Keneking:


This is one reason why Nigeria is not competitive.

deomelo:
[s][/s]


Now you are sounding pathetic.

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.

Keneking:


Similar to you

Whynotthetruth:


And you called someone ignoramus? How do you subsidize his dollar request?

martineverest:
at this rate and increasing oil price,they will hit 55-60 billion dollars by yr end.that automatically signals end of recession

martineverest:
at this rate and increasing oil price,they will hit 55-60 billion dollars by yr end.that automatically signals end of recession

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...

Admin401:


the reserve build up is probably for Debt servicing in the future and Diversification.

Sacrifices must be made, surely you know that means some people will be hurt by this but then it's for a purpose.

deomelo:







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.

chibuzorAbia:


By saving their fx!!!!!

me69:
Even if the price of oil fell, the job of the CBN at that point was to the proper policies to address what we are goin through. For your info Nigeria is not the only country that suffered from low oil prices, other countries were more competent in dealing with it.

infohenry:
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.

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!

nabegibeg:
e dey rise dem no dey spend the money and people dey die everyday

Keneking:


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

deomelo:



Nigeria is not other countries and you can not compare their economic situation with ours.


1. Nigeria is relies on 1 single income earning commodity which is oil.

2. Nigeria doesn't have anything significant to export for forex generation

3. Nigeria is still battling with gross corruption and monumental infrastructure deficit

We have our own unique economic challenges that has no connection with other countries so why compare us with them or even ask us to take the same medicine for our different ailments and situations?


If you are going to go on and on about policies, why don't you just explain to us what the CBN should have done to better the situation instead of the usual baseless complaints with no solution.

Under Jona, oil was selling for $100, but our reserve dwindled

Under PMB with oil selling for $40, our reserve is steady increasing

So, please tell me, what good policies was used under Jona to dwindled our reserve and the one they are using under PMB that increased our reserves.

You can not tell me I'm doing something wrong because funds in my bank account is increasing..

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.

Thecassanova:

Leave that guy he sounds hopeless...

He's talking about top priority for forex spending but couldn't say the same when The president uses this same fx for traveling and treating himself in London when we have enough competent Doctors and after spending billions on Aso rock hospital. Ask him what happened to the various teaching hospitals we've in 9ja. Cant it be patrionize to grow the naira and reserve our fx?

He doesn't know the politics going on in CBN how Elite top politicians in govt get fx at a lower rate for their kids schooling abroad while middle and lower class have to resort to black market.

He's talking about growing the naira when this elites are not serving as a good example. Hypocrisy at its peak. Unless he's saying government officers are exempted from growing naira.

CBN holding on the fx reserve post more harm than good, allot of business going into extinction due to nonavailability to get fx for raw materials. The demand for fx is so high even if CBN release the whole fx it wouldn't still be enough.

Why keeping the fx when you can channel it to various production means? Just like when you foresee flooding, you build up strong drainage systems not waiting for the flood to happen before you now start repair process.

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

me69:
Even if the price of oil fell, the job of the CBN at that point was to the proper policies to address what we are goin through. For your info Nigeria is not the only country that suffered from low oil prices, other countries were more competent in dealing with it.

deomelo:
[s][/s]

Sadly for you people, you were all void of credible ideas per how to better the economy when jona and his gang were looting and stealing, draining our forex, sharing dollars when oil was selling for $100, when jona and his wife was shuttling from London hospitals to German hospitals, all of a sudden you people are capable of writing thesis and essays about the economy.

You people didn't even care when jona was borrowing hundreds of billions every year to pay workers salary.

I don't know why you people think your crocodile tears rubbish mean anything..

me69:
First of all Nigeria is not an exception there are other single currency economies. Second we are not saying that the fact that rising reserves is a bad, what I'm saying is that the reserve is rising because CBN does not meet demand and therefore people go to the black market and compete to get forex which pushes the price of dollar. Manufacturers are complaining about not being able to get forex to buy inputs, which makes them buy dollar at black market and pushes prices in the markets and creates inflation, inflation in return eats up the value of money deposits, people that have money in the bank are losing money without even touching the money because of inflation. Don't you follow news, Arik could not pay

Thecassanova:


Funny how you turning it into a political game just like a coward. I really can't fathom how any constructive critism against an opinions are always term as an opposition in this politics platform. That's talking about being shallow.

So in all I've said did I brought up the past administration in this? We didnt care when jona was spending anyhow? why then did we vote him out? To break your bubbles I'm even a pro-Apc before, during and after the election. You really have no idea how I rage for the PDP to leave power. Did I told you in anyway i'm in support of the past admin or you mean I should let them be because the past admin have done far more worst? Why then do we vote them in if they can't change what the past were doing?

Let me just leave you to your ignorance and keep up hiding the truth just because you support their policy and that no matter their actions it can't be critized.

Enjoy what you term 'democrazy'.

deomelo:




There is a difference between meeting demands and dashing out scares forex to unscrupulous people to import worthless items into Nigeria.

Credible businesses are getting their forex.

rusher14:


Name one oil dependent country that did not go through an immediate crisis as a result of the sharp and persistent drop in oil price.