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Nairaland Forum / Nairaland / General / Politics / External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations (103388 Views)
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Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by EldaTimba(m): 10:36am On Nov 07, 2014 |
major466:I don't even have problem with the topic. My problem is how the try to change the TRUTH. 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 10:37am On Nov 07, 2014 |
datolee:Like seriously isn't this laughable? What is the value of the Naira despite the "spending" to resist devaluation? As at today the Naira is 160=Dollar and Soludo time it wasn't this high. I don't know how you reason but you are off it. First, you were talking as if it was ONLY Jonathan that refused to DELIBERATELY devalue the Naira. They all did!!! The others had enough in Reserve despite the Price of Oil and the then subsidy bills. WHile Jonathan depleted the account and still furthers d debt 6 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 10:37am On Nov 07, 2014 |
EldaTimba:Okay, |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by patrickmuf(m): 10:39am On Nov 07, 2014 |
major466:Economic development shouldn't end on the pages of Newspapers though... 3 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 10:39am On Nov 07, 2014 |
Demdem: I will vote any of Fashola or Kwankwaso.. my honest answer. I really believe that GMB should just take a rest, we are in 2014 not 1983. 6 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by ayukdaboss(m): 10:39am On Nov 07, 2014 |
Obiagelli:The man don run 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Firefire(m): 10:41am On Nov 07, 2014 |
datolee: Very very clear! APC any objection? 5 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 10:41am On Nov 07, 2014 |
patrickmuf:Those Jonathanians don't have a clue 2 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by ayukdaboss(m): 10:41am On Nov 07, 2014 |
datolee:Did you vote for him in 2001 when he was 60years old? 6 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by EldaTimba(m): 10:43am On Nov 07, 2014 |
ayukdaboss:was there an election in 2001? I thought I am clueless ooo 4 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 10:44am On Nov 07, 2014 |
barcanista: Like seriously, do you know what value Naira would have been now if not for the strategy? Again, you keep missing my point, the strategy to defend the naira in from CBN not president. Here is the example: Emefiele and SLS are the CBN governors under GEJ, while one SLS believes in defending the naira, the other Emefiele does not believe as much. Which policy is right? I don't know, ask the CBN governors and they will give you reasons. What i object is saying that Jonathan depleted the external reserve as though withdrew the money and use it for other purposes 10 Likes 1 Share |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 10:45am On Nov 07, 2014 |
EldaTimba:There is something called typo error. You definitely have not clue what that means 2 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 10:46am On Nov 07, 2014 |
ayukdaboss: No because I believe he has no business contesting in a democratic government. He overthrew a democratic government, he hated democracy, therefore shouldn't partake in one... have I answered your question? 11 Likes 1 Share |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Demdem(m): 10:47am On Nov 07, 2014 |
datolee: Fair enough, I rest my case here. Only fools still want Jonathan, the known curse to continue. 6 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by EldaTimba(m): 10:48am On Nov 07, 2014 |
barcanista:Mr "Clueful" how is 2001 and 2003 related? I am confused ooo. Back to the topic, is there anything worth debating after it is glaring GEJ used the reserve mainly for naira defense? I doubt it. Once again, this thread is DEAD on ARRIVAL. 9 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 10:48am On Nov 07, 2014 |
cc omenka obiagelli demdem someone just indicted Jonathan datolee:You don't ask the CBN Govs but you asked the FG? The Bold in red sound logical to you? They spent it but you can't say, I should ask the CBN Govs... just give it up, you have no point 4 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by EldaTimba(m): 10:50am On Nov 07, 2014 |
datolee:QED!!!!! 4 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by ayukdaboss(m): 10:53am On Nov 07, 2014 |
EldaTimba:Oh Sorry 2003 elections* About your cluelessness why'd you ponder about something you're sure of 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Boscojugunu(m): 10:53am On Nov 07, 2014 |
jona.daft 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by forgiveness: 10:54am On Nov 07, 2014 |
datolee: If the bases of your argument is the bolded. then, what sayest thou about this? |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by EldaTimba(m): 10:56am On Nov 07, 2014 |
ayukdaboss:No problem bro but it was 2003 not 1999. Only obj and baba falae contested in 1999 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 10:56am On Nov 07, 2014 |
barcanista: What is your point? Your question was, why did the external reserve decrease under GEJ.. the answer, SLS used it to defend the naira You change your topic again whether the policy of defending the naira was a good policy by saying that naira is still 160 to a dollar today.. My answer to that, how would you know that value of naira today is not as a result of the policy. Finally, if you want to which policy is better, please ask the CBN governors. P:S would you rather naira is devalued or defended? 12 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 10:57am On Nov 07, 2014 |
forgiveness:He thinks he can do a tactical manoeuvre 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by forgiveness: 10:57am On Nov 07, 2014 |
CBN Restricts Dollar Sales As Naira Sinks Below N170 In Almost 5 Years by msmon(m): 7:51am Muhammad Bello in Abuja and Obinna Chima with agency report With the price of crude oil heading south and the country’s foreign reserves under pressure, the Central Bank of Nigeria (CBN) yesterday banned the sale of dollars at its Retail Dutch Auction System (RDAS) to importers of telecoms equipment, power generators and finished products. Others affected by the ban include importers of electronics, finished products, invisible transactions business and information technology. However, they can source their foreign exchange requirements from the interbank market and dealers. Owing to the directive, the naira hit a new intra-day low in almost five years to N170.05 against the dollar yesterday, falling 1.87 per cent as the stock market continued to slide, Reuters reported. In a circular titled, Exclusion of Some Transactions from the RDAS Window, posted on its website yesterday, the CBN said: “This is to inform all authorised dealers and the general public that in order to maintain the existing stability in the foreign exchange market and to further strengthen the various measures already initiated by the Central Bank of Nigeria, the importation of the following items shall henceforth be funded from the interbank foreign exchange market only: electronics, finished products, information technology, generators, telecommunications equipment, invisible transactions.” In another circular, the central bank also said it had observed that banks and discount houses now have a preference for keeping their idle balances in its Standing Deposit Facility (SDF), thereby constraining the process of financial intermediation. In order to encourage banks to increase lending to the productive sector of the economy, the regulator therefore announced a review on the guidelines for the operations of the SDF. Specifically, it stated that “the remunerable daily placements by banks and discount houses at the SDF shall not exceed N7.5 billion. This shall be remunerated at the SDF rate of 10 per cent per annum. “Any deposit by a bank and discount house in excess of N7.5 billion shall not be remunerated. These provisions are without prejudice to the subsisting Monetary Policy Rate (MPR) corridor. “For the avoidance of doubt, the SDF remains as a monetary policy tool.” According to the banking sector regulator, the MPR corridor remains +/- 200 basis points, that is 10 per cent per annum up to the limit of N7.5 billion. Reacting to the CBN’s directive on the diversion of demand from CBN’s official foreign exchange window to the interbank market, a market analyst, who preferred not to be named, said: “The objective of this policy decision is to reduce pressure on foreign exchange reserves. “In October, the CBN used 10 per cent of its foreign exchange reserves to intervene in the foreign exchange market. The last time the CBN used such a large share of foreign exchange reserves, in a month, to intervene was in the second half of 2011 and the central bank devalued the NGN by 5 per cent in November 2011.” He said the policy decision confirmed that the CBN could not afford to keep intervening in the foreign exchange market to defend the official target exchange rate of NGN150 +/-3%, at the rate it has been doing in recent weeks, especially in a depressed oil price environment. “In enacting this policy, the CBN must have expected the interbank exchange rate to weaken. Which makes me wonder if this policy decision is a tacit devaluation” he said. On the second directive by the central bank, which capped banks’ deposits that earn interest, he termed the move negative for the naira. “I think this is negative for the naira, because it will result in banks diverting funds to treasury bills, which will put further downward pressure on yields and make them less attractive to foreign investors.” The market analyst said the fact that both policy decisions were naira-negative, was evident from the depreciation of the naira to its weakest level, NGN171.82/$1, where after it retraced to about NGN170/$1. “I believe the central bank must have anticipated further naira weakness, and widening in the gap between the official and interbank exchange. “It is for this reason, I believe this may possibly be a tacit devaluation, or at least a precursor to an explicit one that may be announced at the November 25 MPC meeting,” he explained. He added that the implication of the policies adopted by the CBN was that the rate of inflation would rise and could have adverse consequences on consumer stocks. The stock market also remained bearish in yesterday’s trading, as major company stocks depreciated further, with Nestle leading the losers' chart with a N47.5 loss, to close at N883. Forte Oil slumped from N208 to N194, while Dangote Cement, the biggest stock in the market, lost N10.4 to close the day at N198. WAPCO fell to its lowest price of N80 in four years, after shedding N8.73, Nigeria Breweries also took a hit to N143.45 having lost N7.55, while Unilever closed at N29.80, slipping down from N31.35. Market capitalisation sank to N11.425 trillion, losing N475 billion from N11.9 trillion at the close of trading the previous day. www.thisdaylive.com/articles/cbn-restricts-dollar-sales-as-naira-sinks-below-n170/193422/ 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by ayukdaboss(m): 10:58am On Nov 07, 2014 |
EldaTimba:Okay |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Demdem(m): 11:00am On Nov 07, 2014 |
datolee: Again, this reason is also a foolish one. Those that "loved " democracy, how have we performed under them. Ask ur fathers, Shagari was a mess and the people were tired. u aren't more Nigerian than him. He has every right to contest and if he hates democracy he won't keep going to law court anytime he is being robbed. 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by ayukdaboss(m): 11:01am On Nov 07, 2014 |
datolee:Then you're beyond convincing. My take *Nothing can be worse than this current government n 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Iykopee(m): 11:03am On Nov 07, 2014 |
datolee: ^^^ was the OP arguing against reasons presented by sanusi that culminated in depletion of our foreign reserve or he has sometin else to say about it? barcanista's line of argument is quite not clear analytically. 1 Like |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by ayukdaboss(m): 11:03am On Nov 07, 2014 |
EldaTimba:I wasn't conversant with those statistics and forgot them. Thanks for reminding me bro. |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 11:04am On Nov 07, 2014 |
datolee:My friend stop being clever by half. Obj kept Naira stable for a very long time. The Naira has always been defended against deliberate devaluation, though It kept devaluating even till date. It is not only Jonathan that defended the Naira, Yar adua also did. But He didn't deplete the Reserve, instead it was soaring and only dipped during the economic crises. Sanusi came and bailed banks. as at the lowest, oil price was 30$ per barrel. His borrowing was just a few dollars(external debt)/ Goodluck Jonathan also defended the naira from deliberate devaluation, However, Oil price was high as 85-107 dollars. On a normal circumstance we wer supposed to have more in our reserve and even cleared the $3. billion debt that he inherited. Rather the Reserve was depleted, debt worsened and he even enjoyed partial subsidy removal which his predecessors didn't. My friend you have no point!!! 7 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by Nobody: 11:06am On Nov 07, 2014 |
Thank you for this. I will study the report very carefully forgiveness: 2 Likes |
Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by ayukdaboss(m): 11:06am On Nov 07, 2014 |
barcanista:He has been busted 5 Likes |
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