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.

The mumu dey ask me over what period. LOMFA

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

The insult and name calling was unnecessary... both of you were having a good conversation before you turned it to a shhiiitshow

Ikaeniyan0:
Nah me dey waste my time on a dumbo like you

when you can no longer hold at the center, you resolve to tantrums, I know quite well that this forum is good at that. I was only waiting for you to get to this stage before calling it a day. Thanks for the banter and arguments differing opinions should create animosity, I trust we catch up on some other issues. Have a good day

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.

At a time petrol cars are no longer being manufactured worldwide, and the value of used petrol cars is falling through the floor globally, at such time refinery is about as useful as amala arriving on dinner table after the soup is finished.

Such is the way the Europeans that own Africa always ensure its a backward place. They will make sure Julius Berger of Germany is the only one able to build bridges in Nigeria, until the very day that only flying cars are being manufactured, then they will enable Nigerians to build their own bridges.

Petrol as an important forex generating commodity is dead. And so is the petrol car , atleast from a business/financial perspective.

The European owners of the world are running very fast to dead anything to do with petrol or diesel, that is why they are allowing Nigerians to build refinery now.

I can only estimate they will turn Nigeria into a global medical hub for people, when there are only robots left in the world.

When your enemy runs your country, they always make sure to bolt the door after the horse has bailed.

CBN and Nigerian economy is doomed cause they deliberately made the country too reliant on oil for forex.
For the last 2 decades the Europeans that own the world have been transitioning Saudi Arabia to high tech economy, but in 2023 they allow dangote to build oil refinery in Nigeria.

JaskanFactor:


At a time petrol cars are no longer being manufactured worldwide, and the value of used petrol cars is falling through the floor globally, at such time refinery is about as useful as amala arriving on dinner table after the soup is finished.

Lol

There will be a lot of demand for fossil fuel till at least, 2050.

Crude Oil will still be important for the global economy by at least, 50 years

uniquetechng:
if the CBN has experience in monetary policies we wouldn't be where we are today.

Our FX problems are beyond Monterey policy and price stability

JaskanFactor:


At a time petrol cars are no longer being manufactured worldwide, and the value of used petrol cars is falling through the floor globally, at such time refinery is about as useful as amala arriving on dinner table after the soup is finished.

Such is the way the Europeans that own Africa always ensure its a backward place. They will make sure Julius Berger of Germany is the only one able to build bridges in Nigeria, until the very day that only flying cars are being manufactured, then they will enable Nigerians to build their own bridges.

Petrol as an important forex generating commodity is dead. And so is the petrol car , atleast from a business/financial perspective.

The European owners of the world are running very fast to dead anything to do with petrol or diesel, that is why they are allowing Nigerians to build refinery now.

I can only estimate they will turn Nigeria into a global medical hub for people, when there are only robots left in the world.

When your enemy runs your country, they always make sure to bolt the door after the horse has bailed.

CBN and Nigerian economy is doomed cause they deliberately made the country too reliant on oil for forex.
For the last 2 decades the Europeans that own the world have been transitioning Saudi Arabia to high tech economy, but in 2023 they allow dangote to build oil refinery in Nigeria.

while your analysis is futuristic, demand for fossil fuels won't just disappear. The UK granted over 100 oil drilling licenses 2 months ago or so. Hence drilling in the north sea of Scotland is imminent

Nonybb:
Nigerians are one of the most stupid and docile set of people I have ever come across. Even in this comment section, you will see people with laughing emoji. They are still ignorant of the Zimbabwean epidemic coming.


Only those with fixed access would survive. Those with money would suffer.

Let me tell you people something, if you earn in Nigeria and leave your money into the bank, you are a poor man and Nigeria will soon happen to you. Some would even send money back home when the rate increases, thinking that they are sending more money. What you are sending is more value because the price parity increases as the rate to Dollar increases. It doesn't make you richer when you send money home because the rate is 1150 per USD. What if you want the money in naira and you convert it? Your N1150,000 becomes 850,000 under one week. You are a loser. The remedy is, save your money in Dollars. As I type to you, I am a Nigerian but I don't have upto N100,000 in naira because it is useless.

After dollar-dependent economies collapse, the dollar will still die.

What next?

Bizibi:
it was noted that the cbn has no experience to control and find solutions to the issues affecting the naira especially clearing a backlog of 6b Dollars....I hope this new cbn governor is not going to be worse than his predecessor.

The government should just focus on how to attract more investors with favourable policies that will increase FDI,the economy need enough fx right now. I don't know what that corrupt entity called nnpcl is doing with the oil industry because the crude oil was Nigeria's only saviour to reduce the pressure.....,now we can't even boast of producing 2m barrels of oil.

Govt do not need to attract investors rather provide an enabling environment for local investors to thrive.
That is what build an economy.
Which investor will want to invest in an economy with economic indices like Nigeria?
That's suicide mission.
Those that know the terrain of Nigerian economics are running away and you want govt to attract ghosts.

Nigeria is far down the rabid hole.

Weak institutions has crippled the country.
My people versus their people economics

After buying dollar @1200/$ hoping to ride in the wave to 1500/$ they are now looking for ways to use useless and baseless articles to weakens the Naira more so they can sell their bags.

Birdbyrde440:


After dollar-dependent economies collapse, the dollar will still die.

What next?

The dollar can never die because America and the West is the market.

Squirrel1:
If I understand this clearly, this means that cbn can't pay banks n clear forex orders, thus making the naira lose value against the doller? Those with deeper understanding should clear me please.

Dude, at a basic level you nailed it. We don't earn enough in dollars/export and our $33bn reserve is not actually that. Because around $11bn of it is tied down. In reality we have about $22bn free to dip into. But we can't really afford to take too much from it. It's already too low and would ruin our credit worthiness pata pata.

Therefore, CBN is hamstrung and has little room to manoeuvre to clear the $6bn backlog to banks. This, along with other poor economic indices like high inflation and unemployment will keep putting pressure on the Naira.

So, our failure to industrialise after 6 decades and export cars, electronics, pharmaceuticals, steel, and other high value products and services has reduced us to exporting mostly only oil with very shaky price.

Nonybb:


The dollar can never die because America and the West is the market.

they misused sanctions, they removed russia from the swift system. other countries are weary now.

Dancebreaker:

Dude, at a basic level you nailed it. We don't earn enough in dollars/export and our $33bn reserve is not actually that. Because around $11bn of it is tied down. In reality we have about $22bn free to dip into. But we can't really afford to take too much from it. It's already too low and would ruin our credit worthiness pata pata.

Therefore, CBN is hamstrung and has little room to manoeuvre to clear the $6bn backlog to banks. This, along with other poor economic indices like high inflation and unemployment will keep putting pressure on the Naira.

So, our failure to industrialise after 6 decades and export cars, electronics, pharmaceuticals, steel, and other high value products and services has reduced us to exporting mostly only oil with very shaky price.

wow. Thanks for the break down. Is safe to say the naira will worthless against the $ for long time. Omo

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.
In short, the USD is Nigeria's pseudo currency... which is why no matter what CBN does, it can never control the parallel exchange rate of the USD.

The USD demand in Nigeria is just waaaaaaaaay more than the supply...

infact I won't be surprised if there might be more USD demand than the Naira which is not supposed to be case.

The thing shock me too. Go to binance and see people with request for huge amount of dollars. It's Crazy.

the way they steal money in this country only god can help us

Oga it will only reduce the pressure if these refineries are allowed to purchase crude in Naira. If they have to purchase in dollars, the problem will still exist

Ikaeniyan0:
I still stand my ground.

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

damilola1978:
Oga it will only reduce the pressure if these refineries are allowed to purchase crude in Naira. If they have to purchase in dollars, the problem will still exist

Why do you feel so?

CBN should clear all backlog owned various banks and investor,if there's need to withdraw from nation reserve,Is it not better than things should get worst everyday?May God intervene in this nation..

If you have dollar, I think it is right time to sale it. Except you are using it for your own import purchases.