External Reserves Drop For First Time Since December - Politics (2)

External Reserves Drop For First Time Since December - Politics (2) - Nairaland

Nairaland Forum › Nairaland General › Politics › External Reserves Drop For First Time Since December (22575 Views)

Re: External Reserves Drop For First Time Since December by eph12(m): 12:10pm On Mar 23, 2017

YonkijiSappo:
This administration has been able to gradually shore up our external reserves even in the middle of an oil price crash, while the previous ineffective buffoon and his 40 thieving cronies left external reserves at virtually $0, right in the middle of an oil boom...

Maybe that was because they saw no sense in allowing a $ to exchange for #500?

4 Likes

Re: External Reserves Drop For First Time Since December by hardywaltz(m): 12:10pm On Mar 23, 2017

Why wouldn't it drop

Re: External Reserves Drop For First Time Since December by jstbeinhonest(m): 12:10pm On Mar 23, 2017

ivandragon:
its simple logic...

the FG is pumping more money into the forex market & its only natural that reserves drop.

the problem here is that PMB's Social Media Idi*ots are too daft to know that this was the same scenario in the past that led to the depletion of the reserves coupled with massive payments on subsidy.

the plan is to keep the reserves at 30b and spend the excesses on defending the naira. There would be a fall in our reserves once the price or our output of crude drops, nevertheless, the plan is a good one, not the best, but a very good one.

1 Like

Re: External Reserves Drop For First Time Since December by YonkijiSappo: 12:11pm On Mar 23, 2017

eph12:
Maybe that was because they saw no sense in allowing a $ to exchange for #500?

You're not making sense.
Go back and reread what I typed.

Re: External Reserves Drop For First Time Since December by rusher14: 12:12pm On Mar 23, 2017

And what if it dropped marginally?

Does that mean it would continue to do so?

CBN'S intervention is a palliative and not a solution.

All you complainants I still continue to ask you what you do to bring in Forex or is that the sole responsibility of government ?

1 Like

Re: External Reserves Drop For First Time Since December by CellTabRepairs: 12:12pm On Mar 23, 2017

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Re: External Reserves Drop For First Time Since December by jpmoriarti(m): 12:13pm On Mar 23, 2017

This is to be expected. No cause for alarm for me.

Re: External Reserves Drop For First Time Since December by jstbeinhonest(m): 12:14pm On Mar 23, 2017

mrvitalis:
I have been against this new policy from the beginning... Build ur reserves to 120 billon before I start this thing ...by then our local manufacturing would have taken shape ..we won't die if we don't school abroad ..or eat/use foreign goods

120bn? Dude just Stfu. The plan is a good one. Wouldnt be suprised if the reserves increase the next time the report is made. Just chill, there is no cause for alarm.

Re: External Reserves Drop For First Time Since December by TheFreeOne: 12:14pm On Mar 23, 2017

It's expected as a result of recent CBN policy.

Let's hope the militants won't take to bombings again.

Tompolo is enjoying a break from EFCC wahala and the foreign reserves has enjoyed steady rise too cheesy

Re: External Reserves Drop For First Time Since December by eph12(m): 12:16pm On Mar 23, 2017

YonkijiSappo:
You're not making sense.
Go back and reread what I typed.

You claimed external reserve was at zero during the ineffective buffoon time but you didn't know they were defending the naira.

I don't know which the average Nigerian on the street will pick: external reserve of 100billion and high prices of goods and services or external reserve of 10billion with lesser prices of goods and services

3 Likes

Re: External Reserves Drop For First Time Since December by signz: 12:19pm On Mar 23, 2017

ivandragon:
its simple logic...

the FG is pumping more money into the forex market & its only natural that reserves drop.

the problem here is that PMB's Social Media Idi*ots are too daft to know that this was the same scenario in the [/b]past that led to the depletion of the reserves coupled with massive payments on subsidy[b].

Exactly.

Re: External Reserves Drop For First Time Since December by Korrection(m): 12:19pm On Mar 23, 2017

Naira appreciation is now equal to foreign reserve depreciation. Our government sha

Re: External Reserves Drop For First Time Since December by YonkijiSappo: 12:20pm On Mar 23, 2017

eph12:
You claimed external reserve was at zero during the ineffective buffoon time but you didn't know they were defending the naira.

I don't know which the average Nigerian on the street will pick: external reserve of 100billion and high prices of goods and services or external reserve of 10billion with lesser prices of goods and services

In your desperation to defend ineffectiveness, you are blundering.
External reserves fell drastically because Jonathan usurped everything to fund his failed second term campaign.
He was busy distributing raw dollars to stakeholders in different regions around the country.... it had nothing to do with hi defending the Naira,.

1 Like

Re: External Reserves Drop For First Time Since December by gbegemaster(m): 12:22pm On Mar 23, 2017

Okuda:
Lmao!!!! We are aLive o!!!!

My brother what are they keeping the reserves for when the nation needs it to stay alive?

Re: External Reserves Drop For First Time Since December by deflover(m): 12:31pm On Mar 23, 2017

They ve being using our reserves to sudsidize d naira
The worms were screaming
Let them continue
The britexit will determine where we will go
Once article 50 is triggered
And oil price drops we would see where they would find free dollars to strengthen the naira war

Re: External Reserves Drop For First Time Since December by NovusHomo(m): 12:34pm On Mar 23, 2017

Wazzaowner:
Currency spectators be lyk!!!!

Re: External Reserves Drop For First Time Since December by Incrizz(f): 12:38pm On Mar 23, 2017

Nice strategy.

They mop up the economy in the name of building reserve; citizens groaned.
They come back to deplete the same reserve to improve the economy; citizens marvel at such profound brilliancy!!

I'm on the side of depleting reserve because as gbegemaster has opined, "
Savings is for people that are alive."

Too many have died.

3 Likes

Re: External Reserves Drop For First Time Since December by nwakibie3(m): 12:38pm On Mar 23, 2017

ivandragon:
its simple logic...

the FG is pumping more money into the forex market & its only natural that reserves drop.

the problem here is that PMB's Social Media Idi*ots are too daft to know that this was the same scenario in the past that led to the depletion of the reserves coupled with massive payments on subsidy.

Simple truth...

Re: External Reserves Drop For First Time Since December by signz: 12:39pm On Mar 23, 2017*

YonkijiSappo:
In your desperation to defend ineffectiveness, you are blundering.
External reserves fell drastically because Jonathan usurped everything to fund his failed second term campaign.
He was busy distributing raw dollars to stakeholders in different regions around the country.... [/b]it had nothing to do with hi defending the Naira[b],.

Do you know how much $$$ SLS spent just to defend the naira. Sanusi spent billions of dollars defending the naira.

Just Google it. I remember a story about how cbn spent over $26bn defending the naira in 2013.

Both parties distributed raw $$$ during last election.

Edited 2:45pm

1 Like

Re: External Reserves Drop For First Time Since December by Incrizz(f): 12:40pm On Mar 23, 2017

mrvitalis:
I have been against this new policy from the beginning... Build ur reserves to 120 billon before I start this thing ...by then our local manufacturing would have taken shape ..we won't die if we don't school abroad ..or eat/use foreign goods

Build reserve to 120??!!
Please have compassion on the suffering, especially more when you are well off undecided

You wanna be staring at a stack of dollars when companies are closing shop left, right and center? undecided

Re: External Reserves Drop For First Time Since December by k199192: 12:45pm On Mar 23, 2017

bantudra:
in your dreams...smaller nations will do far worser..

imagine lagos closing all her borders to none yorubas.......the rest of west africa would be finished....

lagos is our financial hub...their are no others in africa,except in egypt....

is Lagos the only port in Nigeria? There ports scattered all over the south south south, warri, PH, calabar, it's just government policies that have made Lagos what it is.

Re: External Reserves Drop For First Time Since December by Nobody: 12:45pm On Mar 23, 2017

What is Nigeria exporting to increase external reserves? Is it oil and corruption huh

Re: External Reserves Drop For First Time Since December by ladychioma: 12:49pm On Mar 23, 2017

ivandragon:
its simple logic...

the FG is pumping more money into the forex market & its only natural that reserves drop.

the problem here is that PMB's Social Media Idi*ots are too daft to know that this was the same scenario in the past that led to the depletion of the reserves coupled with massive payments on subsidy.

Re: External Reserves Drop For First Time Since December by HIGHESTPOPORI(m): 12:49pm On Mar 23, 2017

YonkijiSappo:
You're not making sense.
Go back and reread what I typed.

You are d one not making sense,when did our external reserve become 0?

Re: External Reserves Drop For First Time Since December by ladychioma: 12:50pm On Mar 23, 2017

ivandragon:
its simple logic...

the FG is pumping more money into the forex market & its only natural that reserves drop.

the problem here is that PMB's Social Media Idi*ots are too daft to know that this was the same scenario in the past that led to the depletion of the reserves coupled with massive payments on subsidy.
That's just the economic analysis of it.

Re: External Reserves Drop For First Time Since December by HIGHESTPOPORI(m): 12:52pm On Mar 23, 2017

YonkijiSappo:
In your desperation to defend ineffectiveness, you are blundering.
External reserves fell drastically because Jonathan usurped everything to fund his failed second term campaign.
He was busy distributing raw dollars to stakeholders in different regions around the country.... it had nothing to do with hi defending the Naira,.

Beer parlour talk,Nigerians are wiser than dis talk from Bmc,so jonathan left 0dollars for d dullard?

Re: External Reserves Drop For First Time Since December by thunderbabs: 12:56pm On Mar 23, 2017

Sombori has stolen Federal Govt's ATM from Buhari to withdraw from our External reserve.... grin

Re: External Reserves Drop For First Time Since December by Ugosample(m): 12:57pm On Mar 23, 2017

abouzaid:
almost all the great nations of the world are small largely homogeneous nations, Singapore was just a sleepy port when it broke out of Malaysia yet today it has surpassed Malaysia beyond description.saying that there's no other financial hub in black Africa is denying the economic and development miracles taking place in Ghana, Botswana, Angola south Africa etc. even the Liberian dollar is now more than three times more valuable than the naira.disintegration is the option out or we would continue downhill in this mess.

And is Ghana a homogenous country? ??
Is South Africa a homogenous country? huh

Nigeria's disintegration will not solve anything, neither will it change the people overnight

What will change Nigeria is if we change ourselves, and the way we reason

Re: External Reserves Drop For First Time Since December by basty: 12:58pm On Mar 23, 2017

mrvitalis:
I have been against this new policy from the beginning... Build ur reserves to 120 billon before I start this thing ...by then our local manufacturing would have taken shape ..we won't die if we don't school abroad ..or eat/use foreign goods

Did your reserves got to $40b during your mentor ineffectual Buffon when our crude oil was sold for above $100?

Re: External Reserves Drop For First Time Since December by Blessed96(f): 12:58pm On Mar 23, 2017

bantudra:
in your dreams...smaller nations will do far worser..

imagine lagos closing all her borders to none yorubas.......the rest of west africa would be finished....

lagos is our financial hub...their are no others in africa,except in egypt....

I completely agree. Disintegration is/won't be the solution to our problems. what we need is a visionary and innovative leader..Implementation of the 2014 national confab will be another step in the right direction.. VP Osibanjo knows this too wink

Re: External Reserves Drop For First Time Since December by LordAdam16: 12:59pm On Mar 23, 2017

Truth234:
amato94

Please, how did you come about the figure that our monthly oil revenue is $2.6b?

-Lord

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