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Nairaland Forum / Nairaland / General / Politics / Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End (18491 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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Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by deomelo: 5:12pm On Feb 13, 2017 |
2 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Nobody: 5:14pm On Feb 13, 2017 |
deomelo: Similar to you |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Nobody: 5:19pm On Feb 13, 2017 |
Standing5: Enough of this English, Palm oil is #800 a bottle. We want increases that would reflect on our lives not on CBN papers 3 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by deomelo: 5:26pm On Feb 13, 2017 |
[s] Keneking:[/s] Trying to be competitive while sending your meager resources to developed countries to better their education system while yours is rotting away shows how mentally lazy, self destructive and backward you are. Charity begins at home, not in foreign countries. 3 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by louqas: 5:29pm On Feb 13, 2017 |
Whynotthetruth: Go back and read his post 1 Like |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Nobody: 5:30pm On Feb 13, 2017 |
Ironically, a lot of people prefer it to drop- so they can talk Well, on the topic: nice one! We will get there 2 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by 7lives: 5:51pm On Feb 13, 2017 |
martineverest: I intelligent people, your head is correct, your brain is SOJI. 2 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by 7lives: 5:53pm On Feb 13, 2017 |
martineverest: I like intelligent people, your head is correct, your brain is SOJI. Unlike those wey be say, if person make Ogun isoye for them, dem go still fail simple arithmetic like 2+2. 2 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Nobody: 6:06pm On Feb 13, 2017 |
Whynotthetruth:Does mentioning Jonathan's name give you headache? Oh, from the rest of your comment, I think it does. Pele 2 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by jpphilips(m): 6:09pm On Feb 13, 2017 |
Admin401: The CBN virtually abandoned its responsibilities to accrue FX, funny guys!! 5 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by me69: 6:44pm On Feb 13, 2017 |
deomelo: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. |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by me69: 6:48pm On Feb 13, 2017 |
chibuzorAbia:Stp arguing you have no point. If the CBN doesn't change it policies, as soon as they start selling dollars again the reserve will deplete because they fail to address the fundamentals of this Forex crisis. I'm telling the issue is not about hoarding forex, it is about allocating it in a efficient manner. |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Mattex001(m): 6:58pm On Feb 13, 2017 |
If we factor in the the amount that will be stolen this year. Maybe we'll be left with like 10billion Dollars . |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by deomelo: 7:13pm On Feb 13, 2017 |
me69: 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 is 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.. 2 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Whynotthetruth(m): 7:18pm On Feb 13, 2017 |
infohenry: Ok...good enough, let me engage you small 1) Do you know that the higher the crude price the higher the landing cost? 2)Do you know that Jonathan paid subsidy at the time of this high crude price? 3) What parameters did you use to arrive at $150b or you just mention figures arbitrarily? 4) Was crude price constant throughout Jonathan's 5years regime ? 5)If we crude sold for $9 under PDP government and Nigerians didn't suffer this much or complain badly this much....how come APC is selling crude at over $50 and complaining daily 6)If dollar exchanged for 120 under PDP government but now exchanges for 503 under APC government; which means APC has MORE naira(local currency) to spend than any government in history of Nigeria...why aren't we better of? why are things this bad? what are they doing with the money? 7)If we have $38b in our foreign reserve but businesses are lacking forex... don't you think these forex will suddenly dry up or fall again once businesses are provided with required forex needs which will boast economy? If Jonathan messed up Nigeria as we were told, what SPECIFICALLY have Buhari done to remedy the situation? Be specific!!! No rhetorics plzzz 9)If Jonathan stole our money and failed to save for rainy day; how much has Buhari who isn't stealing our money saved till now... knowing fully well that crude has sold with more than $10 above budget benchmark multiplied by millions of barrels per day? 10)If Buhari and APC said Jonathan stole our crude that's why Nigeria could not sell more than 2.2million barrels per day;...does it mean that Buhari and APC are stealing same now because we are selling below 1.5million now? 11)If Buhari said he has removed ghost workers from civil service since he came onboard; how come recurrent expenditure under him is still same if not more than what we paid under Jonathan whereas minimum wage is constant? You need more? answer these ones for a start |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by bigtt76(f): 7:23pm On Feb 13, 2017 |
Hope they've included Andrew Yakubu own |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Okwyjesus(m): 7:52pm On Feb 13, 2017 |
NgeneUkwenu: Hate won't make you grow taller. Have you not seen where hate have landed the country- CAPITAL RECCESSION. |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by djon78(m): 8:25pm On Feb 13, 2017 |
Saving the fx to attract foreign investors. But most of these foreign investors are short term, hot money guys, that will sharply sell off and take leave when there are challenges in the economy. what governments in Nigeria should do is to Chanel a lot of fx into developing critical infrastructures key to our developments in power, roads, education, agriculture etc, if we are really serious as a nation. CBN saved during obj what happened to the money? the key is to simply develop our infrastructures, cut down on recurrent expenditure. It is only in Nigeria that indolent people who do nothing are paid at the end of the month. True we should have money in our foreign reserve, but the on the under hand we need total overhaul of our infrastructures. This is the model used by counties that have recorded massive success like Dubai, Singapore, Malaysia etc. develop your infrastructure, develop your citizens to become up to date and even aspire to go ahead of some leading nations. simple. I think only Lagos State has an impressive cut out visionary plan kudos to jagaban and subsequent governors, and that is why Lagos is the only working thing and success story in Nigeria. |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by ISTANDWITHBUHAR: 8:46pm On Feb 13, 2017 |
nabegibeg: Where are the people wey dey die? |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Thecassanova: 9:09pm On Feb 13, 2017 |
Keneking: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. 2 Likes 1 Share |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by darknetcom: 9:25pm On Feb 13, 2017 |
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Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by me69: 9:50pm On Feb 13, 2017 |
deomelo: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 |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Arielle: 10:00pm On Feb 13, 2017 |
Keneking: Take your head out of your ass. 1 Like |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Iamtribe(m): 10:05pm On Feb 13, 2017 |
For real?who cares...how has that even affected the current exchange rate?i like how we keep deceiving ourselves in this country...mtcheeeww |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by deomelo: 10:10pm On Feb 13, 2017 |
[s] Thecassanova:[/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.. 4 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by rusher14: 10:28pm On Feb 13, 2017 |
me69: What raw materials if I may ask? 2 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by rusher14: 10:31pm On Feb 13, 2017 |
me69: 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. 2 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Thecassanova: 10:40pm On Feb 13, 2017 |
deomelo: 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'. 1 Like |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by deomelo: 11:11pm On Feb 13, 2017 |
me69: 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. 3 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by deomelo: 11:28pm On Feb 13, 2017 |
Thecassanova: You obviously did not read your own rubbish. You brought up the president flying abroad for treatment and I rightly stated that jona and his wife were flying from London to Garmin for medical treatment. And about politics, you brought up politics by claiming that what the whole thing with CBN and forex is political games and political elites. Read over your post before submitting.. 3 Likes |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by me69: 11:32pm On Feb 13, 2017 |
deomelo:Don't ignore the facts, manufacturers are closing, arik had to be taken over by AMCON because of unsettled debt. Politicians are still budgeting for brand new cars |
Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by me69: 11:33pm On Feb 13, 2017 |
rusher14:Immediate? who's talking about immediate, i'm telling that they had a better response like russia. |
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