₦airaland Forum

PoliteActivist:
But Dangote is a PRIVATE capitalist company intent on maximizing profit. Example (see below), it hired 11000 Indian workers not Nigerians, and they won't be paid in naira. In other words, just because Dangote happens to be located in Nigeria doesn't mean it will sell refined products cheaper to Nigeria, neither is Nigeria obligated to buy from it if it can find cheaper price elsewhere

The dollar the refinery will be earning from export would be in our economy. The 11k indians pay their taxes in dollars. It's a win for us.


You need to see the amount of dollar we spend on importing petroleum products. If we save that alone, we're good. NNPCL own a stake in Dangote refinery. Demand for dollar is higher than supply, so expect to rise.

First rule of business!

Accept any unforseen losses and you wont be dissapointed.

saasala:
Bro, many Nigerians don't get the exchange rate on weekends. I get it per second. It's currently going back up as I speak. It's 995 this night. Let's see what happens on Monday.

And as for the money CBN is expecting, it's not a sustainable way to keep the currency stable. It's just a makeshift. And we don't even know when the money is coming. They said in weeks, but you know Naija. Weeks might turn to months

if we have that money, it boost liquidity and they can offset backlogs and forward guarantee can be issued for seekers of dollars to buy the stuff they need to use dollar for, especially those in manufacturing, and this would ease the pressure on the naira.

SPAMBOX7:
Lol I have lost more than 500k and still counting but I ain't moved. I ain't withdrawing shit.

I just dey laff people wey still believe in naira thriving over dollar. Yall will keep fooling yourselves till it's too late. For as long as tifnubu is here to stay dollar will hit 3k before 2025.

Come back in 2025 and read this again and say I told you.

Drops pen*

stupid thinking. If your candidate is not there, Nigeria should fail. That's your thinking.

saasala:
I'm one of those people who advised that you buy dollar. I took out 8m out of my savings and bought USDT (Crypto) and now I'm currently losing about 1.4m. So madam, don't sell yet. It's going back up next week. It will first rebound back to where it's coming from and then even go a little higher before crashing back again. Just hold on a little. I promise to give you back your money if you lose. Trust me.

By the way, be careful of broke Nairaland guys who might want to take advantage of you by sending you DMs. They will look for ways to chop the remaining 2.4m

Thanks for the input but I sold it yesterday, I don't want to be feeling stressed out wondering whether it will go up or down.
Honestly I take risks but I promise myself that, that money will be use for something tangible in my life and wasting it on risky investments is something I will really feel bad about.

Thanks tho and wish you luck on your dollars

PoliteActivist:
But Dangote is a PRIVATE capitalist company intent on maximizing profit. Example (see below), it hired 11000 Indian workers not Nigerians, and they won't be paid in naira. In other words, just because Dangote happens to be located in Nigeria doesn't mean it will sell refined products cheaper to Nigeria, neither is Nigeria obligated to buy from it if it can find cheaper price elsewhere

Exchange rate strength does not necessarily mean cheaper products. What it means is that:

1) Cost of importation is reduced (so extra dollars saved)

2) The dollars we pay to Dangote to get PMS would likely still circulate within Nigeria.

3) The exports Dangote makes in dollars would stay majorly in Nigeria because Dangote also needs naira for a lot of things. So he would take a huge chunk of his dollars to Nigerian Banks to get Naira equivalent.

All of these strengthens the Naira.

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Yes invest in dollars bt that doesn't mean u shouldn't study the trend or understand how such investments work.

u are already a late investor at thos stage and right now the government is looking for means to save the dollar from further degradation. even if the dollar had increased how much increment would it have been? Is the gain worth the risk?

Those are the things u look at b4 u follow the voice of the crowd. 90% of the crowd are herds who follow the noise not professionals.

as for the dollar it will still go up cos no sound monetary or economic practices have been done just propaganda.

stickle:
Naira will gain against dollar. I exchanged at 1k yesterday against #1170 the previous day.

I'm sure it will be less tiday

Abeg what part of Lagos did you change at 1k?

SPAMBOX7:
Lol I have lost more than 500k and still counting but I ain't moved. I ain't withdrawing shit.

I just dey laff people wey still believe in naira thriving over dollar. Yall will keep fooling yourselves till it's too late. For as long as tifnubu is here to stay dollar will hit 3k before 2025.

Come back in 2025 and read this again and say I told you.

Drops pen*

Lol

You better go and sell part of your dollar so you won't lose a lot.

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

Relax oga, stop disturbing me here.

When your 2.6 million becomes 8 million as for my account number because it will

InvertedHammer:
/
I look at US10Y bond on when to buy US$ and not Buhari, Tinubu, APC, LP, PDP nor CBN governor. So far it has worked for more than 15 years.

As inter alia stated, you can argue with your keyboard.
/

As I said, you talk too much with nothing to show. Hold the dollar and see what happens.

saasala:
I'm one of those people who advised that you buy dollar. I took out 8m out of my savings and bought USDT (Crypto) and now I'm currently losing about 1.4m. So madam, don't sell yet. It's going back up next week. It will first rebound back to where it's coming from and then even go a little higher before crashing back again. Just hold on a little. I promise to give you back your money if you lose. Trust me.

By the way, be careful of broke Nairaland guys who might want to take advantage of you by sending you DMs. They will look for ways to chop the remaining 2.4m

The fact that you even got in late into converting into USD shows you don't know anything about forex.

As things stand, the Dollar is overvalued. The real value is 800 and below. So, the government is prepared to intervene to keep it at that level. How? Step 1 is what you saw this week.
By December, Dangote will start producing and then, remittances will also come in.
So, the issue of going back up next week doesn't arise.

GeneralDae:
Exchange rate strength does not necessarily mean cheaper products. What it means is that:

1) Cost of importation is reduced (so extra dollars saved)

2) The dollars we pay to Dangote to get PMS would likely still circulate within Nigeria.

3) The exports Dangote makes in dollars would stay majorly in Nigeria because Dangote also needs naira for a lot of things. So he would take a huge chunk of his dollars to Nigerian Banks to get Naira equivalent.

All of these strengthens the Naira.

This is just a minor correction!
Price is gathering momentum to fly.

Failure to probe missing $15bn, N200bn oil revenues. -SERAP

GeneralDae:
They are expecting:

7Bn dollars from NLNG securitisation
3 Bn dollars loan from Qatar
3 Bn dollars from Afrexim Bank
150 million dollars from Abacha
3.5 Billion dollars from World Bank to Health sector.

You still think the CBN would not be loaded enough by December to control things?

Remember that in Nigeria, reporting the income is not the problem.
They will always announce the income and brag about it.

But how the income was used will never be documented, neither will it be announced.

So,, these incomes you announced here are most welcome.. But will they actually be used for the best purposes and be documented properly??

PoliteActivist:
But Dangote is a PRIVATE capitalist company intent on maximizing profit. Example (see below), it hired 11000 Indian workers not Nigerians, and they won't be paid in naira. In other words, just because Dangote happens to be located in Nigeria doesn't mean it will sell refined products cheaper to Nigeria, neither is Nigeria obligated to buy from it if it can find cheaper price elsewhere

....I know when there is competition in the refinering sector..price of refined petroleum products will become cheap...I heard in nairaland recent news that they are 4 private modular refineries that are ready to start operation even now to refine snd produce fuel that they have applied to NNPC to supply them crude oil...so when this 4 modular refineries also start it will bring competition in the oil sector and price of fuel will be cheap...but you were asking me how will the dollars fall when Dangote refinery starts operation...and that is what I was trying to explain to you....my explanation I explained above was all about the dollars ... that the dollars will fall if Dangote refinery starts because nigeria will earn more dollars and dollars will not be scarce which will make dollars fall and naira to have value and appreciate

Athena6:
Thanks for the input but I sold it yesterday, I don't want to be feeling stressed out wondering whether it will go up or down.
Honestly I take risks but I promise myself that, that money will be use for something tangible in my life and wasting it on risky investments is something I will really feel bad about.

Thanks tho and wish you luck on your dollars

you dey mind the clown joking with money . Which audio 8m is he talking about yeye people. You took a smart step by avoiding further loss

udy4real:
Abeg what part of Lagos did you change at 1k?

It's actually Port Harcourt

Athena6:
Last week I created a thread talking about how my japa plans have been crushed due to the increase in dollar.

Many adviced me to invest in dollar, this was the advice they gave me months ago but I did follow through because I wasn't sure.
My last thread hit front page and 90% of the comments were advising me to invest in dollars, one even quoted that in the past 10 years, the dollar haven't fallen but it increases every year.

One even called me a weak minded person and I am scared to take risks.
After everything I thought to myself, since so many people felt this dollar will keep on rising, maybe I should invest afterall life is all about risks.

Well guess what, dollar have decreased, I invested 3M in buying dollars and now in today exchange rate. I have 2.6M now and I either cash out now or hope it will increase.

Right now, I am very angry.
Those giving me advice should come and contribute the 400k for me o

Another thing, do you think the dollar will increase or should I just cut my loses.
I am so tired 😫

At what rate did you buy the dollar?

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Illegal1:
omoh..........fear not,dollar will kip increasing as long as tinubulation is on the throne.

u shall smile again..

Taar, Don't try it. Even if you hate Tinubu, don't risk it. Believe me, Tinubu financial understanding can only improve the Naira and not crash it. Before December this year, you will wonder if Tinubu intentionally cause the initial problem so we can praise him.

Anyone who counsel u and can't take responsibility for the outcome of his/her counsel should not be taken seriously.
When u need professional advice for huge, life changing investment nairaland isn't the right place to be.

BALLOSKI:
The dollar the refinery will be earning from export would be in our economy. The 11k indians pay their taxes in dollars. It's a win for us.

GeneralDae:
Exchange rate strength does not necessarily mean cheaper products. What it means is that:
1) Cost of importation is reduced (so extra dollars saved)

ufotunang:
....I know when there is competition in the refinering sector..price of refined petroleum products will become cheap...I heard in nairaland

Bottom line: It is easy to forget Dangote is a PRIVATE company. Same way they hired Indians they'd be doing things that maximize profit. An FG owned company will never hire 11K Indians

PoliteActivist:
Bottom line: It is easy to forget Dangote is a PRIVATE company. Same way they hired Indians they'd be doing things that maximize profit. An FG owned company will never hire 11K Indians

You still don't get it. Read my post again. Shell controls forcados which produces over 400,000 Bpd of oil that also helps the naira. Is shell not a private company?

What are you saying has little to do with exchange rate.

Fearyourcreator:
We are going to 500... you will collapse laslas

how far? Its above 1k again

The truth is that some cash was injected into the system, apart from that many people that will come back are going to inject some dollars into the system too, expect more crashing till February next year

Dollar going up again

Lmao 🤣🤣🤣...USD already on the rise again

Wat is the difference?
I mean wat does the investing mean? The one she is doing now, is what?

bemeruca:
Stop making stories out of the Dollar situation to catch Nairaland clout. If you invested, there would have been a story about that.

GeneralDae:
You still don't get it. Read my post again. Shell controls forcados which produces over 400,000 Bpd of oil that also helps the naira. Is shell not a private company?

What are you saying has little to do with exchange rate.

If Nigeria buys refined oil from Dangote in dollars, what is the HUGE difference between that and Nigeria buying refined oil from Fiji. Focus on the word, huge

PoliteActivist:
If Nigeria buys refined oil from Dangote in dollars, what is the HUGE difference between that and Nigeria buying refined oil from Fiji. Focus on the word, huge

The huge difference is what I explained in my first post to you (the one before this one you quoted). I would repost it here.

"Exchange rate strength does not necessarily mean cheaper products. What it means is that:

1) Cost of importation is reduced (so extra dollars saved)

2) The dollars we pay to Dangote to get PMS would likely still circulate within Nigeria.

3) The exports Dangote makes in dollars would stay majorly in Nigeria because Dangote also needs naira for a lot of things. So he would take a huge chunk of his dollars to Nigerian Banks to get Naira equivalent.

All of these strengthens the Naira".