Will Functioning Refineries In Nigeria Affect The Inflow Of Dollars - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / Will Functioning Refineries In Nigeria Affect The Inflow Of Dollars (237 Views)
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| Will Functioning Refineries In Nigeria Affect The Inflow Of Dollars by vanitybutiwanti: 11:25am On Sep 29, 2023 |
The naira has been on a free fall because of the scarcity of forex, considering that Nigeria as a country gets the bulk of it's forex from sale of crude oil, with the completion of various refineries in under construction in Nigeria won't it affect the flow of forex , especially as the refineries have to buy crude oil in naira, and as a result deepening the fall of naira? Informed nairalanders please discuss. |
| Re: Will Functioning Refineries In Nigeria Affect The Inflow Of Dollars by leaner2023: 11:29am On Sep 29, 2023 |
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| Re: Will Functioning Refineries In Nigeria Affect The Inflow Of Dollars by Mynd44: 11:52am On Sep 29, 2023 |
Yes. Our FOREX needs will greatly reduce |
| Re: Will Functioning Refineries In Nigeria Affect The Inflow Of Dollars by Nobody: 12:16pm On Sep 29, 2023 |
Mynd44:True.. well said |
| Re: Will Functioning Refineries In Nigeria Affect The Inflow Of Dollars by Ikaeniyan0: 1:12pm On Sep 29, 2023 |
vanitybutiwanti:Dangote will buy crude in dollars and also sell the refined crude in dollars. But the dollars will stay in Nigeria instead of going to refiners abroad some foreign countries will also buy from Dangote and pay in dollar. Dangote and PH refinery will bring down the pressure on the naira sha. Last year, we spent about $24B importing refined oil |
| Re: Will Functioning Refineries In Nigeria Affect The Inflow Of Dollars by mrvitalis(m): 1:24pm On Sep 29, 2023 |
vanitybutiwanti:Depends on a few factors we have an OPEC quota of 1.6mpd (we haven't even met that ) But the deal here is domestic consumption is not added to OPEC allocation Since crude sales is one of our biggest dollar source and petroleum products are our biggest dollar expense So if we can keep dollar earnings same and reduce dollar spending its only natural our currency would be strengthened But if we don't keep dollar earns constant by producing extra crude oil per day outside what er currently produce to feed the local refineries it won't have any effect So you see it's technical It's get more complex tok but I would leave it here |
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