₦airaland Forum

Trouble1:
Shut up

OkaNaUbe:
The point is that crude oil is the only major product we produce. We don't have comparative advantage because other countries produce too. If you understand what I mean.

richidinho:
put up your own analysis instead

Trouble1:
Shut up

OkaNaUbe:
Nigeria leaders are not serious. Instead of investing in power and create enabling environment for industries to thrive, which will in turn create jobs, they prefer to pump our hard earned money to stabilise the Naira.

How long will they continue to deplete our external reserves to support the Naira?

Even the crude oil we export, we don't have direct control on the price in the international market.


CBN's Emefiele said that stabilising the Naira is more important to them than savings.

KayTash:
This is why I hate PDP. . .We must hold them responsible for wasting all the money we had there in March. They are the reason why our external reserve is nothing to write home about. They have succeeded in looting all the money we had there in March. APC be trying hard to fix Nigeria but PDP be milking us dry. Saraki's poor leadership at the senate is reason why we have this problem. I hereby implore Oshio-mole to go ahead and help us unseat Saraki. Only this can return us to the path of greatness.

God bless PDP.
God punish APC and everyone that plans on voting that 80 years old failure.
God bless all the Atikulated Nairalanders.

theoldpretender:
Good points you make.

I guess it is because a stable currency is good for a good economy

OkaNaUbe:
https://cdn.punchng.com/wp-content/uploads/2016/03/29044954/dollars-e1477484521350.jpg The nation ’ s foreign exchange reserves have dropped to a seven - month low , losing $1. 02bn in the 13 days to Monday , latest data from the Central Bank of Nigeria showed on Wednesday .
The external reserves , which stood at $44. 30bn on September 28, fell from $44. 02bn on October 2 to $43bn on October 15.
The reserves, which rose to a high of $47. 865bn on May 10, have dropped by $4. 86bn in five months .
As of March 5, the reserves stood at $43. 12bn , up from $42. 75bn on March 2, according to the CBN data.


Last week, the International Monetary Fund said Nigeria needed to be cautious about the use of its foreign exchange reserves, saying oil prices could decline at any time .
The IMF , in its latest Regional Economic Outlook said tighter global financial conditions resulting from faster - than-envisaged monetary policy normalisation in advanced economies, or a sudden shift in investors’ sentiment could constrain financing and growth for many sub- Saharan African countries.

“ Higher US interest rates and a stronger dollar also heighten risks, as observed historically in emerging and developing economies. In particular , the probability of a large reversal in foreign flows in sub- Saharan Africa is significantly higher the US interest rates go up, ” the fund added .
The Director, Corporate Communications , CBN, Mr Isaac Okorafor, explained early this month that the external reserves had been going down recently because of higher yields in the United States .

Okorafor, however , gave an assurance that at the current level of $44bn, the reserves were sufficient to take care of the nation ’ s import bill for 17 to 20 months , much more than the three - month standard recommendation .
According to him , some foreign investors who have gone to emerging markets to take advantage of the high yields have had to go back to the US because of better opportunities there at the moment .


“ The drop in our forex reserves is basically as a result of the capital flow reversals arising from rising interest rates in the United States . You will recall that the Federal Reserve has been raising rates and has even given guidance that this would continue in the near term, ” he added .

Source: https://punchng.com/external-reserves-drop-by-1bn-in-13-days/

hush15:
why wont it drop, something that was inflated before.

theoldpretender:
Yeah, but we still need to save. Oil is still very unstable

Venezuela did not save. See where they are now

OkaNaUbe:
https://cdn.punchng.com/wp-content/uploads/2016/03/29044954/dollars-e1477484521350.jpg The nation ’ s foreign exchange reserves have dropped to a seven - month low , losing $1. 02bn in the 13 days to Monday , latest data from the Central Bank of Nigeria showed on Wednesday .
The external reserves , which stood at $44. 30bn on September 28, fell from $44. 02bn on October 2 to $43bn on October 15.
The reserves, which rose to a high of $47. 865bn on May 10, have dropped by $4. 86bn in five months .
As of March 5, the reserves stood at $43. 12bn , up from $42. 75bn on March 2, according to the CBN data.


Last week, the International Monetary Fund said Nigeria needed to be cautious about the use of its foreign exchange reserves, saying oil prices could decline at any time .
The IMF , in its latest Regional Economic Outlook said tighter global financial conditions resulting from faster - than-envisaged monetary policy normalisation in advanced economies, or a sudden shift in investors’ sentiment could constrain financing and growth for many sub- Saharan African countries.

“ Higher US interest rates and a stronger dollar also heighten risks, as observed historically in emerging and developing economies. In particular , the probability of a large reversal in foreign flows in sub- Saharan Africa is significantly higher the US interest rates go up, ” the fund added .
The Director, Corporate Communications , CBN, Mr Isaac Okorafor, explained early this month that the external reserves had been going down recently because of higher yields in the United States .

Okorafor, however , gave an assurance that at the current level of $44bn, the reserves were sufficient to take care of the nation ’ s import bill for 17 to 20 months , much more than the three - month standard recommendation .
According to him , some foreign investors who have gone to emerging markets to take advantage of the high yields have had to go back to the US because of better opportunities there at the moment .


“ The drop in our forex reserves is basically as a result of the capital flow reversals arising from rising interest rates in the United States . You will recall that the Federal Reserve has been raising rates and has even given guidance that this would continue in the near term, ” he added .

Source: https://punchng.com/external-reserves-drop-by-1bn-in-13-days/

OkaNaUbe:
Nigeria leaders are not serious. Instead of investing in power and create enabling environment for industries to thrive, which will in turn create jobs, they prefer to pump our hard earned money to stabilise the Naira.

How long will they continue to deplete our external reserves to support the Naira?

Even the crude oil we export, we don't have direct control on the price in the international market.


CBN's Emefiele said that stabilising the Naira is more important to them than savings.

Lordave:
Don’t be fooled!

Check every APC member Babanriga.

The useless idiotic, lifeless dog of a president Mumuhadu Buhari has approved the Babanriga of APC party members as the new Nation’s external reserve vault.

Ganduje should help us stuff the skeleton in Aso Rock in his pockets!

NwaliE01:
How i wish we can tell ourselves the truth and think of Nigeria rather than tribe and religion.
This Government has failed woefully and we should not support failure at any level because it will rub on you and me and even our generations to come.
We must say no to impunity, we must say no to corruption, we must say no to this Government's mismanagement.