Does that mean it will be difficult to study in US or UK or seek immigration in the two countries?

The nation’s falling foreign reserves is not the fault of President Goodluck Jonathan, the Society for One Nigeria, an Abuja-based group, said on Tuesday.

The group, which rose in defence of Jonathan over the accusation of Olusegun Obasanjo, former president, that the present government had depleted the foreign reserves by $25 billion, argued that the ex-president’s administration was just lucky, as it did not experience a plummeting of oil price leading to its ability to increase the foreign reserves to about $43.17 billion in 2007.

It said instead of constant criticisms, the Jonathan administration should be commended for keeping the foreign reserves at $34.4 billion against the backdrop of falling oil price, oil bunkering and sabotage of oil facilities.

The group also argued that the fall in the nation’s foreign reserves and the depreciation of the naira were both related to exogenous global factors, which are not under the control of anyone.

The group reasoned that while Obasanjo boasted that he left $43.17billion in the reserves, he failed to mention that his ability to do so was simply due to rising oil prices during his tenure.

“As of May 1999 when Obasanjo became president, oil price was $14.74 per barrel. By May 2007 when he left office, oil price was $68.75 per barrel, representing an increase of more than 350 percent,” it said in a statement issued by Abubakar Danladi, its spokesman.

“This increase in oil prices enabled the Obasanjo administration to increase our foreign reserves to about $43.17 billion in 2007. In contrast, President Jonathan assumed office in May 2011 when oil prices were $117.18 with foreign reserves at $32.1 billion.

“Since mid-2014, global oil prices have been falling precipitously from a peak of $116 per barrel in January 2014 to about $58 per barrel in January 2015. Despite this significant fall in global prices coupled with rising incidence of oil bunkering and sabotage of oil facilities, the country has managed to maintain $34.4 billion in foreign reserves, a level that is higher than the $32.1 billion which President Jonathan met when he assumed office.”

The organisation further argued that Nigeria was undergoing significant pressures from spillovers resulting from three factors that no single country has control over.

It listed the factors as end of quantitative easing by the United States Federal Reserve, which implied that the monthly injection of about $85 billion into the global economy suddenly ended; the sustained fall in oil prices from a peak of $116 per barrel in January 2014 to about $58 per barrel in January 2015; and subsisting sanctions against Russia for its alleged role in the ongoing crisis in Ukraine.

It argued that given Nigeria’s interconnectedness with the global economy and its dependence on crude oil proceeds, the economy had been affected like other economies.

The civil society group listed some emerging market countries that had experienced a drop in their foreign reserves as a result of the drop in global oil price to include Chile, Czech Republic, Egypt, Ghana, Hungary, Kenya, Malaysia, Morocco and Russia.

It added that while some countries like Russia had depleted their reserves by nearly $75 billion in 2014, Nigeria lost only $9.2 billion in reserves from the reduction in the price of crude oil.

It concluded that although the average depreciation in exchange rate for the countries under consideration was about 11 percent, Nigeria’s exchange rate depreciated by eight percent.

5mb

Zico5:
Everything will soon be alright. All we need now is faith and focus. Whether u like it or not, we are in it together. Together we stand, divided we fail.

you and u

ibon of the highest order

Damalex4luv:

i was bawo

Zico5:
Everything will soon be alright. All we need now is faith and focus. Whether u like it or not, we are in it together. Together we stand, divided we fail.

Just know it that you are the ONLY one that is day dreaming. If you are serious, go and tell your Fulani brother, Buhari that since his assumption, there have being so much killings, destructions, forced marriages, open undermindings etc. Ask him too to explain to you why is his first term carry with him so much evil across the country? Ask him also if there were no Fulanis, Islams and Muslems that were former heads of states abi president? Abi is he the only dumbest northerner? Damn

Zico5:
Everything will soon be alright. All we need now is faith and focus. Whether u like it or not, we are in it together. Together we stand, divided we fail.

Our new president and his party were deaf & dumb to these your words last year.
Do you know why



www.nairaland.com/attachments/3431120_cdatausersdefappsappdatainternetexplorertempsavedimages3420191picsart1455886204785jpeg503a9ea978cee321112203705090d494_jpeg42f7ff794fb9c526b6223de620a8596b

Elzends:
Still waiting for Buhari to fulfill his promise

...but can he



www.nairaland.com/attachments/2403078_buharinairatodollarpromise_jpeg536f4a3346e6a689940c6ceb025c51a7

Zico5:
Everything will soon be alright. All we need now is faith and focus. Whether u like it or not, we are in it together. Together we stand, divided we fail.

Lol. Nigerians in diaspora wish for $1 = 400

360frolic:
Naira Exchange Rates Today


http://www.newshelm.com/2016/03/naira-exchange-rates-today_23.html

You guys agreed that Doller is not our Currency, how come you are now monitoring it?

solid3:
I was this dollar will just drop to 220.

It's not gud na..... U are killing it na..... Come on just stop na
Hehehehe

solid3:
I was this dollar will just drop to 220.

It's not gud na..... U are killing it na..... Come on just stop na
Hehehehe
But try to dey check wetin u type before posting bro

solid3:
I was this dollar will just drop to 220.

People in hell fire always wish for Air conditioner... Doesn't mean they're gonna get it.




If wishes were horses......



I'm not saying Nigeria is hell, i'm just of d opinion that our currency can never stabilise by nigerians wishing for stability but us working for stability in our economy.

What about this for the parallel market?

http://abokifx.com/

pls, can i withdraw dollar from my domicilliary account in gtbank?

solid3:
I wish this dollar will just drop to 220.

When it was at 216, APC called it a 'shame.'

lifestyle1:
I was charged 280/1usd this morning.

which bank!

paradice:
which bank!

stanbic

donsteady:
In 1999 our reserve was $3b price of crude was $9. GEJ left $30b and price of crude is above $40 and some body some where is talking nonsense.

Like if you lost confident on Buhari.
Share if you still believe in bubu

you are wrong bro. you cannot compare the cost of living of then, to what the world is facing now. Are you a finance graduate or undergraduate? if you are bro, you will understand better. go to google now and read about the intrinsic value of money. #100 now is worth more than #100 in the future. bye

So I went to Dubai with family last week and used the Fidelity mastercard and to my suprise I was charged 95 naira to 1 Dirham. Even when the exchnge rate is suppose to be 55.6 Naira to 1 dirhams.

Please skol me maybe am missing something.
Regards

strong766:
you are wrong bro. you cannot compare the cost of living of then, to what the world is facing now. Are you a finance graduate or undergraduate? if you are bro, you will understand better. go to google now and read about the intrinsic value of money. #100 now is worth more than #100 in the future. bye

So you want to tell me now that value $3b in 1999 is greater than $30b in 2016? Bro where are you from?

donsteady:
In 1999 our reserve was $3b price of crude was $9. GEJ left $30b and price of crude is above $40 and some body some where is talking nonsense.

Like if you lost confident on Buhari.
Share if you still believe in bubu

Bro no offense but u are not intelligent. Do u tink 1 dollar in the 90s is the same as 1 dollar in 2016?
Gej met abt 43 billion dollars in reserve, oil price was above 100 dollars, but he left 30 billion.
Gej is indeed our hero, let's clap for him.

donsteady:

So you want to tell me now that value $3b in 1999 is greater than $30b in 2016? Bro where are you from?

Its not abt the value but the cost of leaving, do u even kw what they use this money for? Cus u don't sound very smart.

charliboy654:

Its not abt the value but the cost of leaving, do u even kw what they use this money for? Cus u don't sound very smart.

please tell him more, my friend. donsteady hope you are following? charliboy654, are u a finance man?...twale for u.

Everyone's complaining..I earn in dollars from fiverr.com. I can't complain

donsteady:
In 1999 our reserve was $3b price of crude was $9. GEJ left $30b and price of crude is above $40 and some body some where is talking nonsense.

Like if you lost confident on Buhari.
Share if you still believe in bubu

GEJ met the reserve at 60bn.....and he also had high oil prices for most of his regime.

And it went down to 30bn DESPITE oil being high as $112 per barrel from 2012-2014.

Sorry...but that is bad management.

Kongonya:
The nation’s falling foreign reserves is not the fault of President Goodluck Jonathan, the Society for One Nigeria, an Abuja-based group, said on Tuesday.

The group, which rose in defence of Jonathan over the accusation of Olusegun Obasanjo, former president, that the present government had depleted the foreign reserves by $25 billion, argued that the ex-president’s administration was just lucky, as it did not experience a plummeting of oil price leading to its ability to increase the foreign reserves to about $43.17 billion in 2007.

It said instead of constant criticisms, the Jonathan administration should be commended for keeping the foreign reserves at $34.4 billion against the backdrop of falling oil price, oil bunkering and sabotage of oil facilities.

The group also argued that the fall in the nation’s foreign reserves and the depreciation of the naira were both related to exogenous global factors, which are not under the control of anyone.

The group reasoned that while Obasanjo boasted that he left $43.17billion in the reserves, he failed to mention that his ability to do so was simply due to rising oil prices during his tenure.

“As of May 1999 when Obasanjo became president, oil price was $14.74 per barrel. By May 2007 when he left office, oil price was $68.75 per barrel, representing an increase of more than 350 percent,” it said in a statement issued by Abubakar Danladi, its spokesman.

“This increase in oil prices enabled the Obasanjo administration to increase our foreign reserves to about $43.17 billion in 2007. In contrast, President Jonathan assumed office in May 2011 when oil prices were $117.18 with foreign reserves at $32.1 billion.

“Since mid-2014, global oil prices have been falling precipitously from a peak of $116 per barrel in January 2014 to about $58 per barrel in January 2015. Despite this significant fall in global prices coupled with rising incidence of oil bunkering and sabotage of oil facilities, the country has managed to maintain $34.4 billion in foreign reserves, a level that is higher than the $32.1 billion which President Jonathan met when he assumed office.”

The organisation further argued that Nigeria was undergoing significant pressures from spillovers resulting from three factors that no single country has control over.

It listed the factors as end of quantitative easing by the United States Federal Reserve, which implied that the monthly injection of about $85 billion into the global economy suddenly ended; the sustained fall in oil prices from a peak of $116 per barrel in January 2014 to about $58 per barrel in January 2015; and subsisting sanctions against Russia for its alleged role in the ongoing crisis in Ukraine.

It argued that given Nigeria’s interconnectedness with the global economy and its dependence on crude oil proceeds, the economy had been affected like other economies.

The civil society group listed some emerging market countries that had experienced a drop in their foreign reserves as a result of the drop in global oil price to include Chile, Czech Republic, Egypt, Ghana, Hungary, Kenya, Malaysia, Morocco and Russia.

It added that while some countries like Russia had depleted their reserves by nearly $75 billion in 2014, Nigeria lost only $9.2 billion in reserves from the reduction in the price of crude oil.

It concluded that although the average depreciation in exchange rate for the countries under consideration was about 11 percent, Nigeria’s exchange rate depreciated by eight percent.

I hate being snarky.....but you comedians have made me laugh

1.Yaradua raised the reserve from43.17 bn to 60 bn dollars.

2.GEJ met the reserve at 60bn.

3.GEJ also benefited from HIGH oil prices.....112 dollars per barrel on the average.

4.DESPITE that....our reserves dropped to 32 bn by the end of 2014.

Why are you people telling half truths?

Speculators now have their hands burnt according to APC zombies

Empiree:
Lol. Nigerians in diaspora wish for $1 = 400

Fo shizzle ma nizzle