Freksy:


So where are you now? Since you have chosen to run to Dubai, or God knows where, who will then develop the region for you?

Some states in the region have decided to take their eyes off the oil. Wake up! They are leaving you behind gradually.

What do you do with the allocation you have been collecting every month? If the entire wealth of the nation is handed to you, it will end in your pocket. No single road is your state will be like Dubai"s.

Any state that wants to thrive can thrive, even better without oil.

You pretend a lot. Name the state or states in Nigeria whose people have taken off their eyes from the proceeds of crude oil and gas deposits in the SS and the SE?
All the killing struggle for presidential seat in Nigeria 🇳🇬 is on who will control the proceeds from crude oil and gas deposits in the Niger Delta. To increase oil production is one of the first policy statements of the new government.
Crude oil and gas deposits are not necessary for survival of a country; many of you are yet to understand this.

TemplarLandry:
Now it's clear they've been benefiting from the discrepancies of our economic system.

Every Nigerian lost a certain percentage of their net worth following the devaluation. It's just basic - your naira wealth would have been calculated using the official rate of 460 thereaouts - now that that rate is gone, your naira denominated wealth will be evaluated at about 750 to the dollar.

Afriifa:
He is not wrong. I am speaking as an Economist.

Ok...
What is right about the nonsense he wrote?

How does dollar rate affects my bank account in Nigeria?

How does my 500,000 reduce to 300,000 in my first bank account cuz of dollar rate?

Balogunodua:



Ok...
What is right about the nonsense he wrote?

How does dollar rate affects my bank account in Nigeria?

How does my 500,000 reduce to 300,000 in my first bank account cuz of dollar rate?

Now your are wrong...

you are looking at the book value of your money...

those guys you are criticizing are talking about the time value of your money.....

for example...if I lend you 1m in 2010 for 13 years without interest...and then in 2023....
you pay back my 1m ...you can never compare the present time value of 1m to that of 2010...


I could build a 3 bedroom flat with 1m in 2010'..but I can't achieve same feat in 2023 with 1m because things are now expensive...

that's why during inflation, the debtors gain more...while during deflation, the creditors gain more


however, if the dollar rate goes high against your local currency (naira)....it reduces the value of your local currency thereby increasing the cost of production when you go to the market with your naira .......cos manufacturers import most of their raw materials via dollar payment

only people who have money in dollar will gain from the dollar exploit

Stop this propaganda.Na so una do when Buhari newly swear-in.Dangote Cement factory burn Abi them hack him account?

Starz825:


Now your are wrong...

you are looking at the book value of your money...

those guys you are criticizing are talking about the time value of your money.....

for example...if I lend you 1m in 2010 for 13 years without interest...and then in 2023....
you pay back my 1m ...you can never compare the present time value of 1m to that of 2010...


I could build a 3 bedroom flat with 1m in 2010'..but I can't achieve same feat in 2023 with 1m because things are now expensive...

that's why during inflation, the debtors gain more...while during deflation, the creditors gain more

The naira have been losing value since time....the fix exchange rate have limited effective on the life of average citizens.

Large chunk of our imports are price using the black market rate which is higher than the CBN rate... despite the so called defending nonsense by the apex bank. The value will adjust itself according to the market... time to know the real state of our economy.

Starz825:


however, if the dollar rate goes high against your local currency (naira)....it reduces the value of your local currency thereby increasing the cost of production when you go to the market with your naira .......cos manufacturers import most of their raw materials via dollar payment

only people who have money in dollar will gain from the dollar exploit

Do you know that majority of importers in Nigeria purchase dollar from the black market? Which could go as high as 790 to 800.

The fix rate as of today is 600+... which is ok.

Samunique:
I received this news with all pleasure, maybe and maybe this might be the end of these men, most especially Dangote who has caged the destinies of millions of Nigerians through monopoly.

The day Dangote is dismantled will be the beginning of the libration of this great country.

ur hatred for dangote won't help others u like be better. Monopoly exist everywhere for certain periods and for specific reasons and purposes it is not an economic or financial crime.

TemplarLandry:
Now it's clear they've been benefiting from the discrepancies of our economic system.

GOD ALMIGHTY PLEASE KEEP ON USING TINUBU TO SAVE NIGERIA FROM ECONOMIC WOES.

Saidfx:


Very soon cars will start using CNG and all it takes is to convert your vehicle to a 'autogas' system. Technically referred to as dual fuel vehicles. The existing petrol/diesel tank is unaltered within converted vehicles, owners can choose at the flick of a switch which fuel they wish to drive on. Relying on Dangote is regression and we don't need it. We move!

Easier said that done.

Saidfx:


Very soon cars will start using CNG and all it takes is to convert your vehicle to a 'autogas' system. Technically referred to as dual fuel vehicles. The existing petrol/diesel tank is unaltered within converted vehicles, owners can choose at the flick of a switch which fuel they wish to drive on. Relying on Dangote is regression and we don't need it. We move!

. .
Easier said that done. It will take at least 20 years of concerted and conscientious effort for there to be any significant shift toward CNG. But are you intentionally silent on the safety concerns with CNG?

SmartyPants:


Every Nigerian lost a certain percentage of their net worth following the devaluation. It's just basic - your naira wealth would have been calculated using the official rate of 460 thereaouts - now that that rate is gone, your naira denominated wealth will be evaluated at about 750 to the dollar.

Well, in the past too when the official rate was 460 Naira to a dollar too, the whole of the country was losing too because CBN was subsidizing it by spending the national purse to defend the naira against the dollar. So, either way something must give. However, we have choice of allowing individuals to lose as against allowing the whole country's economy to lose.

lastmessenger:
they said in six months time. We are looking and observing because if you enter market , everything is on the high side.
Let's hope we have not been scammed again.

I put it to you that you've been heavily scammed again! None of the things Tinubu has done so far( for which some fools are already praising him) will benefit the masses. He is acting out IMF/World Bank script and if you think IMF loves you, then sorry. Why do you think IMF/World Bank have been pressuring Nigeria for years to remove petrol subsidies but the UK and US, who are IMF, have petrol subsidies in place in their countries?

Everlastingson:



. .
Easier said that done. It will take at least 20 years of concerted and conscientious effort for there to be any significant shift toward CNG. But are you intentionally silent on the safety concerns with CNG?

myths.


This is probably among the worst assumptions made about CNG. You should know that CNG has a higher ignition temperature than petrol which makes it less dangerous. CNG can operate at up to 700 degrees Celsius, as compared to petrol’s 455 degrees. So, for instance, if there is an internal temperature rise, it is unlikely that a CNG car will catch fire faster than a petrol car. Also, the cylinders which carry CNG are a lot tougher than the traditional petrol tanks. Before they make their way to cars, they undergo extreme tests to eliminate the risks of leakage.

If you think CNG-run cars live shorter than traditional petrol cars, then you are mistaken, my friend. CNG is lighter than petrol or diesel and is also non-corrosive which helps the engine parts stay intact even after lakhs of kilometres. This ensures that the repair cost would be lower over the lifetime of the car. In addition, with a CNG car, you don’t have to change the engine oil frequently, as you would do with a traditional car. So if you are a busy person, and find it tedious to take your car for frequent service checks, you will be better off with a CNG-run car.

IPMAN as a body has met with the president and they are ready to start the sales of CNG to the public. It is left for individuals to decide if they want to take the risk. I can understand your concerns about it's safety but it is safe and a welcome development. Just try to educate people and don't doubt this government. Have a nice weekend. Peace

okine4real:


The person giving you likes na Olodo. Before you have 465k in your bank acc, and that 465k is 1000usd. After floating the dollar, your 465k can't purchase 1000usd, now you have to add like 140k to make it 700k before you can purchase 1000usd. Tell me, your 450k reduce in value or appreciate in value?

try and have an open mind when you are having discussion with people online and refrain from calling people you don't know from Adam derogatory names like Olodo.
That said.. If you can comprehend what I wrote very well.. I state it out to you that the Government or CBN official rate is useless to an Average Nigerian who does not have access to it due to its various bereaucracy,can you walk into the bank and pay your naira to get USD at official rate instantly? The answer is capital No.. But the likes of Dangotes, Otedolas various government officials and some businesses men have direct access to it, For an average Nigerian who has to patronize the aboki rates at 750 or so.. Nothing change with this new policy to the value of the naria he or she is holding in the bank, because you and Dangote and other government officials enjoying unfettered access to Government subsidize Dollar is now buying at the same market at the same rate.. Simply has ABC.

Samunique:
I received this news with all pleasure, maybe and maybe this might be the end of these men, most especially Dangote who has caged the destinies of millions of Nigerians through monopoly.

The day Dangote is dismantled will be the beginning of the libration of this great country.

Cus no be igbos bah... They are the two richest Nigeria currently... Its normal

VeryWickedMan:
Peter Obi is cumming



































Inside his wife.

Wow!

Balogunodua:



Ok...
What is right about the nonsense he wrote?

How does dollar rate affects my bank account in Nigeria?

How does my 500,000 reduce to 300,000 in my first bank account cuz of dollar rate?

Is simple, although he may not get the exact arithmetic but his submissions are not far from what is visible in public. A rise in dollar to naira automatically communicates a fall in the value of the Naira and by extension a fall in what you have in your bank account. This is because Nigeria is an import dependent state. Meaning, in such an event, you may need to trade more naira for a dollar in other to be able to acquire the same items that you had previously acquired in the previous state. Take for a an example, you wanted to purchase a foreign item on Aliexpress at the fee of say $56, you add the iterm to ur cart when a dollar to naira equaled 500 naira. Thus, $56 equals to 56×500= 28,000 naira. Meaning ur planned budget was 28,000 naira for the item. With the recent development it means the Naira as depreciated against the dollar that's why people like Dangotte as lost more wealth.. This means dat dollar rate must ve risen to 600-700 naira. In this event, the item you had in mind will be sold for 36,600-39,200.. So if you had 200k in ur bank account prior to this incident, using the hypothetical rate calculated above, ur the value of ur 200k now should be around 142k in the foreign market.. N there is no way this will not reflect in the local market in the long run, because we virtually import a lot if not finished goods, raw materials.

Balogunodua:




The bold shows you are a school dropout

And some people still like the guy comment. 77 likes😂😂😂

Sorry for d loss. Dey have been milking this country dry. So dey should feel how it's like. To be extorted of your hard earned money... Dangote and Bua cement are more expensive in Nigeria Dan any oda place in the world... The privilege dey get from government is just too much.

jmoore:
Some people don't get the picture. It means naira is losing value.

That 500,000 naira in your account on May 29th this year is now worth around 300,000 naira and would reduce further.

If you think your own value has not reduced too, then you have been deceived.

Professor Baby Economics, I don't know where you got your own economic theory from. Only those people whose wealth are calculated in dollars will lose while those people whose wealth are calculated in naira are gaining.
It simply means dollar is losing the battle gradually.

ijustdey:



https://www.thecable.ng/naira-float-dangote-abdulsamad-rabiu-lost-5-85bn-say-bloomberg-index/amp

Only those people whose wealth are calculated in dollars will lose while those people whose wealth are calculated in naira are gaining.
It simply means dollar is losing the battle gradually.

StJasper:



Professor Baby Economics, I don't know where you got your own economic theory from. Only those people whose wealth are calculated in dollars will lose while those people whose wealth are calculated in naira are gaining.
It simply means dollar is losing the battle gradually.

The report did not include billionaires outside Nigeria.
Dangote and owner of BUA have majority of their investments in Nigeria.
Any devaluation that affects the networth of Dangote and co also affects your own value.



Ancestor of economics, rest!!

Afriifa:
Is simple, although he may not get the exact arithmetic but his submissions are not far from what is visible in public. A rise in dollar to naira automatically communicates a fall in the value of the Naira and by extension a fall in what you have in your bank account. This is because Nigeria is an import dependent state. Meaning, in such an event, you may need to trade more naira for a dollar in other to be able to acquire the same items that you had previously acquired in the previous state. Take for a an example, you wanted to purchase a foreign item on Aliexpress at the fee of say $56, you add the iterm to ur cart when a dollar to naira equaled 500 naira. Thus, $56 equals to 56×500= 28,000 naira. Meaning ur planned budget was 28,000 naira for the item. With the recent development it means the Naira as depreciated against the dollar that's why people like Dangotte as lost more wealth.. This means dat dollar rate must ve risen to 600-700 naira. In this event, the item you had in mind will be sold for 36,600-39,200.. So if you had 200k in ur bank account prior to this incident, using the hypothetical rate calculated above, ur the value of ur 200k now should be around 142k in the foreign market.. N there is no way this will not reflect in the local market in the long run, because we virtually import a lot if not finished goods, raw materials.

I understand what you are saying...but the official dollar rate as of now will have minimum effect on the people. It in report that 75% of Nigeria importers source their forex from black market which is very high even more than the official rate of now. So this policy will definitely not have much negative effect after all.


For the bold...majority of Nigerians do not make purchase online infact I'll say 70% of Nigerians don't do it..And for those who do, they don't get it at cheap rate like the official at rate then. So no need to worry about the money in your account, our PPP as of now is still stable.

jmoore:

The report did not include billionaires outside Nigeria.
Dangote and owner of BUA have majority of their investments in Nigeria.
Any devaluation that affects the networth of Dangote and co also affects your own value.



Ancestor of economics, rest!!

You need to get this right, international organizations like Bloomberg don't calculate wealth in the local currency. They calculate it in dollars.

StJasper:


You need to get this right, international organizations like Bloomberg don't calculate wealth in the local currency. They calculate it in dollars.

Why didn't that of Bill Gates, Zuckerberg and co fall?


The way Bloomberg calcultated that of Dangote is the same way they will calculate yours.

jmoore:

Why didn't that of Bill Gates, Zuckerberg and co fall?

Please wake up!!!

StJasper:


Please wake up!!!

Focus on your mc. Don't engage in topics you know nothing about.

GanagiBeetrus:
Pls who knows when all these Tinubu achievements will start positively reflecting on the cost of living & improve the Standard of living of the average Nigerian.

This is a matter for False Prophet 1 of Nairaland

Samunique:
I received this news with all pleasure, maybe and maybe this might be the end of these men, most especially Dangote who has caged the destinies of millions of Nigerians through monopoly.

The day Dangote is dismantled will be the beginning of the libration of this great country.

how did he cage destiny
Which monopoly?
I how you no get voters card

Ihateheadslamer:
You ever wondered why Dangote is richer than Buhari and all of the past and present Nigeria leaders

he produces 14 million times of cement annually for past 10yrs

GanagiBeetrus:
Pls who knows when all these Tinubu achievements will start positively reflecting on the cost of living & improve the Standard of living of the average Nigerian.

in 2hrs time be patient

jmoore:
Some people don't get the picture. It means naira is losing value.

That 500,000 naira in your account on May 29th this year is now worth around 300,000 naira and would reduce further.

If you think your own value has not reduced too, then you have been deceived.

that's not what it's means ogbeni