Theunbothered:
All this useless government does is lie and many fools who live in constant penury will keep supporting them. Is it madness or just lack of shame?

Ikaeniyan0:
I don't agree with the article just the way IPOBdients didn't agree with the latest Fitch report on Nigeria.

The CBN will pay off the backlog very soon and with the Dangote refinery getting ready to start working, pressure on the naira will greatly reduce because we won't need to spend billions of dollars importing.

Once refineries start working in Nigeria next year, we will be saving at least $15 billion dollars and we will also earn dollars from countries buying from our refineries in Nigeria.

Reference:
All these reports that continue to strip the CBN naked in broad daylight sef.

We know the CBN is seriously handicapped but the signs are there that they know what they ought to do, just that the government is not helping by policies to ease the pressure on the naira by cutting demand.

I repeat again.
This government since inception has not done anything concrete to either gain this country more FX or cut the present demand.

If it has the markets will have picked the signals and began to act accordingly l.

SSpeter:
Let me explain to you, those figures you see there are not as real as they appear. Dangote refinery will not solve the country's dollars crises. Nigeria does not import refined petrol with cash what we do is swap and the import you see there is the swap value. It is the same swap we will do with Dangote refinery. Unless Dangote refinery decides not to sell refined petrol to Nigerians and sell abroad then through export proceeds we can have the dollars. Looking at our consumption, and the partial start of the refinery, it is a very long term issue

Blueace247:
Thank you for sharing this insightful analysis. It's always beneficial to have diverse perspectives on economic matters. While the challenges outlined are notable, it's important to remain optimistic about the resilience of the Nigerian economy. Efforts by the central bank to clear forex backlogs and address issues impacting the naira are steps in the right direction. With careful policy considerations and adaptive measures, there's potential for stability and growth. Let's hope for positive developments and collaborative strategies to navigate these challenges successfully.

Ikaeniyan0:
I still stand my ground.

Dangote refinery, modular refineries and NNPCL refineries will reduce the pressure on the naira

SSpeter:
. You are not going to pay Dangote in Naira?

Honourable1901:
Pure propaganda, how can you say CBN lacks experience on monetary policy, some matters dey no be this one

SSpeter:
You are not going to pay Dangote in Naira?

optimusprime2:


Chief,

If you know how much USD was distributed around to facilitate the last governorship elections, then you would understand that Nigeria's economy is actually doomed.

Ikaeniyan0:
Dangote is a Nigerian, his dollars will remain in Nigeria.

Dangote refinery is not the only refinery that will be operating by this time next year in Nigeria.

Ikaeniyan0:
Since you know, why don't you tell us

Ikaeniyan0:


Look at Dangote repatriating close to $700M to Nigeria from other countries. Click the link below and read.

https://www.thecable.ng/dangote-weve-repatriated-over-687m-through-our-africa-operations/amp

Even if we pay Dangote in dollars to buy refined crude from him, his dollars will remain in Nigeria, is not going somewhere else.

And Dangote refinery is not the only refinery that will be operating next year.

SSpeter:
Dangote will get the dollars from where? From the one you and I are using to buy petrol? Don't think you will sell crude to Dangote in Naira and buy refined petrol in Nigeria. This is because, his bulk expenses for maintenance and services for the refinery will be in dollars. Now let me enlighten you, the modular refinery produces diesel, kerosene and crack naptha and not PMS. The cost is not viable for modular refineries to produce PMS. Petrol is our largest demand. Sorry the modular refinery would not help as much as you assume.

SSpeter:
OK, let me agree to the repatriation, but please it was over what period? So Dangote brings in close to a billion in five years or four years cos the article didn't specify and do we build up analysis from it and how sustainable it is? Only change of cars for the executive, legislators and Judiciary in less than two years will wipe out the funds we are talking about

SSpeter:
So Dangote brings in close to a billion in five years or four years cos the article didn't specify and do we build up analysis from it and how sustainable it is? Only change of cars for the executive, legislators and Judiciary in less than two years will wipe out the funds we are talking about

Ikaeniyan0:
It seems you're an IPOBdient, nah una go always find every stupid reasons to downgrade Nigeria.

I proved to you dollars made from Dangote refinery will stay in Nigeria, instead of you to be grateful, you have started another round of wailing foolishly.

We're talking about A, you're talking about B

Ikaeniyan0:
If I go through your posts, I won't be shock you're an IPOBdient

Well, am glad I have prove how the refineries operating in Nigeria next year will lead to less pressure on the naira.

SSpeter:
Whatever being an obedient is to you is your prerogative. Economic policies is not between FG and Obedients, rather it is between our market economy and market forces. Less I forget one Obedient was made an SA recently, while during the past administration I had written papers on Macroeconomics and Fiscal policies to both the ministry of Finance and CBN. Rather than consult with me or engage in my proposal what CBN did was to offer me a job, at one CBN branch in Umuahia, , not everyone is looking for crumbs. My loyalty is to the Federal Republic and not to the Executive

SSpeter:
To be grateful for what exactly? You seem to be dumb? Dangote brought in dollars over how many periods, how consistent was it?

Ikaeniyan0:
You that do not know billions of dollars we spend on Importing refined crude petroleum will stay in Nigeria dey talk say make person consult you

Common sense no even let you know Dangote do repatriate millions of dollars into Nigeria covers yearly till I cure you from your dumbness

Ikaeniyan0:
You're extremely dumber than I thought

SSpeter:
In more than a decade it was just last Month that NNPC Ltd decided to buy in cash, which we are still observing after remitting Zero to the National coffers last year. We have doing crude swap and even at that NNPC is still owing traders over $3bn. You can quote what I have said anywhere and if anyone comes out to argue, I have my facts figures handy.

SSpeter:
Damgote a private business man is doing his business and remitting his returns as the law stipulates should make me happy? Like he dashed CBN the money? or the money will end up in my pocket or what? Is GLO not also remitting from their foreign operations what about the banks? I don't even understand your stupidity 😭

Ikaeniyan0:
What's my business with all this things you dey talk abeg? Every Nigerian know what you're talking about, is not a secret and I don't understand why you're telling me.

Go and look at my first comment you quoted and tell me the correlationn it has with this your comment.

Now let me refresh your memory again cause you seem to just be arguing out of point.

Once the refineries start working in Nigeria next year, it will relieve pressure on the naira because the dollars will stay in Nigeria instead of going to refiners in Europe, North/South America and Asia.

This is my humble opinion in bold. How what you're now saying have a correlation with my point of why I disagree with the article is what I don't understand yet.