₦airaland Forum

pellummy:
shut up! Nd am serious abt it, u re twisting the truth, GEJ told the governors then. We nid to save, did u knw their reply, hmm..he should distribute it,bcoz they taut the price ll keep going on, so u should research,b4 u comment, u think all of us here are goat, plz dnt give us maize shaft

Did you now realise the foreign reserve couldn't have been requested for talkless of tampering /sharing it by the governors and the fg respectively, possibly the non remitted $20b had been remitted.

richie9093:
How is America the third next top exporter of oil when Canada is way above them in the current scheme of things in Oil production?

The truth is America's recent oil exploration and production has increased​ the supply of Oil in the global market coupled with the recent lifting of the embargo on Iran. During the embargo, Iran had millions of Oil barrels waiting to be sold; so when the embargo was lifted in 2014, the Oil market was in excess of supply thereby crashing the price.

The only way oil can go above $50 is if OPEC keep cutting production and also try to persuade US to cut production too.

I do agree with your last assertion that Oil isn't the future though. Nigeria has to diversify quickly.

My brother my apologies. No intent to misinform public but postulations reveal that by 2020, America will become 3rd net exporter of liquified natural gas around the world. This is possible if one juxtaposes this claim with Trump's recent policies on America's oil export.

Seun
Lalasticlala
Mynd44
What of this ?
https://www.nairaland.com/3943015/various-countries-foreign-reserves-comparison

pellummy:
shut up! Nd am serious abt it, u re twisting the truth, GEJ told the governors then. We nid to save, did u knw their reply, hmm..he should distribute it,bcoz they taut the price ll keep going on, so u should research,b4 u comment, u think all of us here are goat, plz dnt give us maize shaft

Well goat listen up...the buck of that decision rests with the president. Don't give me that 'governors said he should distribute money mess'. He met upto $60bn in our external reserves,why did he deplete it 2 around $29bn. If he couldn't save but chose 2 distribute it as u claim,why did he deplete our external reserves? Now tell me u're not a goat who should shut up and open his brain 2 learn.

Jelal0007:
Speaking of cluelessness, u're an epitome of it. Its funny how u haters of pmb twist truth 2 fit ur wicked lies and propaganda. Oil 2day sells at $45pb and yet external reserves has hit $30bn; still u blind and ignorant lot won't appreciate the govt. Oil sold for a way better price under gej,how much did he save? Now u tell me who's wicked and clueless?

solid truth bro,but the enemies of progress will never appreciate it ,'cos they don't have the IQ to comprehend what it means.

Does it ever go above 30billion cos every govt always comes up with 30billion can't it go to 40 or 50 billion?
Wat is so significant abt 30billion?

Really

mcquin:
My brother my apologies. No intent to misinform public but postulations reveal that by 2020, America will become 3rd net exporter of liquified natural gas around the world. This is possible if one juxtaposes this claim with Trump's recent policies on America's oil export.

Americans skew stats and facts to favour themselves. You can only be a major exporter if there are people willing and ready to buy you products. This same Americans, 3-5 years ago, said that Oil was the future anymore and that biofuel and solar was.

Anyways, it has to be said that they do have a large number of reserves though.

Jelal0007:
Well goat listen up...the buck of that decision rests with the president. Don't give me that 'governors said he should distribute money mess'. He met upto $60bn in our external reserves,why did he deplete it 2 around $29bn. If he couldn't save but chose 2 distribute it as u claim,why did he deplete our external reserves? Now tell me u're not a goat who should shut up and open his brain 2 learn.

4 ur village them go call people way go school, u go raise ur hand,stinking dog, if u wan learn, go check what power lies in governors forun, and pressure 4rm opposition...

pellummy:
4 ur village them go call people way go school, u go raise ur hand,stinking dog, if u wan learn, go check what power lies in governors forun, and pressure 4rm opposition...

Ur stupid!ty is like peak milk,'ITS IN YOU'. Shey u sef wan claim say u get sense now? Mumu of the 1st order,why didn't Yar'adua succumb 2 their pressure? See dis dumm¥,u're way lower than the status of an animal. SCUM

Jelal0007:
Ur stupid!ty is like peak milk,'ITS IN YOU'. Shey u sef wan claim say u get sense now? Mumu of the 1st order,why didn't Yar'adua succumb 2 their pressure? See dis dumm¥,u're way lower than the status of an animal. SCUM

ok, thanks idiooot of the first order, draging words wit u ll make us equal...serious nonenitity u need 2 learn what is politics..nd mind u ..take care ..winks

I think we should commend the CBN for its prudent Forex management approach.

phosky:
FOREIGN RESERVES HIT $30.5BN ON RISING OIL PRICES
source : http://www.eyesoflagos.com/2017/07/foreign-reserves-hit-305bn-on-rising.html

The nation’s foreign reserves reached $30.5 billion last week as a result of increased global oil prices, checks by EYES OF LAGOS on the Central Bank of Nigeria’s (CBN) website have revealed.
Data from Organization of Petroleum Exporting Countries (OPEC) revealed that basket of 14 crudes stood at $47.48 per barrel last week from $45.21 a barrel it opened in July.
Experts said world economic growth in 2018 is forecast at 3.4 per cent, the same level of growth forecast for 2017.
“This reflects a continued strengthening of the global recovery which is becoming more balanced, with stability in the oil market remaining a key determinant. Global growth in 2017 is expected to be around 1.27 million barrel per day, broadly unchanged from previous month, average 96.4 million barrel per day”, they said.
According to report, Nigeria’s crude oil production had been stuck on 1.8 million barrel per day and has now recorded an additional 200,000 barrels per day.
In June, the foreign reserves dropped by $41 million or 0.13 per cent to $30.29 billion when it opened in June to close at $30.33 billion.
Analysts had attributed the steady fall in the foreign reserves to CBN’s aggressive interventions in the foreign exchange market aimed at boosting naira and stabilizing the exchange rate.
The CBN in April opened a new special foreign exchange window dedicated to investors, exporters and end users.
According to analysts, external reserves of $30.5 billion will cover imports for a period of over six months.
In a circular entitled, ‘Establishment of Investors and Exporters Window’, the CBN claimed this new window was introduced to boost liquidity in the foreign exchange market and ensure timely execution and settlement of eligible transactions.
In its economic report for May, CBN said the external sector weakened in the month under review due to the decline in crude oil prices from an average of $52.90 per barrel in April 2017 to $51.04 per barrel.
Increased shale oil production in the United States and supply by non-members of the OPEC both contributed to the fall in crude oil prices.
The report said, “Consequently, foreign exchange inflow through the CBN, at $2.26 billion, declined by 21.4 per cent below the level in the preceding month, but was 27 per cent above the level in the corresponding period of 2016. The decline relative to the level in the preceding month was driven by fall in both oil and non-oil proceeds.
“Overall, the net outflow through the Bank in the month of May 2017 was $0.76 billion, in contrast to a net inflow of $0.71 billion and $0.09 billion recorded in the preceding month and the corresponding period of 2016, respectively”.
It noted that aggregate foreign exchange inflow into the economy amounted to $5.78 billion, representing five per cent decline below the level in the preceding month, but showed an increase of 30.8 per cent above the level in the corresponding period of 2016.
The report further noted: “The development relative to the preceding month reflected the fall in inflow through the Bank. Inflow through autonomous sources and the Bank were $3.52 billion and $2.26 billion and, accounted for 60.9 per cent and 39.1 per cent of the total, respectively.
“Non-oil sector inflow, at $1.39 billion (23.1 per cent of the total), fell by 30.2 per cent, below the level in the preceding month. Autonomous inflow rose by 9.8 per cent, above the level in April 2017.
“Aggregate foreign exchange outflow from the economy, at $3.18 billion, rose by 38.8 per cent and 70.4 per cent, above the levels in the preceding month and the corresponding month of 2016, respectively.
“Thus, foreign exchange flows through the economy, resulted in a net inflow of $2.60 billion in the review month, compared with $3.79 billion and $2.55 billion, in April 2017 and the corresponding month of 2016, respectively,” it added.

pellummy:
ok, thanks idiooot of the first order, draging words wit u ll make us equal...serious nonenitity u need 2 learn what is politics..nd mind u ..take care ..winks

Lwkmd....see ur poor comebacks. Look who's talking about level,if u mean stupid!ty level, then I agree u're way above me. Scum. Who're u winking at by the way? Take ur ugly face and go something productive !diot.

Jelal0007:
Speaking of cluelessness, u're an epitome of it. Its funny how u haters of pmb twist truth 2 fit ur wicked lies and propaganda. Oil 2day sells at $45pb and yet external reserves has hit $30bn; still u blind and ignorant lot won't appreciate the govt. Oil sold for a way better price under gej,how much did he save? Now u tell me who's wicked and clueless?

Mr save. Your are saving money in your account and yet your children can't eat well. What type of father is that.

Sunnyja:
Mr save. Your are saving money in your account and yet your children can't eat well. What type of father is that.

U just further proved my point about u being clueless. Isn't it disgusting u u're comparing 'national economic issues' with 'family issues'? Where did u keep ur brain? Sense fall on u boy.

Sunnyja:
Mr save. Your are saving money in your account and yet your children can't eat well. What type of father is that.

Mr man,where u keep ur brain na? How can u compare a 'National economic issue' with a 'private family one'? And u go school oo. I'm ashamed of U.

Inception:

correct Buhari is working

Naija be like:

30 billion For the akant yieee!

A whole country having only $30bn in foreign reserve when Mark Zuckerberg alone is worth $68bn.

Chai, Nigeria is numerically weak even with all its resources..

mcquin:
America is now world's 3rd next exporter of oil behind Russia. Nigeria has to go past oil in no time America's influence in the oil market considering especially it's political might around the world will push OPEC oil price down. I'm a strong pro-APC supporter but truth must always be told, science and manufacturing should be the main booster of our GDP and not oil.

Science and manufacturing will only take hold of the GDP figures years after Agriculture and Mining.

Its a pity how for decades, Nigerian leaders chose to run a mono product economy.

Now that the rich are taking to farming citing high cost of food stuff, lets see how 2018 economy will be.

BankManager:
From 1980 to 2015, Nigeria exported crude oil worth about $1.09trillion, but had a current savings balance of $30.5billion as of June 2017...
Politicians have eaten The future Of this country...

Haha.

I was just comparing the 30bn for accant with Mark Zuckerberg's networth of $68bn.

The country is a joke.