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Nairaland Forum / Nairaland / General / Politics / Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years (10966 Views)
Nigeria’s FX Reserves Defy Forecasts, Rise To $35.9 Billion / CBN: Foreign Reserves Drop To $36.12 Billion / Oil Price Sinks To Lowest Level In 16 Years (2) (3) (4)
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Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by LegendHero(m): 5:41pm On Apr 17 |
IfnobeGod20: Nobody said only Dangote refinery will do the magic, but Dangote refinery is the greatest investment that Nigeria have had for the past 2 decades. Just leave your biases and imagine the billions in $$ that will be freed for other purposes considering the fact that Nigeria import petrol and diesel normally. Now they are being bought and sold in naira. In 1 year time, we will understand the massive savings that will come with this. Yes, we need to wake up and create more production capacity, but the little Dangote did should also be commended. 2 Likes 1 Share |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by IfnobeGod20: 5:41pm On Apr 17 |
Kobojunkie:Don't mind them. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by Kobojunkie: 5:43pm On Apr 17 |
LegendHero:So what other companies out there are reason for the country literally flushing $2 billion down the latrine for? Just some hours ago, someone told me that the Government did it in order that Dangote and NNPCL(which we all know is a joke still) will pick up the slack. Now you say that isn't the case. So what is the fact here? You say in one year something will happen. What is it? As we have it the government has yet to invest massively in industries and local production of goods, so what exactly do you say will be there in 1 year that is not being worked on right now? 2 Likes |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by Yankee101: 5:43pm On Apr 17 |
And when it’s very low the naira appreciation will reverse Bom boy economics |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by IfnobeGod20: 5:47pm On Apr 17 |
LegendHero:This is the problem of some of you hailers of government.. always contented with the little in the midst of gigantic problems. Nigeria is in a serious problem, that we don't produce anything. There is nothing stopping every segment of government to go into massive agriculture and investment in technology, that will be added to what Dangote will be doing at his own end but to think the life wire of a country will be placed in the hands of one man. Don't you think otherwise, if tomorrow Dangote now diversify his business, what would become of the country? Please my brother put on thinking cap, it is not all the time you must give blanket support to your leaders. There's need to reason sometime to save your country. This is not about hatred but about reality. What is my gain if my country collapse? It would surely affect me and my family and the country at large. I have no other country to call my own except Nigeria. But I am not happy the way it's been run at all. By now the country should be into heavy production but not. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by successmatters(m): 5:50pm On Apr 17 |
Golan007: The man in the streets is still crying like a rat on menses |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by mipeesoft(m): 5:53pm On Apr 17 |
This is exactly what Deji Adeyanju was trying to explain to his followers on his Facebook page this morning, na wah for apc ooo Racoon: |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by Treadway: 5:53pm On Apr 17 |
Goodvibes007:not so clever fox...why didn't you talk about all the loans....eg the Afrexim bank loan, not to mention other crude oil sales |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by DaTruths: 5:53pm On Apr 17 |
Golan007: And the impact is actually Terrible. Tinubu has finished Nigerians with hardship. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by Hotice085: 5:55pm On Apr 17 |
Racoon: Useless post, so there should be plenty of dollar reserve when people are starving Get your economy moving and your people not starving then you can talk about reservy |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by sportskid(m): 5:59pm On Apr 17 |
A bag of garri is now N82k chai. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by Treadway: 6:00pm On Apr 17 |
I don't even mind that they are back to fixing naira rate. The float was a misadventure like I have told Grandstar severally. That said, like I also said this measure is rather simplistic and cosmetic, but I'll still allow it on the premise that the refineries are immediately up and running to pick up the slack. But so far, as is the culture of the APC, you never know what's what. Dangote refinery na 'we will' level we still dey. PH refinery nko, we are still waiting for the new deadline to be set. Anyway make dem use our reserve further bring it down below 1k sha, make son of man load up. Also let's not forget the other mounting indebtednesses we have backed by same foreign reserve, the same level of indebtedness that led JP Morgan to tell us that out net reserve is around 3b and the simple reason why the govt went for the afrexim bank loan. Just reminding those that are shouting about how 30b is a big deal, but your govt that knows it had 30+ billion still used crude oil as collateral to borrow 10% of the sum. That tells you that the 30+ billion isn't just to be dipped into recklessly. But I know only a few sane minds will understand what I've written...which is fine too😁 2 Likes |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by ELKHALIFAISIS(m): 6:01pm On Apr 17 |
They borrowed dollars to cut the rate... Unah never see anything yet |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by hayoholla(m): 6:07pm On Apr 17 |
This report is written with a malicious and dishonest intention, but what do I know. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by busomma: 6:12pm On Apr 17 |
And people expect the local currency, Naira to continue to appreciate against the dollar? CBN just put bandage on open wound & people are jubilating that naira is back. We haven't seen nothing yet until we have economy that produces, not consuming & importing almost all our needs. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by back2sender: 6:12pm On Apr 17 |
Racoon: 60K is still higher than a minimum wage. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by okposm: 6:20pm On Apr 17 |
Racoon: Havent we been intervening before now? |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by toprealman: 6:21pm On Apr 17 |
slivertongue:Dollar is 500naira…yass! What a bunch of clueless folks. A government that is only interested in social media clout. How sustainable can they be? |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by Golan007: 6:28pm On Apr 17 |
DaTruths: Hardship don show you shege. 1 Like 1 Share |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by erniok(m): 6:30pm On Apr 17 |
LegendHero:Omo, there was a massive drop during GEJ era. From a whooping 59b. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by CorrectionFLuid: 6:32pm On Apr 17 |
Golan007: Did you remember this words of wisdom when the subsidies were being removed? |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by LegendHero(m): 6:34pm On Apr 17 |
erniok: Only God know what they did to it. I was also surprised like you. Infact as bad as people are painting Buhari, he actually did increase the forex reserve. Surprising statistics. Yet, we idolize Sanusi and Okonjo even when they depleted the FX reserve. Then curse Emefiele who increased it. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by patrickcollins: 6:41pm On Apr 17 |
Dittodat:Then why crucify Emefiele for the same thing they are doing, and since fuel subsidy is out we should have more money yet nothing was saved |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by OChimex: 6:52pm On Apr 17 |
Dittodat: Lol. This topic pass una ooo. When your reserve is decreasing it scares foreign investors to come into your economy to invest because they think you might run out of foreign cash when they need to repatriate their money. Foreign Reserve acts like collateral. Also the ones still in country start panicking say your dollar go finish now and you won't have any dollar when they ask for dollar to repatriate back to their country. Nobody fit give you loan, sake of say them dey fear, say you can't pay them back since your dollar reserve Don dey on decline |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by Tochi360: 6:53pm On Apr 17 |
Raskimonojendor: Hahaha in this life nothing can be worse than being an Apc urchin Especially if the person is in the low income class,how can you stand with same evil APC structure that is structured to dish out unimaginable level of suffering, Insecurity and hardship to you and your family even generation yet unborn It's impossible to be pro Apc and yet claim not to be a ZOMBIE |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by NothingDoMe: 6:54pm On Apr 17 |
LegendHero:Lose life fortune because of buying dollars? Lol. I've always had dollars right from the days of $1 to N219 as far back as 2015 and more at N300 and N360 in 2019. Now, the dollar is over N1,000. I am aware that although I have more—three or four times more—Naira, I don't necessarily have excessively more in terms of value as the cost of living has skyrocketed due to inflation and naira devaluation. But I would have had ALL my naira devalued if I hadn't invested in USD. So, investing in USD is the best option. This is the summary of what Aisha was saying, and only people with practical experience can relate. Anyone who listens to your advice is foolish. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by BreconHills(m): 7:03pm On Apr 17 |
socialmediaman: No need to do that The government met reserves at 34bn and it is still at 32bn after payment on euro bond, fx debt, defence contract instalments etc. Plus the extra FAAC payments. The market knows the reality and will respond accordingly. 2 Likes
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Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by LegendHero(m): 7:06pm On Apr 17 |
NothingDoMe: I am explaining it the other way round. —Do you agree there are some people that went to buy $ at the rate of N1600 to $1 because they believed that Naira will depreciate more so that if it gets to like N2500, they will sell their $$ and cash out? Those are the people I addressed. From what the useless Aisha said, some people will still go ahead to buy the dip now believing naira will shoot up to N2000 so they will be able to get profit. Those are the foolishhh people I was referring to in my statement. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by Dittodat: 7:07pm On Apr 17 |
OChimex: Countries hold foreign currency reserves for many reasons, including: -International trade: To ensure a steady supply of imports during a crisis -Debt servicing: To meet foreign exchange needs and external debt obligations -Exchange rate stability: To stabilize the value of the domestic currency -Financial crises: To help a country withstand external shocks -Confidence: To demonstrate backing for the domestic currency -Emergencies: To meet deadlines on overseas debt payments -Portfolio diversification: To reassure foreign investors These are some of the reasons for having foreign reserves and from all indications, a very small portion (less than 2 Billion) has been used for some of the reasons stated above. Foreign reserve is not there for picture taking, it's there to be used when needed. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by Saintinoo(m): 7:13pm On Apr 17 |
Splashme: Same thing i was saying before they came for my head on the other thread. The exchange rate market is technically fixed again, but, most of them don't understand how exchange rate market works or have little knowledge of economics. CBN sells dollar to BDCs and bank, mandate them to sell at a particular rate, that mean the exchange rate market has been fixed. Then, they will float it again when they want to steal. 1 Like |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by Anonimoux: 7:17pm On Apr 17 |
This country too daft sha. Tufiakwa.. |
Re: Nigeria’s FX Reserves Drop To $32bn — Lowest Level In Six Years by komzy589(m): 7:21pm On Apr 17 |
Quest7777:Unfortunately, this is the only way. I knew from the onset that their policies were cunning and deceitful. When two directly proportional quantities don’t progress simultaneously, just know that there is a statistical ineptitude going on. 1 Like |
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