advanceDNA:


It will not be hugely significant....that's what I said earlier.....crude oil products is not our only imports.....we are still heavily importing every other thing even toothpick, used clothes, food, ..... and not exporting anything to drive the demand of naira

Refined petroleum is our major import taking most than 65% of our FOREX.

see attached picture

I hope it's not a strategy just to coerce the savers in dollars to offload their dollars only but, true policies to strengthen naira. It is true policies that can be sustained and not some magical wands.
We all want this country to work for us in reality and not on papers.

The Aboki and/or BDC will be afraid to buy and keep for excessive hoarding speculative gain because you dont know the next announcement for take up will be lower. So you buy only your demand and the real value of Dollar to Naira will be know.
Tinubu really dealing with so many people without major rancour, because if HE outrightly scrapped the BDC arrangements there will be outcry is some quarters.

advanceDNA:


Demand for naira is what will boot naira in a floating currency system....

...hope u understand that Dangote is not exporting crude oil products to other nations in naira...he's being paid in dollars for his exports ....

His business operation will not significantly boost naira as Reno claimed without the government heavily paying subsidy on the exchange rate as they are doing now......

Thats why they are saying Reno is a paid propaganda spreader.....

However you choose to look at it, Dangote turnover be it naira or dollar is beneficial to Nigeria GNP,
The most important thing is balance of trade, in as much as our Export increases its will foster economic growth

Nigeria sells Crude oil in dollars, how is it detrimental

Let's see how long the run lasts. Congrats.

dollar might get to 200 Naira with the was cbn is running things like pure magical polices.

Melagros:
COMRADES and the prices of goods and services remain very high and it will remain so till infinity
For the past two weeks the media had been awashed with this news of naira appreciation, but that did not reduce the price of any commodity in Nigeria. What a shameless and incompetent government?

Wait and see, be patiently watching naira to keep appreciating against dollar to the point that imported competitive product become cheaper than our local product. Then the Imported cheaper product will become predominant against the expensive local products and people will begin to trade off against the local ones and embrace the imported that's how to fight the greediness.

Codeye:

Please read the nonsense you wrote again, this time slowly. If you still don't understand ask your neighbor or friend to explain it to you. Peace

Yawn..!!!!!.go and rest if u don't have nothing to say...... imports on fuel is not the only thing we are demanding dollar for in nigeria...

the pressure on demand of dollar will not be heavily reduced as well because we are still heavily importing every other thing in this country including daily food....

iamtoofan:



However you choose to look at it, Dangote turnover be it naira or dollar is beneficial to Nigeria GNP,
The most important thing is balance of trade, in as much as our Export increases its will foster economic growth

Nigeria sells Crude oil in dollars, how is it detrimental

Yes it will....
Read my text I said it won't be greatly significant...and my reason is we are heavily dependent on other imports...if crude oil products was our only imports then Dangotes fuel hitting the market will gigantically improve help

Thing is . fG spends billions of dollars importing refined products, if we can buy su h products locally, the demand for dollars will drop.. naira appreciates,.. and dangote inflow of dollars will help the economy as well

advanceDNA:


Demand for naira is what will boot naira in a floating currency system....

...hope u understand that Dangote is not exporting crude oil products to other nations in naira...he's being paid in dollars for his exports ....

His business operation will not significantly boost naira as Reno claimed without the government heavily paying subsidy on the exchange rate as they are doing now......

Thats why they are saying Reno is a paid propaganda spreader.....

Mynd44:

Refined petroleum is our major import taking most than 65% of our FOREX.

see attached picture

Oga mynd..that picture is not complete...our import on food is way higher than that

How is it a blow to people who bought dollars at 360?

Look a vast majority of people change their Naira to Dollars TO PRESERVE THE VALUE and not necessarily to make pprofit.

On that count they succeeded and are still succeeding.

Another heart attack for the enemies of Nigeria.....
Una mind no go touch ground.
Nigeria shall rise again

$ slaves where Una dey?

Mynd44:

Yeah, I know this sounds like a complex economic theory but it is like this.

Before Dangote, Nigeria had to import fuel (diesel, aviation fuel, petrol etc) and this put a lot of pressure on the Naira as we now needed dollars to buy these products.

Dangote does not even need to export before a change is noticed as since Nigerians will buy from Dangote in Naira, they don't need dollars to import fuel. That reduces to demand for dollar and eased pressure on the naira.

Obi used to say "Nigeria must move from consuming to producing economy" when we import fuel, we were consuming. With local refineries, we are not a producing one and this improves the currency by a lot.

Are you trying to convince people that Nigeria no longer import fuel?

Shey you Dey us ni

Balistic4:
while I am extremely happy about this news, sadly it is not a real growth and hence, not sustainable. That been said, naija business people are really heartless. Tinubu started this inflation and greedy business men and women will help him finish it, at the detriment of Nigerians at large.

cause dollar is dropping and price of things are going higher in the market. No explanation why, they had the reason that it was caused by dollar rise, now the reason is gone.

After this shabby dollar support, the next wave of inflation will be catastrophic.



You are the real enemy of progress with little logic in your head. This is not a real progress, it is just a makeover. Have we started exporting anything? Dollar reserve is fast depleting and CBN is not playing by the book. You are the one that is the real enemy of Nigeria, but let us safely blame your outburst on ignorance.

Keep crying 😂

Naira is appreciating.

SmartyPants:


1. I did not insult you anywhere sir. You cannot know everything and from what you wrote there I know you don't understand this particular area, but you might be an expert in something else. Advising you not to comment on what you don't know is not meant to insult you, rather it is meant to protect those who have even less knowledge from being misled by half-knowledge.

2. We are not saying Dangot's refinery will solve the entire problem but by the quantity of oil import that is eliminated, and the quantiy of fx inflow that is created, with all other factors being equal, it will be a major gamechanger. Nigeria is winning already.

U are just saying what I said in other English oga Ade....I ddnt say it will not help...I said it doesnt warrant the claims of reno....

And naira is not technically not currently winning..because this is not an actual gain that happens in a floating system...... CBN just decided to return the subsidy they removed by injecting our gained revenue or foreign reserves in the market... giving us the weekly changes ...

Osanoghodua1:
FG should massively import foodstuffs to crash the market.

FG importing foodstuffs will come at a cost plus subsidy which is not viable,
the best approach to crash market prices is FG should open Land borders that will give needed competiton to all players even Northerners will be level-headed

advanceDNA:


Demand for naira is what will boot naira in a floating currency system....

...hope u understand that Dangote is not exporting crude oil products to other nations in naira...he's being paid in dollars for his exports ....

His business operation will not significantly boost naira as Reno claimed without the government heavily paying subsidy on the exchange rate as they are doing now......

Thats why they are saying Reno is a paid propaganda spreader.....

You got it wrong. Nigeria major import as today is fuel. We will not need to search for dollars to import again if Dangote can supply us. Yes, Dangote will import some crude oil with dollars but also export finishing products.

DeNovo:
How is it a blow to people who bought dollars at 360?

Look a vast majority of people change their Naira to Dollars TO PRESERVE THE VALUE and not necessarily to make pprofit.

On that count they succeeded and are still succeeding.

The questions are:

Which year was $ sold for N360?
Probably 7,6,5 years ago.
Then what was your intention when you bought $ N360 years ago and you keep them till 2024?

You are nothing but part of Jud+as Is-car+iot we are presently dealing with in Nigeria

ignis:
This is a short term fire brigade solution. Time shall tell.

It is. But if the government knows its onions, this buys it time to put a few things in place to sustain the gains.

Mynd44:

Yeah, I know this sounds like a complex economic theory but it is like this.

Before Dangote, Nigeria had to import fuel (diesel, aviation fuel, petrol etc) and this put a lot of pressure on the Naira as we now needed dollars to buy these products.

Dangote does not even need to export before a change is noticed as since Nigerians will buy from Dangote in Naira, they don't need dollars to import fuel. That reduces to demand for dollar and eased pressure on the naira.

Obi used to say "Nigeria must move from consuming to producing economy" when we import fuel, we were consuming. With local refineries, we are not a producing one and this improves the currency by a lot.

Should Dangote receive payment for his goods in dollars or naira? How would the value of the naira increase if Dangote receives payment in dollars for his products? I think buyers should exchange dollars for naira to pay Dangote, thereby increasing the value of the naira.

emdis:
Thing is . fG spends billions of dollars importing refined products, if we can buy su h products locally, the demand for dollars will drop.. naira appreciates,.. and dangote inflow of dollars will help the economy as well

Yes I ddnt deny that......but we are still heavily dependent of another imports.....my point is Reno's claims is a huge fallacy...and will not greatly appreciate the naira.....shebi we dey this Nigeria together

Good news

Piiiggs can grunt to death

zionstaar75:
mumu talk, do you know how much dollars is used to import fuel?it puts alot of pressure on the naira

Idîot....Do u know how much dollars we use in importing other nonsense including food.....

advanceDNA:


U are just saying what I said in other English oga Ade....I ddnt say it will not help...I said it doesnt warrant the claims of reno....

And naira is not technically not currently winning..because this is not an actual gain that happens in a floating system...... CBN just decided to return the subsidy they removed by injecting our gained revenue or foreign reserves in the market... giving us the weekly changes ...

pdp did the same thing for 16 years and they were not wrong but now that apc is doing it u now realize it's wrong. U are irredeemable from your stupor. U are just confused that Tinubu is not failing like you anticipated

muykem:
You got it wrong. Nigeria major import as today is fuel. We will not need to search for dollars to import again if Dangote can supply us. Yes, Dangote will import some crude oil with dollars but also export finishing products.

Do we have other imports ??
Is fuel the only index affecting our exchange rate..??

Nigeria shall be great again. Let’s bring it back to at least 800# on the dollar

Tflex01:
I don't still understand why good news still make some people mad in this country.

Nawa

as in ehn...very irritating

You mean padded naira? wake me up when it drops to 650/$, that was where it was when Agbado took over

BTW, what's the difference between what Buhari and Emefiele were doing and what Cardi B and Agbado are doing now?

Why float a currency and within a few months comes back to pad and Fix it? why took us through hell only to come back to what others where doing when you came in?

Tflex01:


Keep crying 😂

Naira is appreciating.

as expected, you can't read. Go school first before you get a response from me again