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Nairaland Forum / Nairaland / General / Politics / Nigeria Leads South Africa In Foreign Reserves (22922 Views)
11 Million "Poor And Vulnerable" List. Zamfara Leads, South-East Lowest / Nigeria Leads Africa In Poor Water Supply To Citizens / Nigeria’s Foreign Reserves Hit $47 Billion - Surpass That Of South Africa by $4b (2) (3) (4)
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Re: Nigeria Leads South Africa In Foreign Reserves by bejeria101(m): 10:06am On May 09, 2018 |
With nothing to show and a dullard relic at the helm of affairs. Adewunmi adeshina said you cant eat gdp and foreign reserves. |
Re: Nigeria Leads South Africa In Foreign Reserves by lexy2014: 10:08am On May 09, 2018 |
SoNature:were in d world did u get that? |
Re: Nigeria Leads South Africa In Foreign Reserves by Chukazu: 10:08am On May 09, 2018 |
What nonsense foreign reserve? Nobody talking about infrastructural development? |
Re: Nigeria Leads South Africa In Foreign Reserves by GavelSlam: 10:09am On May 09, 2018 |
TheAngry1: Well work is going on. The economy is always an unfinished business but positive strides are being made. |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 10:10am On May 09, 2018 |
aribisala0: I'm talking about the government and foreign direct investments 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by Harrynight(m): 10:12am On May 09, 2018 |
Its now obvious nothing will ever dropped the exchange rate |
Re: Nigeria Leads South Africa In Foreign Reserves by MrBONE2(m): 10:13am On May 09, 2018 |
TheAngry1: ![]() |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 10:14am On May 09, 2018 |
cosmatika: Well, to my own best of knowledge.. It dosnen't affect a comman man directly. There are some economic policies that will only come to affect a common man in the long run, example is that of diversification of economy (agriculture) which buhari has really played well in this part. With time, food and livestock will become lesser etc. Now about the foreign reserves, as explained above Foreign reserve are held against external debt. If a nation at least to some extent can finance its debt, less amount will be dedicated to debt financing in the budget this means there will more funds allocation to human capital development, man power, health, security and moreso it will help against the high exchange rate. Sincerely speaking, no doubt PMB is a dullard no argument but he has some capable people under him that has helped this nation alot, esp Kemi adeosun the finance minister, this woman has really tried as pertaining to Economy. Nigeria economy is getting better. Only that bubu is dull and weak. He has only failed woefully security wise and I want to tell you the opponents are under this killings. God bless Nigeria. Thank you. |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 10:15am On May 09, 2018 |
SalamRushdie: Note from the data given that the last time the reserve was measured for South Africa was December 2017. However, the fact is that the US still has much larger reserves than Nigeria. |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 10:16am On May 09, 2018 |
Bolowolowo:It is better not to join issue on things which you are not well informed of . Just going to Wikipedia to copy and paste a list which you do not understand is half the job. This thread is about Nigeria having larger foreign reserves than South Africa but the list you pasted shows the oposite do you know why? Foreign reserves are measured in several different ways They could include 1. Gold 2. Strategic Drawing Rights or SDR with the IMF and or 3. Actual foreign currency account balances which is what I believe the the CBN in Nigeria holds and tends to publish our CBN does not hold gold So in making a comparison be clear that you are comparing like with llike My question to you is a simple one In currency reserves excluding gold and IMF SDRs what currency does the US Treasury hold as foreign reserve and how much exactly is it? To the best of my knowledge the bulk currency is in Euros and it is about the equivalent of 35 billion USD |
Re: Nigeria Leads South Africa In Foreign Reserves by cosmatika(m): 10:19am On May 09, 2018 |
beekayz:How will farmers enjoy wen d dullard just went and signed with the US to be flooding our market with agricultural products from dere |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 10:20am On May 09, 2018 |
PUSH1: The government DOES NOT own the foreign reserves........... If you look at the countries with the largest reserves the US and the EU are not in the top 10 . FDI is not about reserves. |
Re: Nigeria Leads South Africa In Foreign Reserves by erico2k2(m): 10:22am On May 09, 2018 |
georgecso:plz Oga, what is your exchange rate as at today plz compared to that of sa? |
Re: Nigeria Leads South Africa In Foreign Reserves by Oduwils222(m): 10:22am On May 09, 2018 |
All this statistical grammer means nothing to the poor masses who buys common razor blade of #10 at #50. Mtcheeew |
Re: Nigeria Leads South Africa In Foreign Reserves by erico2k2(m): 10:23am On May 09, 2018 |
aribisala0:U get time. |
Re: Nigeria Leads South Africa In Foreign Reserves by mars123(m): 10:23am On May 09, 2018 |
aribisala0:The importance of having a buffed up foreign reserve is just like having dollars (not naira) in your personal savings account. Buhari deserve some accolades for raising that amount from USD 20 billion to what it is now. If Buhari is man enough to keep growing that money and not share it like the previous government, then the next president will have an easy task of managing the economy. 1 Like 1 Share |
Re: Nigeria Leads South Africa In Foreign Reserves by waveman2: 10:23am On May 09, 2018 |
Don, t be a ignoramos. The foriegn exchange is on a fixed rate determined by the cbn,have u ever wondered why our exchange rate doesn't, come down as a result of increase in foreign reserve or increase of export and less import. Please try to read more somehow: |
Re: Nigeria Leads South Africa In Foreign Reserves by rusher14: 10:24am On May 09, 2018 |
aribisala0: Without a source you are speaking poo. The simple fact that you cannot relate FR with the stability of a currency especially for a developing nation shows you are either ignorant (which I doubt) or wilfully evil -which is more likely. 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by Dollyak(f): 10:25am On May 09, 2018 |
aribisala0:High Foreign exchange reserves (FER) is really important for the developing countries. Because investors in developed countries like UK/USA etc. often require developing countries to provide high-value U.S. financial instruments as collateral to ensure the safety of their investments. That's one of the reasons Nigeria tries to export to U.S. and other western countries so as to accumulate large reserves, with which they can buy western countries financial assets (such as bonds). It's not the end all and be all tbh, but it does help. 2 Likes 1 Share |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 10:26am On May 09, 2018 |
bejeria101: You want them to share the money. Hahaha. The president is not going the only dullard we have in the country. You are one of them. |
Re: Nigeria Leads South Africa In Foreign Reserves by SoNature(m): 10:27am On May 09, 2018 |
lexy2014: Today na lecture day ![]() Good question. I had a financial czar explain that to me once. Many Nigerian banks don't ask Dangote and Otedola for collaterals when these men ask for loans. As a matter of fact, banks beg them to finance their projects because of the networth of these men. Yes, they are rich men. The same applies to a country. If Nigeria has huge amount in foreign reserves and Buhari holds a business meeting with US businessmen, for instance, he will use that as a selling point. The reason is that having a huge foreign reserves pass the message that your country is so rich, though this may be untrue, to tax businesses unnecessarily just to survive. Yes, that's the reason. Huge foreign reserves send a very good signal to foreign investors because nobody likes to be taxed senselessly I hope you understand now 1 Like 1 Share |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 10:29am On May 09, 2018 |
aribisala0: Who owns it? You cannot compare a developed country with a developing country. |
Re: Nigeria Leads South Africa In Foreign Reserves by emmygzy(m): 10:29am On May 09, 2018 |
Bolowolowo:APC propaganda. Nigeria has more foreign reserve than Southafrica and their currency has more value, they better infrastructure, they generate 50,000;megawatts of electricity while the 7,000 APC claim to be generating, they can't even distribute it. Nigeria has the highest poverty and unemployment rate in Africa. Country that have crude oil and will take that crude oil abroad to go and refine it and bring it back again. Useless country with useless leaders and gullible citizens. |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 10:29am On May 09, 2018 |
Dollyak: Can you give me one example of an investment just one, where Foreign reserves have been pledged as securty to ensure investment security? ANYWHERE in the world Seriously.... You do not know what you are talking about and you are talking to someone who can see through your bluster. Guy you are talking jazz |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 10:30am On May 09, 2018 |
PUSH1:Let us end this conversation. You haven't a clue |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 10:32am On May 09, 2018 |
emmygzy: You are not different from your president if you said this trash. 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 10:32am On May 09, 2018 |
aribisala0: The OP stated the US has a larger forex than Nigeria, which I clearly refuted with the data that I showed (the data took gold into account, by default). Perhaps OP should’ve been clearer about with measure of FOREX they were using with regard to that statement. 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 10:32am On May 09, 2018 |
emmygzy: You are not different from your president if you said this trash. 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by rusher14: 10:33am On May 09, 2018 |
waveman2: It is not a fixed rate. It is backed by economic strength on the basis of cash at hand or perceived economic activity. One way a third world economy can underline its readiness for business is by its reserves which indemnifies its liabilities. It prevents investors from being spooked should an unforseen event occur - such as a rapid drop in price of a commodity for a monoeconomy. Fiurther reading: https://www.thebalance.com/foreign-exchange-reserves-3306258 |
Re: Nigeria Leads South Africa In Foreign Reserves by Nobody: 10:34am On May 09, 2018 |
aribisala0: Talk na oversabi 1 Like |
Re: Nigeria Leads South Africa In Foreign Reserves by dadavivo: 10:35am On May 09, 2018 |
maestroferddi:honestly the thing tire me, you borrow money put for your bank details brag see you get money. |
Re: Nigeria Leads South Africa In Foreign Reserves by aribisala0(m): 10:37am On May 09, 2018 |
mars123:But they already spent the dollars when the CBN monetized it and gave them the Naira for it. That Naira ( which they have now spent) is now a CBN debt. The naira is now in circulation and the dollars belong to the person holding the Naira not the government anymore. Your logic is the eat your cake and have it logic. The CBN is not the government. Goverment sells oil and receives dollars. OK They sell the dollars to the CBN and receive Naira which they spend. You are telling us that the Dollars with the CBN STILL BELONGS to the govrnment? It is like government still having dollars in government account? No the dollars becomes a CBN asset which shall eventually be used to mop up its debt(naira) Foreign reserves belong proportionately to Naira holders not the government |
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