Dangote refinery is set to start operation mid next year, which would drastically add value to our naira.

Oil is priced in USD, the government can mandate the sell of crude product in USD but if the crude is paid in naira a percentage discount would be applied.
This would make foreign countries to start holding the naira esp African countries within.

The CBN would also limit the printing of naira and activate the Enaira digital currency in phases, starting from big cities.
A scarce and sort after naira, increases currency value.

Any profit we get from crude sells should be channeled in improving our gold reserve instead of stock pilling dollars that can be printed at will by the US.

Our debt should be paid with the dollars received from exports.

While improving other sectors.
Economist is this logical?

Also BDC should be scrapped, only bank should have the liberty to exchange foreign notes at a CBN regulated rate,

anybody caught spending dollar inside Nigeria should be jailed.

Let's discuss..

That I have no doubt Naira will bounce back.
Things will better again in this country.
And it has to do little with whoever becomes president.
It's just a time, those who God bless will understand.

A lot of what you wrote here has been suggested by Peter Obi.

But I also like your idea of offering discounts to those buying our crude oil in Naira

And OBI becomes president

I pray ooo

I am currently trying to get rid of my Naira as i want to make a purchase here in US. I have put in a form A but it is taking too long. If anyone here in the US is looking to buy Naira for USD please reach out rate $1=N660. Rate can be negotiated based on volume. Please reach out

Op are you in my head? In addition to the above, cbn should ensure easy access to dollars for small businesses through their tax ID. Which means , it’s easier for you to meet your forex obligations as a business owner but your tax ID would be used to process such payments. In nutshell, your forex worthiness should be directly proportional to the amount you pay in taxes and also your custom duty proof of payment.

darthv:
Also BDC should be scrapped, only bank should have the liberty to exchange foreign notes at a CBN regulated rate,

anybody caught spending dollar inside Nigeria should be jailed.

Let's discuss..

all non import and export dorm accounts should be closed .it will appreciate to 300

Munamoqel:
all non import and export dorm accounts should be closed .it will appreciate to 300

What happens to people who earn online?

darthv:
What happens to people who earn online?

you use an offshore accounts

darthv:

What happens to people who earn online?

all non import ! They import currency .

okeysoninv:
you use an offshore accounts

Examples?? Like payonneer

20 bn USD unproductive sitting in dorm accounts .this is wrong !all inflow into Nigeria dorm accounts will be credited in Naira . We can be using dollars printed in America !

Fxchange:
I am currently trying to get rid of my Naira as i want to make a purchase here in US. I have put in a form A but it is taking too long. If anyone here in the US is looking to buy Naira for USD please reach out rate $1=N660. Rate can be negotiated based on volume. Please reach out

use crypto usdt

Munamoqel:
20 bn USD unproductive sitting in dorm accounts .this is wrong !all inflow into Nigeria dorm accounts will be credited in Naira . We can be using dollars printed in America !

The problem still flows back to black market arbitrage and currency continuous devaluation, people are scared to leave their money in naira.

And BDC is not helping matters

The CBN should regulate the black market and set a percentage that this dollar can be sold in respect to the official rate.

darthv:
Examples?? Like payonneer

yes

darthv:
Also BDC should be scrapped, only bank should have the liberty to exchange foreign notes at a CBN regulated rate,

anybody caught spending dollar inside Nigeria should be jailed.

Let's discuss..

The banks are part of the problem of foreign currency racketeering. They hoard it and sell to BDC at higher rates than official. And claim scarcity when directly contacted. HRH Emir Sanusi managed the currency racketeering by allowing BDCs to apply and access these currencies directly from CBN, like the banks. Then, the difference between the rates at the banks and BDCs was N1-2 only.

Munamoqel:
20 bn USD unproductive sitting in dorm accounts .this is wrong !all inflow into Nigeria dorm accounts will be credited in Naira . We can be using dollars printed in America !

Japan did that years back, and it helped to stabilise their currency against the dollar. All expenditures are done in Japanese yen

darthv:
Also BDC should be scrapped, only bank should have the liberty to exchange foreign notes at a CBN regulated rate,

anybody caught spending dollar inside Nigeria should be jailed.

Let's discuss..

Lol why make laws you can't enforce ? This is the problem with most Africans ... making laws you can't enforce makes you look weak and not in control

Take example Banning of imported rice ... Nigeria is denied ability to make revenue from import tariffs yet foreign rice dominate the Nigerian market
Yet the Nigerian people pay excess

Solution allow import of rice ...put a 100% import duty on it ..rice in the international market is around 18k ...plus tax that's 36k ...so it would probably sale at 40k

Nigeria imports 40 Million bags of rice yearly ...(40,000,000 X 18,000)=720 billion yearly

With this 720 billion government keeps 300 billion

Use 420 billion per year to develop the rice industry

Developing year round rice fields , development of improved seeds , providing machinery for farm clusters , building rice mills on loan for farm cooperatives ... providing them easy access to seeds

If the above is done in 5years cost of planting , harvesting , processing and bagging a Nigerian rice would be less than 10k a bag

They can sale 20k and make over 100% profit

Of foreign rice sale for 40k and Nigerian rice of similar quality sale for 20k or even 25k ...no body would tell you to buy local rice

Fxchange:
I am currently trying to get rid of my Naira as i want to make a purchase here in US. I have put in a form A but it is taking too long. If anyone here in the US is looking to buy Naira for USD please reach out rate $1=N660. Rate can be negotiated based on volume. Please reach out

i love this

if the CBN simply starts to pay all level of government, ; state and local government in dollars whilst controlling the volume of naira in circulation...naira value will gainn strength

mrvitalis:

Lol why make laws you can't enforce ? This is the problem with most Africans ... making laws you can't enforce makes you look weak and not in control

Take example Banning of imported rice ... Nigeria is denied ability to make revenue from import tariffs yet foreign rice dominate the Nigerian market
Yet the Nigerian people pay excess

Solution allow import of rice ...put a 100% import duty on it ..rice in the international market is around 18k ...plus tax that's 36k ...so it would probably sale at 40k

Nigeria imports 40 Million bags of rice yearly ...(40,000,000 X 18,000)=720 billion yearly

With this 720 billion government keeps 300 billion

Use 420 billion per year to develop the rice industry

Developing year round rice fields , development of improved seeds , providing machinery for farm clusters , building rice mills on loan for farm cooperatives ... providing them easy access to seeds

If the above is done in 5years cost of planting , harvesting , processing and bagging a Nigerian rice would be less than 10k a bag

They can sale 20k and make over 100% profit

Of foreign rice sale for 40k and Nigerian rice of similar quality sale for 20k or even 25k ...no body would tell you to buy local rice

i so.much this Analysis

darthv:
Dangote refinery is set to start operation mid next year, which would drastically add value to our naira.

Oil is priced in USD, the government can mandate the sell of crude product in USD but if the crude is paid in naira a percentage discount would be applied.
This would make foreign countries to start holding the naira esp African countries within.

The CBN would also limit the printing of naira and activate the Enaira digital currency in phases, starting from big cities.
A scarce and sort after naira, increases currency value.

Any profit we get from crude sells should be channeled in improving our gold reserve instead of stock pilling dollars that can be printed at will by the US.

Our debt should be paid with the dollars received from exports.

While improving other sectors.
Economist is this logical?

This is fucking logical.

darthv:
Also BDC should be scrapped, only bank should have the liberty to exchange foreign notes at a CBN regulated rate,

anybody caught spending dollar inside Nigeria should be jailed.

Let's discuss..

This also could help.

Truth is, naira is is only used in Nigeria and that is why it very weak.

Government needs to regulate the holding and hoarding of cash. In US, you can not carry more that $20k around. Here in our country, a poor man that needs dollar for his day to day trade find it hard to see that dollar. But the rich I mean politicians will always get it much to do rubbish with it.

darthv:


The problem still flows back to black market arbitrage and currency continuous devaluation, people are scared to leave their money in naira.

And BDC is not helping matters

The CBN should regulate the black market and set a percentage that this dollar can be sold in respect to the official rate.

the black market must not be supported to operate . They must be treated as treasonable . Any Landlord that give his property to be used as a BDC or Dollar trading zone will be forfeit to govt ! Any dollars street trading is laible to 5 years prison term and all properties earn via such income will be forfeit . It illegal to trade in currency like tomato's and pepper . BDC approved must only have offices inside departure terminal of international airports
.

Munamoqel:
the black market must not be supported to operate . They must be treated as treasonable . Any Landlord that give his property to be used as a BDC or Dollar trading zone will be forfeit to govt ! Any dollars street trading is laible to 5 years prison term and all properties earn via such income will be forfeit . It illegal to trade in currency like tomato's and pepper . BDC approved must only have offices inside departure terminal of international airports
.

I tire oo.
I don't know why CBN can not put these guys in there place

Don't play a game that is rigged to ensure you lose.

Nobody who plays in a Casino ever finishes beating the Casino, because Casino designs their game to ensure they win 99.99% of the time.

The global monetary system and exchange rates were created by colonisers and rigged to ensure Naira loses against the dollar .

There can be no bouncing back of Naira.

As per the second paragraph, Nigeria could have asked for Naira for its crude oil long ago even without Dangote refineries. Crude oil is the major foreign exchange earner of Nigeria ( about 90%), if it sells its only saviour in Naira, how will it earn forex for its numerous foreign obligations?

Dangote refinery buys crude oil for refining in dollars (because it’s priced in $ per barrel earning Nigeria forex) and will also sell in dollars as well. Remember there are foreign loans taken out by refinery which have to be paid back , its major raw material is bought in foreign currency. Why would Dangote refineries sell its output to Nigeria in Naira?

Even if Nigeria pays Dangote refineries in Naira, it’ll still need to exchange same for dollars to settle these obligations.

The refinery will save Nigeria forex rather earn forex.

KEY QUESTIONS ARE:

-What is the daily capacity of the refinery vs the daily local demand ( to determine what will be left for possible export and forex earnings by Dangote)

- What is Nigeria’s crude oil production capacity vs the refinery’s capacity ( to determine what will be left for possible export and forex earnings by Nigeria)


Can currencies appreciate sustainably against the dollar? Sure

Can Naira appreciate sustainably against the dollar? Near impossible with the status quo

It’s all about supply and demand. Anything that can increase the demand for naira, increase the supply of dollars and or reduce the demand for dollars and supply of Naira will cause the Naira to appreciate in a sustainable fashion. With poor financing, insecurity, decaying infrastructure, deplorable educational system, rent seeking, no rule of law etc how can the business environment be conducive for export industries ?

darthv:
Dangote refinery is set to start operation mid next year, which would drastically add value to our naira.

Oil is priced in USD, the government can mandate the sell of crude product in USD but if the crude is paid in naira a percentage discount would be applied.
This would make foreign countries to start holding the naira esp African countries within.

The CBN would also limit the printing of naira and activate the Enaira digital currency in phases, starting from big cities.
A scarce and sort after naira, increases currency value.

Any profit we get from crude sells should be channeled in improving our gold reserve instead of stock pilling dollars that can be printed at will by the US.

Our debt should be paid with the dollars received from exports.

While improving other sectors.
Economist is this logical?

FFF241:
As per the second paragraph, Nigeria could have asked for Naira for its crude oil long ago even without Dangote refineries. Crude oil is the major foreign exchange earner of Nigeria ( about 90%), if it sells its only saviour in Naira, how will it earn forex for its numerous foreign obligations?

Dangote refinery buys crude oil for refining in dollars (because it’s priced in $ per barrel earning Nigeria forex) and will also sell in dollars as well. Remember there are foreign loans taken out by refinery which have to be paid back , its major raw material is bought in foreign currency. Why would Dangote refineries sell its output to Nigeria in Naira?

Even if Nigeria pays Dangote refineries in Naira, it’ll still need to exchange same for dollars to settle these obligations.

The refinery will save Nigeria forex rather earn forex.

KEY QUESTIONS ARE:

-What is the daily capacity of the refinery vs the daily local demand ( to determine what will be left for possible export and forex earnings by Dangote)

- What is Nigeria’s crude oil production capacity vs the refinery’s capacity ( to determine what will be left for possible export and forex earnings by Nigeria)


Can currencies appreciate sustainably against the dollar? Sure

Can Naira appreciate sustainably against the dollar? Near impossible with the status quo

It’s all about supply and demand. Anything that can increase the demand for naira, increase the supply of dollars and or reduce the demand for dollars and supply of Naira will cause the Naira to appreciate in a sustainable fashion. With poor financing, insecurity, decaying infrastructure, deplorable educational system, rent seeking, no rule of law etc how can the business environment be conducive for export industries ?

Next year better be good


https://www.youtube.com/watch?v=8m1P46qj9mA