotthetruth:
1)Can you ever comment without mentioning Jonathan?

2)How much debt do Nigeria have now under Buhari and what's the justification for them?

3)Increased reserve now is a product of increased output and high price of crude not any special policy or plan or action of this government...

Going by that our reserve during Jonathan should be 150b because he sold oil high with high daily output. Opposition those not really mean witchcraft but rather condemn when necessary and praise when needed.

chibuzorAbia:
You say spend on technology, which technology? iPhone-7 abi?

If iPhone 7 technology is as simple as that, spend on it, produce it, and export it for FOREX. Instead of reserving the money to attract investors.okay.
Another question pls.

me69:
How do u produce if you can't get access to Forex to get raw materials. The recession was created by CBN with their Forex policy. Companies can't produce!!!!! this is the point. You fail to understand that all countries use they reserves to maintain the value of their national currency

By saving their fx!!!!!

common sense economist

druidvision:
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.

Is that your best analogy? you did not profess a solution. Stop hating so much bad news everywhere in Nigeria any form of good news is accepted. Tell the Governors,local government chairmen and councillors to be come productive and be held accountable for their time in governance. Senators and federal house of representatives get rid of them they add no value to our democracy system.

See wicked buhari.

Buhari that feeds his family from government money.

While recession is killing silently millions of nigerians through hunger.

Then why blabbing?

Keneking:
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.

is necessary to build investors confidence.
With more FDI, the dollar wil subside, and before 2019, ur sorrow wil be over.

NgeneUkwenu:
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!

Grow da fvck up,ok?

Keneking:
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.

Common sense and financial prudence dictates that during financial and economic hardship, you prioritize and spend only on what's necessary and foreign education is absolutely not a necessity, not a top priority or a do or die. You people are fond of shouting buy NIGERIA so what's wrong wrong with study in Nigeria to keep our money in Nigeria to better Nigeria.


Saying building reserve is unnecessary proves how backward and opposite many of you people think.

deomelo:
Common sense and financial prudence dictates that during financial and economic hardship, you prioritize and spend only on what's necessary and foreign education is absolutely not a necessity, top priority or do or die. You people are fond of shouting buy NIGERIA so what's wrong wrong with study in Nigeria to keep our money in Nigeria to better Nigeria.


Saying building reserve is unnecessary proves how backward and opposite many of you people think.

None of your useless schools are within the Top 6,000 globally

Let me address this again, the reserves being built up are useless when inflation is going higher.. What is the point of 100B reserves when dollar is N600 and a bag of rice is N40,000..

Let me post what i posted before as it still applies. FROM DEC 2016..

relax guys

only reason reserves grew is because cbn isn't giving funds.

our company (manufacturer) has bills of close to $1m unpaid and we are small fish.

it's like saying you having 1m in your account but you are homeless and can't eat.

estimates by international analysts are that our import bill is over $2b a month.

right now last report released was that cbn has over $20b of unpaid bills and LC. reserves are just propaganda.

for the last one month cbn has been giving only $1.5m daily while demand is closer to 100m a day. LOL at people hailing increase in reserve.

dollar is still 485 as i speak. and rising.

reserve has nothing to do with dollar price. most likely dollar will actually go higher since cbn refuses to pay bills for collections and Lcs



IF YOU ALSO WANT SOME DETAILED INFO ON HOW DOLLAR/FX WORKS AND WHY EVERYTHING IS EXPENSIVE, pls read my first hand experience here:

https://www.nairaland.com/3390461/forex-erisco-foods-threatens-fire/3#49954963

Keneking:
None of your useless schools are within the Top 6,000 globally

And sending your money to foreign countries and university will make the ones in Nigeria better globally?

Many of you sure reason like school children.

deomelo:
And sending your money to foreign countries and university will make the ones in Nigeria better globally?

Many of you sure reason like school children.

This is one reason why Nigeria is not competitive.

juman:
See wicked buhari.

Buhari that feeds his family from government money.

While recession is killing silently millions of nigerians through hunger.

Hater,Is Buhari any more wicked than your father?what point are you trying to get across with your post,it seems so much out of course from the subject matter?

Max24:
Has it reduced the price of garri in d market ?

very soon.

juman:
See wicked buhari.

Buhari that feeds his family from government money.

While recession is killing silently millions of nigerians through hunger.

has the hunger kill you?

me69:
How do u produce if you can't get access to Forex to get raw materials. The recession was created by CBN with their Forex policy. Companies can't produce!!!!! this is the point. You fail to understand that all countries use they reserves to maintain the value of their national currency

Okonjo-Iweala warns of economic recession

Okonjo-Iweala, who gave the warning during the weekly meeting at the Presidential Villa cited the slide in the price of crude oil



http://www.vanguardngr.com/2012/06/okonjo-iweala-warns-of-economic-recession/

No, it was created back in 2012 and your incompetent economic minister warned you to be ready for it in 2012 and again in 2014 even though they generated more revenue than any administration in the history of Nigeria.

Get your facts right.