₦airaland Forum

MrKrap:
why do u tink d reserve in under going serious depletion it was becos of buari's ungarded remarks about dollars, forex restrictions n lack of economic policy direction dat saw d con3 delisted from JP-morgan index group n foreign investors leaving in droves dat saw d economy lost $80 billion.
if GEJ was in power today, he never would have wasted 6 months to appoint ministers n charge a new economic direction to deal with falling international oyel price. d naira will at most be at N250, thus d depletion of foreign reserve to defend d naira will not even arise.

Booked.

naijaboy756:
and you think they will be clueless to halt the depletion?

Whe didn't he halt it when he watched it deplete from over $50B in value? You need to think before typing.

Let them go. They are supporting election fraud.

Lawless nation.

MrKrap:
if GEJ was in power today, nigeria will never be in recession.

No, we will. Go research the rate at which the reserve was being depleted under GEJ last two years and get to understand what I am driving at.

Omooba77:
I wonder how much he is being paid and many like him; turning themselves to Joe Goebbeps of Hitler era.

You lack comprehension of article you posted and Lalasticlala won't help you. Scream all you want bros . . .

Decibel:
@Sibrah I wonder how much you were paid to keep vigil on the Internet to defend the indefensible. You really have a tough job because the more you defend this administration the more you get disappointed

Stop being petty man. Use your brain and reason things out like a functional adult.

Omooba77:
Sometimes I question myself, do some people use the medular oblongata?

You think you are sly, but I know you aren't.

Jirate:
She was more than a First Lady, at least to Millions of Nigerians she help keep Healthy during her tenure as Nafdac Boss. RIP Dora, may God Continue to be with You till we meet again.

I hope the OP gets your message.

naijaboy756:
You are sooo annoying this evening. Are you God to know that it would have been depleted? Why didn't that your brain think that it could have been the other way round? Reli*gion has affected your sense of reasoning

I have facts unlike you.
Facts to prove that Buhari slowed down the rate of depletion of the reserve and fact that GEJ was just throwing petrodollar at forex market and yet the dollar rate rose.

https://i1.wp.com/nairametrics.com/wp-content/uploads/2015/01/Official-Rate-since-2002.png

CBN official exchange rate movement 2002 – 2014 (Source: CBN)

The chart immediately above again suggest no. Nigeria has depreciated against the dollar continuously no matter how much is spent defending it. It’s either we import way too much stuff or we rely too heavily on foreign portfolio investments to drive the economy. Either way, they both result in enormous dollar outflows and if not balanced with larger export proceeds will result in a depreciation of the local currency. This perhaps is what has happened. The chart also shows a steep climb between 2009 and 2014 which coincides with when the we sold the most dollars.

naijaboy756:
Imagine Obama had people like you as supporters when he took over an American economy under recession. If Buhari isn't willing to work, he should just resign. How can a man be toying with the destiny of over 170M people? Didn't we elect him to get alternative sources?

Depletion of reserves is inevitable in a recession. If you know anything about the workings of our economy you will know that Buhari slowed down its rate of depletion greatly. You are clearly one of the pained lot who just wail uncontrolled.

The fact that we spent $217B to defend the Naira in a period of 12 years and half of the dollar spent was in the Jonathan years is enough proof that oil earning reduction was largely the cause of recession and dollar price increase.

So, a total of $217.2 billion dollars ($217,273,201,021.31) has been spent in part ‘defending the naira’ since 2002. That is nearly half our GDP and an average of $16.7billion per annum. A look at the chat above also shows the increase in actual selling of our dollars began in 2008 and took off completely in 2009. It also suggest the highest spend were recorded in 2011 and 2014 respectively. In fact between 2011 and 2014 we had spent about $107.2billion via various auctions defending the naira, 49% of the total amount used in meeting official dollar demand. It is also no coincidence that those years are the Goodluck Jonathan years and off course with Okonjo Iweala as the coordinating Minister of the economy. The spending was also under the purview of the former and current CBN Governor Lamido Sanusi and Godwin Emefiele respectively.

http://nairametrics.com/chart-of-the-day-cbn-spent-217-2billion-between-2002-and-2014-defending-the-naira-and-how-much-was-spent-by-gej-administration/

Pavarottii:
Buhari is only concerned about the #theotherroom. Anything about Governance, we all know he has no idea..

Casssandra the dullard.

If Nigerians had left Jonathan in power by now there would be less than $2B there. Buhari, throug excellent management help slow down its depletion.

EternalTruths:
What is depleting our dollars.?

Buhari needs to be questioned

lack of alternative source of $$ asides oil sales is depleting it. The reserve is like the fixed asset of nation.

Lots of people who don't understand the meaning of this thread will just flow in to attack Buhari.
When Jonathan ruled the reserve was being depleted at a rate of $8B a year when oil sold for average of $80+pb, I wonder how Buhari was able to incur a decrease of just around same $8B in his 16 months with oil selling at average of less than $50pb.

The CBN announced that the reserves for March 2015 dropped by $8billion when compared to what it was at the end of March 2014. The organization said: “The stock of external reserves at end-March 2015 stood at $29.36billion as against $34.24billion and $37.4billion recorded at end-December 2014 and end-March 2014, indicating respective depletion of $4.9bn or 14.3 % and $8bn or 21.5 %. The depletion was mainly due to the funding of the rDAS window and intervention at the interbank market to stabilise the naira exchange rate. The current level of external reserves, which is equivalent to 7.1 months of import commitment, could also finance 6.8 months of foreign exchange disbursements and 5.2 months of imports of goods and services.”
Read more: https://www.naij.com/524260-shocking-see-cbn-defends-naira.html

Themandator:
This is why the grassroots in his state remains loyal to him.

The 'grassroot' are only loyal to their stomach. Hunger has various level bro. It kills slowly unlike bullet.

Good riddance.

Domainless bloggers everywhere.

Was Dora a first lady?

sarrki:
Prof

Thank you

You are saying the real truth

If you don't credit Tinubu with anything at least

Lagos is example for all to see

From Tinubu himself to Fashola then Ambode

Give it to tinubu

Eko onibaje

One problem about Nigerians as followers is that we try to be loyalist to persons instead of supporters of ideas. The economy is shrinking and you are here talking about taxes. Do you guys plan to tax companies running losses or jobless folks or even beggars? I like Tinubu for certain reason but may never( 99% unlikely) vote him near power.

Rubbish. These Lagos APC loyalist keep hammering tax forgetting that tax is built on volume of economy as a percentage of it. It is like they are ready to tax jobless people and beggars.

adconline:
Just like this pic at Oval Office

lol

I remember vividly when Chibok was a scam. Where is Asari Dokubo Mujaheedeen?

eph12:
So you seriously believe that was what cost pdp the 2015 election?

Partly.

onyenze123:
You can't blame the people. APC campaign promises (abi propaganda) got them votes from the people. Why won't they be angry when this administration has made things worse? (Inflation = 17.5% official, $1 = N465)

As for Sanusi, do you think he hasn't reached the president before going public?

Remember Aisha Buhari's outburst recently in the media. Do you think she hasn't advise Buhari in TheirOtherRoom?

My dear, Buhari is unnecessary stubborn, egocentric and ignorant. He doesn't have the mental capacity to govern Nigeria.

You see what I am saying. APC did not change the dollar rate. Lack of dollar supply did. Jonathan and PDP ( 1999 - 2016) merely took excess dollar and sold it at cheap rate. That was how dollar rate was sustained at N165/$ for long. The absense of excess dollar supply made it scarce and costlier, you and I know this is a result of a sizable alternative forex earner asides oil. Anybody still blaming Buhari for shortage of dollar is plainly ignorant or playing stupid tricks.
I already gave you link of how we spent $217.2B (over N80 Trillion) to - in the words of Iweala - defend the Naira. Over half of those were expended under Jonathan's tenure.
Stop insinuating SLS visited aso rock in secret with that last paragraph of yours.

If only GEJ had done same all those almajiri outburst, prison and food talk and lastly election loss could av been avoided.

NOC1:
And you were a sinator your junior brother a House o assembly member. Funny people Always passing blames.

The blame experts.

SpitsOnYoruba:
I can't thank someone who doesn't exist

I thank Him for helping me with a rise dollar rate.

And some people still claim they don't know where 2 trillion entered in the economy.

stellx:
Is this the diversification the government has been canvassing for ?

I am dissapointed and happy at the same time. I am dissapointed because we are using scarce money to do questionable diversification. I am happy because if oil is found then the oppression of ND will soon be over.

This man sha . . . . Too funny!

Fake people everywhere.

Who are "They"? Please Identify them propperly.