This fall in foreign reserves is coming despite the devaluation of Nigeria's Naira. According to the Central Bank Governor, Godwin Emefiele, a large sum form the foreign reserves is being spent in defending the Naira from falling following its devaluation.
According to the governor,
“The CBN took the decision that it would be sub-optimal to continue to use up the country’s reserves in defending the Naira. This decision was right because neither the Central Bank nor the Federal Government is in control of the major factors causing the depreciation of the nation’s currency. In fact, the Russian Central Bank has abandoned its defence of the currency and allowed its depreciation, but only after it was said to have spent over $90 billion in defending the currency.”.
money money
ReplyDeleteAfter all said and done. What is the result of the "defending"? Abeg make una abandon am jare!
DeleteWhen foreign account dey raise, i get share there. None of my biz.
DeleteHahahaha. Typical Naija response.
DeleteLook as they (govt) loot
Be unconcerned even when the figures are shown
Hmmmmmm..... I pray things get better soonest cos the things happening in this country is no longer funny #onelovefromSnow#
DeleteWhatever! As long as d money in my purse is still intact... me does not gve a ratass
ReplyDeleteYour money will still be intact but it just won't have the same purchasing capacity. Why is nigeria breeding so many ignorant graduates? Don't you know what inflation means?
DeleteListen to ursef,ur jus dumb
DeleteAnd who gives a fcuk abt purchasing power...as far as she has the money and can buy what she needs....let those at the exchange market deal with d inflation stuff
DeleteAnonymous 3:07, the good wife is not an educated person from the way she sounds so dnt conclude shez a graduate just soon.
DeleteWho is dis Carton oo for Christ's sake?U mean u just said that??U r Soo ignorant about wat is goin on around u&u r exhibiting it so gallantly?Even if u r still in high school,it's not an excuse for ur type of ignorance cos even sec sch students r being taught inflation&deflation in Economics so wer exactly r u from?later one man will put u at home as d wife&phone maker wit dis ur pathetic mentality??!!smh!! Wat kind of graduates are bein bred in Nigeria my God!!
DeleteThank you, 3:07pm. Average IQ in Nigeria is low. That's why we're where we are.
DeleteLwtmb... #singing... I fit die ontop ur matter eeeeeh
DeleteHahahaha.. U guys should explain how the problem with the naira affect the #TheGoodWife... No need to be abusive..#messtaFlash
DeleteSeriously???? The sad thing about this Good Wife is that s/he may actually be a graduate. And we wonder why the country is in such a mess. Dumb citizens much?
DeleteWhen the price of a loaf of bread becomes $1000 naira and government removes petrol subsidy coz they can no longer afford it and thus jacking up transportation price and every other price known to you, maybe then you will get a clue.
DeletePrepare for austerity measures we haven't seen since the 80s when government starts looking for lost revenue due to low oil price. They will increase taxes on every damn thing and you will no longer be able to afford anything.
Story for the gods
ReplyDeleteWhat are this people doing to our economy? They should not try rubbish with that oo, after officially devaluating the naira.
DeleteThis bank Governor should wake up, this us nonsense.
ReplyDeleteWell done GEJ
Fool!..ur papa nor fuck ur mama, GEJ..
DeleteMismanagement and maladministration
DeleteAsk GEJ
DeleteI could help but laughing @ some of the comments above! Some of LIB readers fit the description! See what of the problem of buying Jamb and blocking in University has caused? Oil prices are failing! U blaming it on GEJ! SMH
DeleteLol it's only laugh i'm laughing ooh on LIB comment nd central bank Governor should wake up nd do his job.... lol
DeleteCool
ReplyDeleteHow A Soldier Abused A Female Polytechnic Student Repeatedly For Five Hours Under A Tree
What Some Female Hotel Attendant Do When Cleaning Their Customers Room
Omg! Married Woman Caught Red-Handed Cheating With Another Man
LOL! We all saw this coming
ReplyDeleteOk..I don't understand
ReplyDeleteVisit my blog
www.glowysofiscated.blogspot.com
Let then defend like okocha
Delete@lwkmd_naija
Aiit
ReplyDeleteAmakadarlyn@yahoo.com
Hmmmm. Lip sealed
ReplyDeleteMR EDDY said.
ReplyDeleteHmmm. Well I don't have much to say rather than it is well with our currency.
^
^
^™THAT EDO BOY.COM~
Warefa
ReplyDeleteAll this one na English, Election is here again...Pls start distributing d money ward to ward...I need my share....
ReplyDeleteits election time...maybe that is the source of some or all of the N21 billion presidential election fund raising cash. fund raising my foot we know better now.. after all "stealing is not corruption"
ReplyDeleteNaija
ReplyDeletePics: Married NYSC lady caught In group sex with 5 male corpers (BBM only)... Click this link now from your phone's native browser, join the BBM channel, msg us for the exclusive pics & get it instantly
That's a lot o
ReplyDeleteIf other resources and other sectors have been exploited long time ago so, we will not be hugely dependable on crude oil. The Nigerian economy would have been better than this, and Nigeria a better place for us all.
ReplyDeleteLUCKY...
They withdraw the money for 2015 election....all na thief thief thing.
ReplyDeleteHmmhm...issokay
ReplyDelete#Omoh
It drops only in paper abeg.
ReplyDeleteI wish I got all that. Confusing
ReplyDeleteI read it twice and I don't understand. Help, anybody?
ReplyDeleteNa wa oo. Naira don depreciate..where's sanusi at lol
ReplyDeleteCall me Fola
Our money is gradually devalued
ReplyDeleteOil price effect.
ReplyDeleteJust bcos of the d drop in price of oil....Nigeria economy is falling apart....u see why its bad to put all eggs in one basket...Nigeria depends so much on the oil sector that's why....when we have agriculture......solid minerals etc.....let's enjoy our fate
ReplyDeleteIs bringing Russia into this whole mess a way of defending the president's incompetence and that of his advisers and economic team which includes you...In countries where people are brought up with integrity, GEJ should have personally resigned but NO, African politicians are shameless and would never resign even in the face of overwhelming evidence of corruption and incompetence...what a society.
ReplyDeleteFool u should read more and watch more news before u open ur retarded God forsaking mouth to insult the president
DeleteHe diid read it Ifeanyi, unless u think d loss of 500mil dollars in a week is a sign of competence?
DeleteSpending millions of dollars trying to prevent it from falling but it keeps falling hmmmmm
ReplyDeleteKai stories like this get me sick, where is the money going to? We are so called 1 of the richest countries in the world...... SUPERSLIMC4
ReplyDeleteMo gbe...we dnt die 4 dis country
ReplyDeletewhy bringing Russian economy here? that is why i hate jonathan government - always looking for excuses, most they try to justify everything? cabal of foolish thugs calling themselves leaders.
ReplyDeletethis is one of the effects of borrowing, they would have use from the reserve instead of borrowing USD1 billion to fight boko haram
Preach bro.
DeleteOK oh!
ReplyDeleteHmmm. Well I don't have much to say rather than it is well with our currency.
ReplyDeleteIn God we trust JC
Time for change
ReplyDeleteThe economy is dwindling at a high speed and frantic efforts need to be made. I haven't seen any effort to exploit other means of generating revenue.
ReplyDeleteThe nations foreign reserve keeps getting depleted whenever we get to election season. No wonder they put a Yes man like the Current central bank Governor there.In one week Haba!
ReplyDeleteThis country is finished. How on earth did we get such a retarded government? Our foreign reserves used to be in billions of dollars and now it is just $500Million dollars? Jeez!
ReplyDeleteLol... It's not $500mil bro(sis); it depleted by that amount in a week. That's the title of the post, so who am I to say u don't read....#meestaFlash
DeleteHMMMMMMM! TIRED OF THIS COUNTRY CALLED NAIJA. SELFISH MODAFUCKARS RUINING THIS NIGERIA...
ReplyDeleteNaija, huh!
ReplyDeleteHp mini laptop selling for 45k. Email angelo8z8@yahoo.com if you are interested.
With dis rate, Hmmmm Nigeria will be crying by next year o.
ReplyDeleteHmmmmmmmm, its even telling on me. 100k buys me notin tangible again o...chai!
ReplyDeleteGEJ will leave the country with nothing and incur debt for us,no be new thing,he did it to bayelsa when he was governor,so now naria dey sick him hospital bill na $500million chai there is God ooh,this money you people re sharing chai chai **EMZEALLOUS**
ReplyDeleteThis is what happens when υ̲̣̥r̲̅ not flexible in your dealings. Nigeria relied too much on crude oil and import almost everything even things we can easily produce in our backyards if funded.
ReplyDeleteIt is happening!! Brace yourselves. The evolution of a more diverse Nigerian economy is about to happen. When there is adversity innovation thrives.
ReplyDeletefunniest thing is even if u want to produce....Nigeria banks will never grant u a loan to help u.....They only give d loans to d rich, retard, selfish bastards.
ReplyDeleteNot true. My bank gives. The problem is no startups, because of the high risk involved... #meestaFlash
DeleteMore reasons why I may not move back to naija! So much good in that country, but the bad over rides the goid! It is well
ReplyDeleteYour money still intact???
ReplyDeletewhat a dumb statement
Your money still intact???
ReplyDeletewhat a dumb statement
Them don am withdraw for election purposes;
ReplyDelete21billion donation in disguise;
It is well
linda i dont understand all this currency stuff pls explain it better
ReplyDeletebiko oh.
Waiting for the interpreters!!!!
ReplyDeletePigs!!!!!
It raise or drop ?how does it affect price of rent my Landlord is about to charge me?how does it affect fuel i run on my gen 24/7.?Price of garri huko O
ReplyDeletemumu! go to your dictionary, chek d meaning of inflation and deflation. and if u still don get it know dt your mumuism is going no where!
DeleteWats happening to the Country
ReplyDeleteAuntylindagoddaughter
Why are Nigerians so ignorant? What happened to the days of seasoned graduate! I read an article here a while ago written by ETC guy on how the president is being blamed for everything and here it is again! Please my fellow compatriots even if you are not an economist do a bit of research! you have access to the internet use it wisely! The economy is called 'globalized economy' for a reason- we are in the age of globalization so whatever happens nationally stems from international scenery. The devaluation of our Naira is inevitable even with acclaimed puritan like Buhari at this era! Putin cannot save their currency from nosediving too so CBN governor isn't drawing that analogy to exonerate the president nor does the devaluation has anything to do with election. The only sane argument or comment here would been, why wasn't and isn't (i used was cos our mono product economy didn't start with president GEJ govt) the administartion investing in physical, social and human capital while exploiting the natural capital? The agricultural reforms of the president is a welcomed development but it's a little too late to prevent the kind of shock yet to hit the Nigerian economy. Whoever gets into office must build on that and other avenues cos that is the only solution otherwise this country will go into Bolivia 1984 economic collapse. Frankly I do not care who comes into office but to do the right thing is inevitable at this point. Oil price will further dwindle and that could hold on for 15 yrs. OPEC control era is ended. My people read and do research cos the president alone won't change the country. The citizen is the country!
ReplyDeleteLiked!!!!
DeleteMost disheartening is that our current millenials are more interested in fashion, modelling and showbiz than academics (don't get me wrong- these aint bad). It will be nice to see people hungry for real world issues knowledge and being humble enough to admit to ignorance and seek for knowledge or accept corrections. The Nigerian problem is with the Citizens. People here are too proud to admit their wrongs and receive corrections, they resort to name calling and revel in their ignorance, make unguarded statements and false assumptions. Please my people a civilized society is not one that showcases the latest commodity but one that cherishes knowledge and information. Economic down turn isn't a national exclusive occurrence it is a global phenomenon. We are in a globalized economy, these things are inevitable and countries that are hardest hit are ones that relay on one (globally thriving) commodity. The issue of environmnetal change is pushing research in areas of green technology and clean energy so fossil fuel will further dwindle price wise and will eventually phase out. That is why economic diversificstion is more pressing than ever now. Even Buhari cannot stregthen the naira at this time but perhaps could continue the agriculture reforms of the current president if he wins. And corrupt politicians needs to invest their stolen money in the country for capital projects. Like I said in my earlier post I do not care who wins this election! Whatever happens change will enforce itself cos the tide is changing and fast changing in the global scene. Leaders have no option than to do the needful otherwise their won't be any economy to govern hence no country.
ReplyDeleteBravo!!
DeleteThat is serious.
ReplyDeleteWhy are Nigerians so ignorant? What happened to the days of seasoned graduate! I read an article here a while ago written by ETC guy on how the president is being blamed for everything and here it is again! Please my fellow compatriots even if you are not an economist do a bit of research! you have access to the internet use it wisely! The economy is called 'globalized economy' for a reason- we are in the age of globalization so whatever happens nationally stems from international scenery. The devaluation of our Naira is inevitable even with acclaimed puritan like Buhari at this era! Putin cannot save their currency from nosediving too so CBN governor isn't drawing that analogy to exonerate the president nor does the devaluation has anything to do with election. The only sane argument or comment here would been, why wasn't and isn't (i used was cos our mono product economy didn't start with president GEJ govt) the administartion investing in physical, social and human capital while exploiting the natural capital? The agricultural reforms of the president is a welcomed development but it's a little too late to prevent the kind of shock yet to hit the Nigerian economy. Whoever gets into office must build on that and other avenues cos that is the only solution otherwise this country will go into Bolivia 1984 economic collapse. Frankly I do not care who comes into office but to do the right thing is inevitable at this point. Oil price will further dwindle and that could hold on for 15 yrs. OPEC control era is ended. My people read and do research cos the president alone won't change the country. The citizen is the country!
ReplyDeleteBit by bit they are stealing money for Election ...Storyline
ReplyDeletewhere,how, Where is Okonjo Iwela?
ReplyDeleteit is well with Nigeria.
ReplyDeletethe remain one still big shaa
ReplyDeletehmmmm not an economist sha..anyhow al is well..but linda wats russia doing there again abi na mistook
ReplyDeleteSo for those who don't understand how the whole naira issues affect them click (or copy and paste on ur browser)
ReplyDeletehttp://aguntasolo.com/2014/11/25/cbn-and-the-nigerian-economy-a-short-story/
(Sorry Linda I am not one to advertise another blog, but I think your readers need to read this)
#meestaFlash
This is serious oo
ReplyDeleteuna neva see anytin yet u will be shock after bros GEJ govt finish na den una go hear real gist about d situation of tinz
ReplyDeleteThat's so bad!!!
ReplyDeleteCongrats
ReplyDeleteAbeg eee, Thank God I'm answering an English Surname.
ReplyDeleteand with all that spent, the naira's devaluation is at one of its worst ever!
ReplyDeleteCan somone xplain dat beta to me
ReplyDeleteI fear for 2mao
ReplyDeleteThose Nollywood kiss asses received 500MILLION from GEJ when they went on a kiss ass mission and we are looking for $500million na so.... keep fooling yourselves
ReplyDelete