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Nairaland Forum / Nairaland / General / Politics / So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? (4312 Views)
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So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 9:48pm On May 21, 2016 |
Apart from Buhari's entourage during one of his numerous wandering trips who are paid estacode in dollars, buhari's family and cronies like Garba Shehu who got $800,000 from CBN at official rate, who or what exactly does our foreign reserves benefit? Industries can't source forex from the CBN for crucial raw materials and production inputs. Fuel marketers have been barred from accessing forex. Investors can't recoup their earnings Parents can't source their wards school fees through the CBN Just to mention a few... So what exactly is out foreign reserves meant for? As things stand now our foreign reserves is just lying fallow in foreign banks abroad which are then utilised by foreign bank customers at low single digit interest rates. To what exactly is our foreign reserves then meant for? Is it meant to maintain capital flow back to Western banks? We all know the fraud and racket currently going on in the CBN where highly connected and placed individuals source directly from the CBN only to resell at the exorbitant black market which is dominated by hausa fulanis. This buhari dude is really a major clog and by. Far the worst thing to happen to any economy. By the time the scam deficit change budget takes off, I expect to see the naira further crash as buhari's corrupt appointees head to the black market to buy more dollars with their embezzled loot. By the time buhari finishes with this country even Zimbabwe will look like El darado. 6 Likes 3 Shares |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by olatunjithomas(m): 9:54pm On May 21, 2016 |
in short, op is trying to say
who forex don eep?
over to the wise ones 1 Like 1 Share |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by Flexherbal(m): 10:01pm On May 21, 2016 |
Anybody that loots the money meant for Nigerians is an enemy. 2 Likes |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 10:02pm On May 21, 2016 |
You will recall that back in 1984 buhari was more interested in repaying foreign debts than investing in any crucial infrastructure. This led to a legacy of an economy in recession with virtually no capital project executed under the 20mth despotic reign of Buhari. Fast forward today and we see buhari doing the same thing. Can any of you mention one project undertaking by this scam government since it was sworn in? Can anybody recall what exactly he utilised the 2 trillion naira supplementary budget he applied for and got in November, 2015 alongside the inherited 4 trillion naira budget of the last administration? Believe me when I tell you that this govt on every scale and indices is by far the most corrupt ever in the history of Nigeria. The 2016 scam budget which has been dodged with so many controversies of padding by the executive, blame trading and outright blackmail of the national assembly is meant to be siphoned by this same scam agents with nothing on ground to show for. And you can bet your last cup of garri that buhari will apply for another supplementary budget before the year runs out. 4 Likes 1 Share |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by Dcomrade(m): 10:02pm On May 21, 2016 |
olatunjithomas:Gbam |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by Dcomrade(m): 10:04pm On May 21, 2016 |
The bad news is: This is 1984/5 again. The good news is: No IBB (PMB don't have any excuse now). Now, we will be able to see whether the endgame justifies Buhari or not. 2 Likes |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by Dcomrade(m): 10:05pm On May 21, 2016 |
Flexherbal: You don't stall economy to fight corruption. What % of the populace are corrupt & what % are affected by the braggado of fighting corruption? 4 Likes |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by baby124: 10:12pm On May 21, 2016 |
Economies thrive on trade with other economies. The trading currency with countries that can actually boost an economy is the western currency's. We are talking about dollars and pounds or euro's. Even Most non western countries prefer to trade with stable currencies to hedge FX risk. This is why dollar, pound and euro are again important. Who will want to arrange for trade in Naira when naira can fall by 200 points tomorrow and the trading partner may be at a loss depending on what is being traded. I hope you get the general idea in lay man's terms. 1 Like |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by Proudlyngwa(m): 10:12pm On May 21, 2016 |
Your economy is measured by 'Excess Reserves' Financial firms that carry excess reserves have an extra measure of safety in the event of sudden loan losses or cash withdrawals by customers. This may increase the attractiveness of the company that holds excess reserves to investors, especially in times of economic uncertainty. Boosting the level of excess reserves can also improve an entity's credit rating, as measured by ratings agencies like Standard & Poor's. Reserves need to be in liquid forms of capital such as cash in a vault, which does not create income. Banks will therefore try to minimize their excess reserves by lending the maximun allowable amount to borrowers. 3 Likes |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 10:15pm On May 21, 2016 |
Dcomrade: He is fighting corruption and can't see the likes of Amaech, Fashola, Fayemi and Tinubu and still goes on to take their corrupt loot without questioning the source. Abeg forget the hypocrite Buhari Only a fool will believe this duara scammer Here is a man who has never honored any public inquiry into his administration of public funds. He was the pioneering minister of petroleum in the 70's where $4bn disappeared into thing air. Adjusting for inflation and interest rates, that stolen NNPC funds of $4bn under his watch is over $20bn in today's economy - the same amount they falsely accused GEJ of stealing. He never bothered to attend the Senate commission setup to investigate the missing NNPC funds. But today he is talking trash about phantom looted NNPC funds. He refused to attend a board of inquiry setup by Obasanjo to probe PTF funds disbursed to him under the Abacha regime. And today he has the audacity to point fingers at others being corrupt. I just feel highly disgusted when I watch the duara goat talking corruption whenever he goes abroad knowing fully well that his hosts are aware of his checkered corrupt past. The man is by far a hypocrite and thief of the worst kind. His anti corruption war is meant to silence opposition and nothing more. 3 Likes 1 Share |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 10:18pm On May 21, 2016 |
baby124: Nobody is asking you to explain foreign trade and foreign reserves balance What I am asking is who or what qualifies to access forex from the CBN under buhari because as things stand now only buhari, his wife, that brat Zahra and a handful of sycophants in Aso rock can access forex at the official rate. 2 Likes |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by Dcomrade(m): 10:22pm On May 21, 2016 |
ShinnBet:PMB is not fighting corruption and can't fight corruption.....PMB is now a typical Nigeria Politician 2 Likes 1 Share |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by SamuelAnyawu(m): 10:23pm On May 21, 2016 |
OP you asked a question and you are politicising it immediately. Nawa 2 Likes |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 10:26pm On May 21, 2016 |
SamuelAnyawu: Have you ever heard of rhetorical questioning? A rhetorical question is a figure of speech in the form of a question that is asked to make a point rather than to elicit an answer. |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 10:32pm On May 21, 2016 |
Proudlyngwa: If you reserves are not benefiting directly your population and economy but rather buoying that of a foreign nation that makes your country a colony. |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by SamuelAnyawu(m): 10:33pm On May 21, 2016 |
ShinnBet:Okay cool have fun |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by SUPERPACK: 10:38pm On May 21, 2016 |
lubbish thread full of Ipob youths. |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by Proudlyngwa(m): 10:41pm On May 21, 2016 |
ShinnBet: Your reserves are meant to attract investors, not buoy another nation. Our economy is buoyed by injection of cash by the CBN , capital projects, inflation management amongst other things. |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 10:42pm On May 21, 2016 |
SUPERPACK: Oh really? Is IPOB now synonymous to "I have no way of defending this my useless goofing hypocritical bigot illiterate of a President " ? 1 Like |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 10:43pm On May 21, 2016 |
Proudlyngwa: And in what currency does the US hold reserves? |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by Proudlyngwa(m): 10:47pm On May 21, 2016 |
ShinnBet:Gold 1 Like |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by Proudlyngwa(m): 10:48pm On May 21, 2016 |
ShinnBet:Gold Nigeria is the petrodollar |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 10:56pm On May 21, 2016 |
Proudlyngwa: I lol. You my friend are stuck in pre-Nixxon era. The dollar is not buoyed by gold reserves since the early 70's when the gold standard was discarded. The US currency is buoyed by the US govt's ability to force other smaller nations in accepting their worthless paper dollars as a means of trade. That my friend is why you still remain a colony. Since the cancellation of bad debts owed by African countries, Western institutions like the IMF and World Bank then went to recoup their debts owed to them by western banks. This is where the real recession of the mid 2000's began. It then spiralled into the sub prime mortgage markets. For Western banks to remain afloat there must be liquidity flow into them and preferably from outside the west. The US buys your oil in exchange for worthless dollars which you are told not to spend in order not to cause a deflation I the value of the dollar but to save in same western banks which they will then loan to their own conglomerates at a very low interest rate to which you are expected to buy the finished goods. This is the oldest economic model, modelled after the west African triangular slave trade where worthless mannilas where exchanged for slaves and palm oil. 1 Like 1 Share |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by SUPERPACK: 11:02pm On May 21, 2016 |
ShinnBet:who care GMB forever.
|
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by 989900B: 11:02pm On May 21, 2016 |
I'm wondering too. We have $27b that could cover over 12 months of imports, but baba/Emefiele prefers to starve the economy of needed Forex. Maybe someone else can explain this. |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 11:06pm On May 21, 2016 |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by 989900B: 11:08pm On May 21, 2016 |
ShinnBet: How did we come by $4b? Between what year, to what year? |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 11:08pm On May 21, 2016 |
989900B: Because buhari was hired to take our reserves and stick it into western banks so that western companies can have access to cheap loans. This is what he did in 1984 when he priorized paying foreign debts that shehu Shagari was planning on rescheduling. Recall that the British economy was in serious recession during the Thatcher years. 1 Like |
Re: So How Does Having Foriegn Reserves Under Buhari Bennefit The Nation? by ShinnBet: 11:10pm On May 21, 2016 |
989900B: The actual money missing was 2.1 billion naira at an exchange rate of approximately $1 to 50k. This occurred during the years 1976 to 1979. When he was appointed minister of the petroleum ministry by obasanjo. 1 Like |
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