The price of the United States Dollar may soon crash down to around N203 in the parallel market after africa’s richest man, Alhaji Aliko Dangote recently revealed that his companies better known as, The Dangote Group will soon start selling dollars to the Central bank of Nigeria
Dangote group have offices and factories dotted all over Africa and receive the majority of its export revenue which runs into billions every week in United states dollars
Dangote, who spoke in Lagos at the Nigerian Economic Summit organised by Economist Events, an arm of The Economist of London, said, “We are looking at a situation that by 2020, we will be the one selling FX to the CBN. Our projects are mainly import substitution. We are working to be self-sufficient to grow about a million tonnes of rice over the next five years
Insider sources have revealed that the Central bank of Nigeria stopped selling dollars to Bereau the change operators because of the very low inflow of dollars from the sale of oil which used to be $3.2bn but is now around $1bn per month
But if Dangote’s plan is to work, the Central bank of Nigeria will have the greenback in more than enough quantities through recycling the company’s revenue which will ultimately allow the CBN to recommence the weekly bidding for foreign currencies by the BDCs
According to a top source in the apex Bank, “The aim of CBN is to ensure that the divergence between the official and parallel rate does not exceed N3, so we are looking at a parallel market rate of N200/$
So far, the CBN in a bid to manage the pressure on supply has deployed over $11.7 billion to support Agricultural Sector, SMEs, manufacturers and others. This has reduced patronage of black market by end-users and has forced rent seekers to dump the greenback thereby creating a dollar-glut in the black-market.

Ifeanyichukwu Ubah

Dangote to rescue once more ..Buhari should abdicate for this man abeg

I don't wanna hear to crash, I wanna hear has crashed. Enough of this stories abeg

Make them kukuma sell this country for this man self .

I Thot I saw in the article that this will be by '2020'?

Smh. Dangote again??!!

Under normal circumstances, one would not question international businessmen like Dangote, Otedola or even owner of beloved Innoson, Innocent Ifediaso Chukwuma; just to name a few. But Nigeria has never been an ideal country where anyone is above suspicion in view of past abuses. Each of these three should be our foreign cash cows into Nigeria. They should not be scrambling with other Nigerians asking Central Bank or individual banks for foreign allocation. http://www.nigeriavillagesquare.com/articles/dangote-fpi-banks-must-substantiate-lion-share-of-forex.html

After this article came out , Dangote came out with 2020 promise. What and where have each of these people and all the foreign earnings been kept? In foreign accounts or domiciliary accounts.

Which Dangote?the same Dangote the central bank goveenor promised to provide with all the USD he needs just last month?...P.S:Presently Dangote needs more USD than the Federal Government of Nigeria!

This is what will happen when majority do not know

the secret of their economy.


They can't be patient enough only to rant.

They can't produce only to eat foreign cabbages.

The majority lack patient will make the president succumb to business men who are creating cloudy atmosphere for selfish again.

If we continue like this,one day they will sell this country like Zimbabwe.....

Like GEJ, when he came in 2011 with good intentions, they tight up the economy with their strategies, he quickly succumbed because citizens will revolt against him...

UBAH deserves d praise!!!!

Access bank still selling N305!...so Dangote shut up!

Dangote is one of the crooks in Nigeria that I know will only do what will make him milk Nigerian economy.

I don't believe he will do anything to help Nigeria unless he stands to gain 1000% from it.

sholatech:
I Thot I saw in the article that this will be by '2020'?

I thought my eyes dey deceive me....2020 bawo

You will think that by now, Nigeria will be sick and tired of promises.

What are all these companies doing with all their foreign incomes right now and getting more allocation from our foreign reserves on top.That is double dipping!

Buhari should make them answer to the article I quoted above and let us stop fooling ourselves. Why are big compaanies scrabbling with struggling companies for foreign exchange?

Burger01:
I thought my eyes dey deceive me....2020 bawo

even the 2020 is not certain. according to them "we are looking at a situation....."

OP you are posting false information.

ladyF:
OP you are posting false information.

Dont mind them. It is a big shame that Nigeria has produced bunch of dummb youth who can't think. No wonder a politician once told me that they will rather hand over power their children than to the so called Nigerian youth,because the so called Nigeria youth are brainless. 90% of them can't think deep,no thanks to sport betting and trashy music . Smh

You release FX to one man freely and he says he would sell dollar back to the country in 2020 They should as well sell the country to him na .
modified: if i read right the report said dollars would be sold back to the country at the rate of 200 naira to dollar by 2020. i thought a particular man said he would make 1naira equals 1dollar so why is this report saying 200 to a dollar by 2020 that is 200% increase na abi baba been dey lie to the masses ?
this OP should put source i beg. i need to know how true this report is abi the source doesn't want to be mentioned

Will it even be considered a progress if dollar sells for 203 by 2020?,#InwandeCoals voice, Shey na like this we go dey dey?

VISION 2020.

Okay..

dearsly:
UBAH deserves d praise!!!!

Access bank still selling N305!...so Dangote shut up!

Stanbic selling @ #280

dearsly:
UBAH deserves d praise!!!!

Access bank still selling N305!...so Dangote shut up!

Access bank is N254 to a dollar my friend.

May or will?

idupaul:
Dangote to rescue once more ..Buhari should abdicate for this man abeg

when will he rescue....? No be 2020 he talk....

We still in 2016....

iblawi:


Access bank is N254 to a dollar my friend.

Can you show us prove?

iblawi:


Access bank is N254 to a dollar my friend.

I was CHARGED N305 ystdae night with my Access Visa Card!

Ope u are not one of the bankers destroying d economy n coming online to defend yourselfs

jara:
You will think that by now, Nigeria will be sick and tired of promises.

What are all these companies doing with all their foreign incomes right now and getting more allocation from our foreign reserves on top.That is double dipping!

Buhari should make them answer to the article I quoted above and let us stop fooling ourselves. Why are big compaanies scrabbling with struggling companies for foreign exchange?

What they do with their income generated from foreign sales is what still baffles me and the CBN is still releasing more.

I am still struggling to grow my factory into an exporting one and can't even find the dollars to secure my materials, yet the richest man in Africa is sipping all the dollars from the nation's reserve in the name of investing in other countries that will even create employment to the citizens of that country, not his.

Nigeria is not for a selected few but for Nigerians.
I am thinking of going to CBN headquarters for them to sell me my own USD even at #200 after all I don't even need 1/trillion (th) of what Dangote is getting.

in the voice of fela. international thief-thief.

Piss of sh.it