₦airaland Forum

I thought a high foreign reserve will make the naira stronger n appreciate more but its been stagnant despite the rise,Is there any other thing they are hiding from us.

I hope people realize that this is how to grow a country and enrich its people. By making the economy strong. Not by sharing money during elections. But I'm sure some will disagree.

ok ooo

D useless government of gej did not save a dollar for good 6yrs even when oil is sold at it peak instead they even went ahead to steal from d $47b left by yaradua. The stupid government shamelessly borrowed money before they can pay salaries. And some idiotic PIGS ll say pmb is not trying. PMB IS THE BEST GOVERNMENT THAT EVER HAPPENED IN NIGERIA

Leboska:
This is the most clueless government I've ever seen, in just three years our debt profile tripled, with nothing to show for it & one sycophant just sit down to type rubbish on nairaland.

your problem is not only hatred, ignorant is the major challenge you are facing. But a little research to can help you out to understand what foriegn reserve mean to economy development and the impact borrowing to finance major project. Even America, Japan and. UK borrowed more than Nigeria to help their economy grow.

Leboska:
This is the most clueless government I've ever seen, in just three years our debt profile tripled, with nothing to show for it & one sycophant just sit down to type rubbish on nairaland.

How much is the debt (external)? This government met oil being sold below $40 / barel .They inherited reserve at merely (theoretical) above or around $25 billion. When oil rose to $118 / barel in 2008 for a government that met reserve of $50 billion in 2007 in addition to investment in AFC & other bodies, upfront payment on some projects and later the oil rose to around $140 / barel in 2013 & the government was borrowing heavily. While El - Rufai was crying against the fraud of borrowing when price of oil was increasing, you kept quiet.

Is it now the debt profile increase? Obj met $5.5 billion in reserve, paid debt & left $50billion in reserve for Yar'adua government. Obj met the oil below $10 / barel .

edunwablog:
The naira remains stable at the official and parallel markets, with the foreign exchange (forex) reserves standing at $46.7billion, a report by Exotic Capital, an investment and research firm, has said.

The naira exchanges at 362 to the dollar in the parallel market and 305.6 in the official market. It has remained at those rates since April, last year, after the Central Bank of Nigeria (CBN) resumed forex interventions in the market.

The report said although the level of reserves was still below the record high of $64 billion realised in August 2008, it is nearly double the $24 billion recorded in October 2016, increasing by more than $22 billion in 15 months.

The reserves hit $46.7 billion on March 29, from just over $23 billion in October 2016, as the economy continues to attract huge investment inflows from foreign investors.


The economy benefited from increased forex supply with over $20 billion inflow to the Investors’ & Exporters’ (I&E) Forex Window since inception in April 2017.

The report said the macro fundamentals suggested the Central Bank of Nigeria’s (CBN’s) appropriate reaction function would have been to hold rates unchanged as it did in last week’s Monetary Policy Committee MPC meeting.

“We have written extensively on Nigeria’s multiple exchange rate system and will abstain from further discussion at present, suffice to say that a fairly valued naira at 360 to the dollar combined with high domestic rates has led to a tremendous increase in the level of gross foreign reserves held at the CBN,” the report said, adding:

”With reserves at their current levels, it is easy to imagine the MPC being in a position where it could afford to cut as it is less dependent on attracting dollar inflows than it has been to both build reserves and stabilise the naira.”

A similar report by FBN Capital, titled: “Towards the $50 billion threshold, and counting”, said the rapid accumulation of $15.96 billion over 12 months was due to two sizeable Eurobond launches, a small diaspora bond issue, the recovery in oil export revenues (through the Nigeria National Petroleum Corporation’s share of production and, more recently, the steady bid by the CBN at the I&E Forex window.

“We should stress that the data are gross and mask the swap transactions the CBN has entered into with local banks. The steady bid by the CBN has been seen variously as a response to the softening of demand for forex by importers and other economic actors, and as a move to contain naira appreciation,” the FBN Capital said, adding:


“The CBN will be pleased with the healthy signals from I&E Forex window where the weekly average has now settled above $1 billion. Reserves at end-March covered 17 months’ merchandise imports, and 10.9 months when we add services. These calculations are based on the balance of payments for 2017. The ratios are a little less impressive, but still robust, if we use the measure of current account payments (including income debits) favoured by the ratings agencies.”

Before the stability in the forex market and naira, the economy witnessed a depressed Gross Domestic Product (GDP) growth, which culminated in a recession in 2016. There was also rising inflation, which peaked at almost 19 per cent in January 2017 and a persistently rising unemployment rate to 14.23 per cent in 2016 fourth quarter from 6.41 per cent as at 2014 fourth quarter. There was also a significant depreciation of the exchange rate, reaching N525 to $1 in February 2017 and witnessed a fast depletion of the reserves which bottomed out at about $23.6 billion in October 2016 from as high as $40 billion in January 2014.

http://www.akelicious.net/2018/04/467b-foreign-reserves-keep-naira-stable.html

I trust the largely ignorant Hailers to make alot of noise about nothing. You guys are just so gullible and naive. Your foriegn reserve is increasing so also you have a record never been attained debt profile. Whats there to be jubilant about? that we are plunged into more poverty or debt? whats the use of having a Father with millions in his account yet all your children are starving, either way we are at a stand still. Yes every country have to borrow, whats important is where you spend.m the money? where is Buhari did Buhari spend 11trillion he has so far borrowed? You are blaming PDP but fact is the PDP only borrowed in total 6trillion, this demonic poverty creating APC have so far borrowed close to 12trillion. Question is where exactly can yhey say they have spent that money on?

omokab:
your problem is not only hatred, ignorant is the major challenge you are facing. But a little research to can help you out to understand what foriegn reserve mean to economy development and the impact borrowing to finance major project. Even America, Japan and. UK borrowed more than Nigeria to help their economy grow.

Your problem is extreme gullibility and ignorance. they are doing so well and I guess Bill Gates was filled with hatred, and ignorance to have told them they are chasing shadows?
Who do una this thing, this govt have trippled our debts and they dont even have any road map of paying back, in other words creating more debt for the next generation. You are doing well and your children are starving and dying.
You are solving problem but the country is on the verge of colapse?
Compound idiocy and olodosm is not a talent. Imagine comparing US, Japan and UK govt recovery strategies with this gworo chewing dullardinhostic propaganda?
The US, Japan and UK are by far an advanced economy, the GDP is several times bigger than Nigeria, they dont have stupid economic policies of wastages and corruption. They dont recommision already commisioned bridges and projects, they dont spend billions to bride terrorists, they dont waste money impoting grass or appointing dead people.

Ironic cos the pounds went up by N3 up to N500 so what's this news all about

The funny thing is almost everyone commenting here has no clue what the foreign reserves are.

Most believe it is government SAVINGS when Nothing could be further from the truth.


The reality is the the Naira note we carry around is issued by the Central Bank . In short it is a debt the Central Bank owes to holders of those naira notes and people accept that debt as having any value based on Assets of the CBN

So on the one hand you have CBN assets like foreign reserves etc and on the other you have debts like Naira notes. In theory CBN creditors should be able to approach the CBN or its agents and say I am leaving Nigeria now here is your Naira can I have dollars in return. In short Foreign Reserves are not government money but belong equally to EVERYONE who has some Naira in his pocket.

They reflect a balance between our exporting and importation business.

Let me explain further why the money is NOT government money.


The government sells $1 billion dollars of oil . The money enters the CBN . The CBN issues 300 billion Naira to the goverment who spend it on Boko Haram. The 300 billion enters the economny. The government has spent its $1 billion dollars and the CBN still has the $1 billion in Foreign Reserve but there is 300 billion Naira now ciculating in the economy.

That 300 biillion is effectively a CBN debt. The people holding that 300 billion are effectively the owners of the Foreign Reserve.

So you see why it is ignorant to suggest that government should or can spend foreign reserves. Government has already spent it

It is no longer government money but CBN money. What me must remember is everytime the CBN shoot naira into the economy the CBN debt increases and its debts must balance against its assets

NairaMaster1:
That you are credit worthy means you should be indebted?

What an economist.

Nigeria as an OPEC member is already credit worthy so what are you telling us? I am real. No sentiment.

Haba! What an economist!!

Go and check how much US is owing

NgwaManNaija4LF:
The people you mentioned are greater than your entire tribe and their supporters combined, nut head why can't you excel like them. Mumu boy with an iliterate president.

My friend, go and resume your drug trafficking, Malaysia and Singapore government are waiting for you to be executed.

lastempero:
I thought a high foreign reserve will make the naira stronger n appreciate more but its been stagnant despite the rise,Is there any other thing they are hiding from us.

Because they want to encourage export which is good for the country. At a point you need to balance everything, not just by reducing exchange rate. One good thing about the forex market now is that there are no more speculators

Modarun:
I trust the largely ignorant Hailers to make alot of noise about nothing. You guys are just so gullible and naive. Your foriegn reserve is increasing so also you have a record never been attained debt profile. Whats there to be jubilant about? that we are plunged into more poverty or debt? whats the use of having a Father with millions in his account yet all your children are starving, either way we are at a stand still. Yes every country have to borrow, whats important is where you spend.m the money? where is Buhari did Buhari spend 11trillion he has so far borrowed? You are blaming PDP but fact is the PDP only borrowed in total 6trillion, this demonic poverty creating APC have so far borrowed close to 12trillion. Question is where exactly can yhey say they have spent that money on?

Akpabio made this statement. What did you think saved Nigeria when the oil price fell to $27. It is better you build up your reserve for raining days while servicing your debt. At a point you can start paying off debt. This is common sense

Pesuzok:
Because they want to encourage export which is good for the country. At a point you need to balance everything, not just by reducing exchange rate. One good thing about the forex market now is that there are no more speculators

Export what exactly? Just name one thing please

The way I see it, just like oil, everything we export is a commodity.

Exchange rate does not affect our oil exports or anything else we are exporting

Modarun:
Your problem is extreme gullibility and ignorance. they are doing so well and I guess Bill Gates was filled with hatred, and ignorance to have told them they are chasing shadows?
Who do una this thing, this govt have trippled our debts and they dont even have any road map of paying back, in other words creating more debt for the next generation. You are doing well and your children are starving and dying.
You are solving problem but the country is on the verge of colapse?
Compound idiocy and olodosm is not a talent. Imagine comparing US, Japan and UK govt recovery strategies with this gworo chewing dullardinhostic propaganda?
The US, Japan and UK are by far an advanced economy, the GDP is several times bigger than Nigeria, they dont have [b]stupid economic policies [/b]of wastages and corruption. They dont recommision already commisioned bridges and projects, they dont spend billions to bride terrorists, they dont waste money impoting grass or appointing dead people.

I am yet to see these policies people keep mentioning, can you please highlight some of them

Modarun:
I trust the largely ignorant Hailers to make alot of noise about nothing. You guys are just so gullible and naive. Your foriegn reserve is increasing so also you have a record never been attained debt profile. Whats there to be jubilant about? that we are plunged into more poverty or debt? whats the use of having a Father with millions in his account yet all your children are starving, either way we are at a stand still. Yes every country have to borrow, whats important is where you spend.m the money? where is Buhari did Buhari spend 11trillion he has so far borrowed? You are blaming PDP but fact is the PDP only borrowed in total 6trillion, this demonic poverty creating APC have so far borrowed close to 12trillion. Question is where exactly can yhey say they have spent that money on?

foreign Reserves are not Money in "the account" of government. They are not Government funds. They are CBN funds and do not belong to government.

It really is important to understand the distinction between CBN money and government money

Just like all the money in Zenith Bank accounts does not belong to Zenith bank. The CBN basically has ,like any bank, assets and debts. The Naira in circulation, ALL of it is a CBN debt. The foreign reserves are CBN assets. When the assets do not match the debts you see erosion in the value of the debts(naira)

Foreign reserves are not government savings

Government savings are EXCESS CRUDE ACCOUNT etc

0monnak0da:
Export what exactly? Just name one thing please

The way I see it, just like oil, everything we export is a commodity.

Exchange rate does not affect our oil exports or anything else we are exporting

Even here on NL, you have seen people earning forex through fiver and the rest.

Even if we are not exporting much now, is it not better to have an enabling environment that would encourage export.

The exchange rate affects exports, every $1 earned is worth 360 naira.

Record high of $64 billion - 2008 under Yar Adua, a direct results of efforts made during Obj regime

- February 2015 ~ went down to $31.356 billion
- March 2015 ~ further went down to $29.79 billion, a reduction of almost $2 billion in just a month
Can't you guys just be using common senses? The figures above are facts, let's debates based on facts and figures not shenanigans.

Obviously, Buhari have added over $20billion back to the country's external reserve.
Peace out

Printerscanner:
My friend, go and resume your drug trafficking, Malaysia and Singapore government are waiting for you to be executed.

Why can't you go and resume making love to your siblings,mining human head and waiting for us to use the same drug money to purchase your land and turn your women to our sex slave when we are high with drug.

Jealous animal with 0 IQ.

Oya take this.

sincerlyyo:
We just need to support this government, things will get better

Am sure you dont know what you are saying.

Can we know how much they have borrowed within their 3years in power? And can they publish what they did with the huge amounts? That will balance this report. Don't only tell us how much in the reserve, also tell us how much you people have borrowed.

SillyMods:
PMB is determined to build Nigeria. We only need to be patient and watch him make us proud.

Imagine what a president who could add over $23bn to the reserves in less than three years despite a significantly diminished earnings will achieve with surplus income!

PMB is the best president we've had since 1999.

Best president for plunging us into debts?
Oloriburuku president for being determined to ruin our country?
Must one be a dullard to follow the dullard

engineerboat:
According to data from the Debt Management Office (DMO), total debt profile as of early June 2015 was approximately N12.06 trillion but Director General of the agency, Ms. Patience Oniha told members of the National Assembly recently that as of September 2017, the debt stock for both the federal and state governments had risen to over N20.373 trillion.

In addition to this total, the Federal Government floated the $3 billion Eurobond in November 2017; N10.69 billion Green Bond in December 2017 and another $2.5 billion Eurobond early this month, all totalling another N2 trillion.

Prior to the Paris Club debt relief in 2004, Nigeria’s overall debt stock was $46.2 billion with external debt standing at $35.9 billion while the stock of the domestic debt amounted to $10.3 billion resulting in a total of about US$46.2 billion.

But between 2010 and 2014, the nation’s debt profile rose by $18.40 billion (N3 trillion) according to the analysis of DMO going from $35.09 billion; to $41.55billion in 2011; to $48.49 billion in 2012; $54.54billion in 2013; and $53.49 billion in 2014.

At the 2017 World Bank/International Monetary Fund annual meetings in Washington DC, last October, both the World Bank and IMF raised the issue of Nigeria’s rising debt profile, warning of the dire consequences of this should there be a slump in the price of crude oil, Nigeria’s main foreign exchange earner.

But in her defence of the government’s strategy, Finance Minister, Kemi Adeosun, told financial journalists at the meetings in Washington that, “Nigeria’s debt-to-GDP ratio is one of the lowest. We are at 19 per cent, but most advanced countries have over 100 per cent.

“I am not saying we need to move to 100 per cent, but I am saying we need to tolerate a little more debt in the short-term to deliver the rails, the roads and power so as to generate economic activities, jobs, revenue, which would be used to pay back the debt.

“What we are trying to do is to create enough headroom to invest in capital projects that the country desperately needs. I do not think there is any Nigerian that will say we do not need to invest on power, do the roads, and that will not want us to fix 17 million housing deficits, build rails and they will generate economic activities and jobs.”

She added, “Why do we have to borrow? If you think back to the problem we face, our principal source of revenue plummeted by up to 85 per cent, so we had no choice.”

At 19 per cent, Nigeria’s debt to GDP is healthy but the real issue is the debt to revenue ratio, which is what actually determines the ability of the country to repay her debts. According to Mrs Gloria Joseph-Raji, a World Bank’ Senior Economist, Nigeria’s debt to revenue went up from 35 per cent in 2015 to 60 per cent in 2016. If without the new foreign debts Nigeria currently expends 66 per cent of her total revenue on debt servicing, leaving just 34 per cent for both capital and recurrent expenditure, what sense does it make to take more debts? What economic sense does it make to borrow more to offset existing debts?

However, the Bank for International Settlements Data regards the flurry of recent Eurobond issuance as adding to an already-record debt tally for sub-Saharan Africa, which has ballooned to over $200billion from less than 30 billion in 2007.

Speaking with Reuters, a news agency, Kevin Daly, Asset Manager at Standard Life Aberdeen, said, “If you have a lot of issuance in a short period of time, that tells you something.

“Maybe these guys are realising that their borrowing costs are going to potentially go higher over the course of the year if we get a continued rise in Treasury yields and further rate hikes by the Fed.”

And according to both Finance Minister Kemi Adeosun and Oniha, Nigeria intends to lift the proportion of dollar debt to 40 percent from its current level of 27 percent, to replace expensive naira bonds with 10-year interest rates as high as 14 percent.

“Nigeria is focused on reducing the cost of our debt portfolio and ensuring we have the optimal mix between domestic and international debt,” Adeosun said.

“The proceeds of the dollar issuance … will be used to re-finance domestic debt, which is high-cost and short-term, with lower-cost international debt with a longer tenure.”

Oniha on her part told Saturday Tribune that the country’s debt management policy entails that 60 per cent of borrowing should be from the domestic market, that is, Treasury Bills, FGN Bonds, Savings Bonds and then Green Bonds, and then 40 per cent should be external.

“The reason for that strategy is that, just as you diversify your investment, you also diversify your sources of funding so you are not dependent on only one source.

“The percentage of our external debt before we went to the market in November 2017 was only 23 per cent of our total public debt.

“That was even an improvement when you compare it to 2008, 2009 where over 80 per cent of our total public debt was from the domestic market.”

Ironically, Oniha said Nigeria was borrowing more externally in order to ultimately reduce the burden of debt service, explaining that by 2016 and 2017, Nigeria was borrowing at rates as high as 17 and 18 per cent while the rate on Treasury Bills, which is a discounted instrument, got to about 18 per cent.

Describing the rates as high, the debt management boss said that was the rationale behind the government’s resort to borrowing internationally at anywhere between 6 and 7 per cent.

“If we pick the November $3billion euro bond we issued, the one for 10 years, the $1.5billon was at 6.5 per cent and the one for 30 years was 7.62 per cent.

“If you compare those to the domestic borrowing, you are making huge savings including even for the 30years.

“So for the 30 years, you are making a savings of up to 10 per cent per annual and that is huge. In terms of interest cost, which you can describe as debt service, going external reduces the growth of our debt service obligations.

“It also reduces the cost of borrowing. Then of course we were able to access longer term funds, which is what we need to build major roads, major bridges or airports.

“It is not five-year money you would use; it is long-term money for structures because structure-money is always long term because infrastructure can last several generations.”

On efforts by the Federal Government to stem down both domestic and foreign borrowings, Adeosun said, “The solution to borrowing in Nigeria is that we must pay tax. If you pay the taxes properly, there is no need to borrow. Of course, there is the responsibility on the part of government to be more responsible and efficient. We are really focusing on this. We are trying to find ways to cut cost.”

Nonetheless, there have been allegations, especially by the National Assembly that government has been diverting parts of the loans taken to projects other than those for which they were obtained.

Senate recently alleged a diversion of $600 million foreign loan meant to revive the power sector to remodelling of four airports across the country.

The said $600 million Euro bond from the Chinese government was meant for the rehabilitation of the power sector but $100 million of the said sum was said to have been used as counterpart funding for the remodelling of the airports in Lagos, Abuja, Kano and Port Harcourt.

Another investigation also revealed that about $4.8bn foreign loans obtained between 2015 and 2017 were on programmes and not projects for which they were obtained. Some of the loans include Economic Governance, Diversification and Competitiveness Support Programme (EGDCSP) getting allocation of $600m.

The programme was meant to create the fiscal space to facilitate a smooth implementation of the government’s budget, support fiscal and structural reforms, and improve the targeting of social sector spending to protect the most vulnerable segments of the population.

There was another $500m taken from the International Bank for Reconstruction and Development (IBRD) and $400m AfDB Fund for development finance institutions.

Yet again was $500m from the International Development Association (IDA) for the Saving One Million Lives, which is a scheme to expand access to essential primary health care services for women and children.

According to DMO, the Federal Government secured UA3.3m ($5.06m) and $200m for the Urban Water Sector Reform and Port Harcourt Water Supply and Sanitation projects, and $33.17m for the Ogun State Urban Water Supply Project, while the remaining $100m was for the Lagos Integrated Urban Development Project.

https://www.thebreakingtimes.com/buhari-plunges-nigeria-into-n10-trillion-debt-in-30-months/amp/

www.nairaland.com/attachments/6767219_nigeriaexternaldebt2x_png7cda6c51e2e0438b874285362a00afa3

truthstands12:
Can we know how much they have borrowed within their 3years in power? And can they publish what they did with the huge amounts? That will balance this report. Don't only tell us how much in the reserve, also tell us how much you people have borrowed.

The BMC crew on their miserable N30,000 salary won’t answer you because they cannot.
Buhari’s destiny is to wreck our country with thieves and rogues.
Buhari is a monumental error of gargantuan proportions that must be corrected in 2019!

[quote author=Pesuzok post=66554547]Even here on NL, you have seen people earning forex through fiver and the rest.

Even if we are not exporting much now, is it not better to have an enabling environment that would encourage export.

The exchange rate affects exports, every $1 earned is worth 360 naira.

[/quote

You have not addressed the question.

My question was . Does exchange rate affect export of oil ?

I do not believe so.

So some products are commodities with internationally determined prices which are dollar denominated.

Nigeria exports mainly commodities so exxchange rate does not make any differencee.


Whether it i 360 or 3600 what dfference does that make

The question of exchange rate and exports applies if you are exportin Value added products like shoes, clothes, furniture, electronics etc.

When you are exporting oil, gas, cashews, charcoal, cassava chips, cocoa, exchange rates has no impact on export

When Buhari's govt has buried this country in debt.
You BMC people are just pathetic.

[quote author=Throwback post=66550390]Whatever regime would take over from Buhari, Nigerians must ensure that no one named Jonathan is allowed to have access to our foreign reserves.

That name Jonathan is a cursed name. At a time a nation needed a Joseph to save up during the time of plenty, we were saddled with a Jonathan that is known to fraternize with the enemies of his own father and surrender his inheritance to his friends. And this Nigerian Jonathan did squander the resources of his nation and encouraged his friends who could not steal to provide their bank accounts to receive loot.


This is the same foreign reserves that Jonathan and Okonjo Iweala ran down from $47b that he inherited from Yar'Adua to $29b/$30b as at the time he handed over to Buhari, despite being the regime that made the most dollars from Nigerian crude oil sales ever. They also ensured to run down the Excess Crude Oil Account, with many illegal withdrawals made by Okonjo Iweala despite not securing the approval of the authorizing FAAC.

Indeed, Jonathan's destiny was to bankrupt Nigeria as opined by Tunde Bakare.

Already borrowing N470b to pay federal civil servants salary in Feb/Mar/April 2015, at a time time crude oil was still selling above $50/barrel before plummeting to $27/barrel in this Buhari regime that did not have to borrow to pay salaries.

This same Jonathan regime despite making so much revenue from oil, refused to pay its IOC JV partners, the government's share of funding that totalled $5b, only to be too broke to pay up when the oil price crisis engulfed the oil industry and the JV partners demanded for their money, and started laying off personnel due to abandoned oil projects that could not be continued owing to paucity of funds.[this is a well researched submission, with facts and figures, devoid of sentiments and misrepresention. Am always very happy reading these kinds of article either they are for or against my view. No man can fault this .]

Islamicpope:
I knew d foreign reserve will grow to $100b under dis GOVERNMENT.

What is the wisdom in dying of hunger while saving for phantom infrastructure? Keep it up bros.

Leboska:
This is the most clueless government I've ever seen, in just three years our debt profile tripled, with nothing to show for it & one sycophant just sit down to type rubbish on nairaland.

What do you mean by with nothing to show for it?

frankwealth:
Nigerian government ought to also appreciate and thank the ever hardworking Nigerian youths who despite the hard recession and mass unemployment never gave up in their bid to survive at all cost which led many Nigerian youths into venturing into various online businesses like:

1. Freelancing on fiverr, upwork, etc
2. Blogging
3. App development
4. Sales of kindle ebooks on Amazon
5. Amazon affiliate marketing
6. CPA, PPD

Which has contributed in attracting undocumented FOREX into the Nigerian economy and helped in boosting Nigeria's FOREX.

Believe me, these hardworking Nigerian youths working online as freelancers attract at least $500,000 into the Nigerian economy every month.

It is high time CBN and FG recognise their effort and make policies to encourage more youths to startup legal online businesses instead of engaging in Yahoo Yahoo scam.

Typical Nigerian mentality.

Always thinking they deserve everything on a platter with top and ribbon.

Why must government always start up something?
Why don't we have forward thinking people?

Nigerians rely on the government for everything.

Alejob:
Not stable enough.....




Bring it to parity so I can finally be a vibrant economic citizen of the world...... Used to be as poor as the Japanese Yen... But our naira is the reference point now

Why would you want the Naira to be in parity with the dollar and how would that make you a vibrant economic citizen?

NairaMaster1:
What of the debt profile? Please let's face reality than sentiment.

Nothing kills a nation like debt.

Growing debt and FR simultaneously amidst hardship?

What a fuuktard statement.

Has debt killed USA?

What do you understand by debt?

Why can't one have rising foreign reserve and rising debt?