₦airaland Forum

bestman09:

Still a monopoly business. If there are competitors, we would have judged right.

Monopoly?, did Dangote stop others from operating a refinery?.
If you know the numbers of selfish, or should I say useless oil billionaires in this country, and yet only Dangote was able to think of solving this problem, that has held Nigerians by the jugular since the 90s, you will appreciate Dangote for once.
And so what if he's a monopolist, I will choose the current situation, above the previous status of that disgraceful importation, where organized crime is the order of the day, " government pay for fuel and subsidiaries on an empty vessels "
Until we have more private refineries in this country, Dangote petroleum products are okay.
People borrow money to set up business, Nigerians will come out to trash talk them and wish them ill, meanwhile those who sit and do nothing are hailed as good people.
When business are not allowed to florish, how can there be jobs?.
Who will invest in a bucket shop where there's no profit?.
Give Dangote his flowers jor, fada na fada.
What is the difference between the monopolist and those useless traders associations in the market, who are experts at fixing prices of goods and services, and enforcing it, thereby making life difficult for consumers in the country?
You can also help your country with one refinery, since it's that easy.
When you do, sell below Dangote price.
The more refinery we have the better.
Help us oga, God bless you as you do

bobntu:
How come diseil I'd still sold at between 1350 and 1510 in ?

Fueling stations greed.
Imagine #400 naira profit on a litre.
And na Dem dey evade tax well well.
How I wished Shango can just visit all these mad people, so that we can have some sanity in this country.

They're being victimized because they're Igbos, they should just take their business to the Igboland.
No be so una dey cry?
Now get ready, go.
Cry Wella, always building outside approved plans, buncha junkers.

kunle4toyeyaho:
They are defending dollar and yet our foreign reserve still stands at over $33billion?

Leave the Thomases jor.

Dennisochampa:
Obedients and other bitter enemies of Nigeria won't like this news at all...

They want a news That will make them abuse the government of Nigeria but una go wait Taya...
Both una and una principal... Una go wait till una grow grey hairs....
Nigeria will work again...
God will use whoever sits in aso rock to better Nigeria again....

You self think am now, bad news sells.
You want to run them out of business?.

Paramount01:
Pls where you base, I always wonder how people says they have not been seeing the impact of the dollar fall, I bought a bag of rice in my area last week Friday at #65000 against #79000. The same with groundnut oil and other things they have started coming down

May God help you if you're planning to sell and you have it in quantities.
Rice was sold for #40k in Shaki area of Oyo state this morning.
And this could be an imported rice as Shaki is a boarder town.
Price of rice is seriously crashing, people are posting funny prices from different locations.

victorsola:
the person doesn’t work there . Because I was there and I saw with my own eyes trucks taking out fuel. So your guy just Dey claim worker , believe me he or she is jobless

That guy doesn't even work at Dangote refinery, he's just another online troll.

Dittodat:


Ok, we believe you instead. I thought you people said it would not even work anyway.

Pls take medication for your pain.

Em actually,.... em you see, em in fact Dangote is dangerous to the Nigerian economy.
How can government allow one man to single handedly own a refinery.
Some fools will swallow this bait.

benardtotti:
They are dumb , as at this week the black market rate was lower than the cbn rate so the question is what is cbn defending ? They lack knowledge.

Don't mind them, they want free market economy where they can speculate and make money, but they can't handle fluctuations and volatility.
They were swimming against the tide may be they've not heard the slogan trend is your friend.
Dollar is on a downward trend in Nigeria at the moment, and I don't see it rising any time soon.
Dollar don fall down for gutter match am, match am.

[quote author=benardtotti post=129402797]

predictor1:
They don't know anything. They were buying imported rice at #7000 per bag not knowing they were eating their future and those of their children. Now if true capacity is built into our industries and agriculture, why not? Naira will rise and prices of agricultural products will come down on the back of a very strong naira. It would be like the 70s and 80s again when we had real production. Not the fake naira strength we had under Abacha, Obj, Jonathan and buhari.

Where have you been all my life?.
Great post.

Dialpad:
These Bloomberg guys want to give some people high BP

Bloomberg is APC propaganda machinery.
If you see a speculator run o, the kind red wey their eye dey red now, no be small thing o.
Imagine those who took loan to buy dollars for speculation, why?.
And still their gbese just dey multiply.
Someone bought 4 litres of petrol for me, @ 2k yesterday and I was like but they said price will crash in may?.
Only God knows how the matter go be for may o, meanwhile speculators should keep their dollars wherever they like, I don't think Nigeria have any use for it again.

Electrochemistry:
Naira exchanging at over #1000 is what some Nigerians are celebrating. Foodstuffs beyond the reach of common man too Pity!
Let everything be brought back to where they were. That is where the battle should commence.

Relax and watch the events unfold.

kingsways:
Imagine

How can any right thinking human being open his trap and say everything is acceptable in war?

So Israel can go ahead and kill all Palestinians including civilians and kids since everything is acceptable in war according this demented fellow

Have you been watching Aljazeera tv station news?, if not you better start.
Whoever wants war must be prepared to die.
Israel has been bombing hospitals in Gaza, war is not a tea party.

dreamxhaser:
Even a former cbn gov told u people that expecting the dollar to go back to even 600 is a pipe dream, and you can't claim to know better.

Even me that is not an economist knows taking dollar back to even 400 will destroy the naija economy.

Ever heard of a CYCLE in forex?.
Look for a crude oil chart, may be you will understand what am taking about.
The moment Dollar drop below the one thousand naira mark, the next target will be #500.
And when this happens, what do you think will happen next?.
Water must surely finds it's level.
Before the dollarization of the Nigerian economy, how much was a dollar?.

blacknp:
Holding the dollars as a souvenir or what? because in reality, you are not making any sense.

You bought dollars @ 500 last year, it got to 1500 but you didn’t sell, you held it, until it fell back to 1200?

Because if you make your money In dollars, there will be no reason for you to hoard it , since your inflow is regular, weekly or monthly?

Did you really believe him?.
As a 14 years old I was pulling this stunt at Daleko market.
The moment I arrived at the market and see excess demand for rice, I will lock our shop and sat beside it.
The price will continue to rise, most times between 200 and 230, 235 is extreme.
I normally come to sell early next day, because by 2pm of that day, trailers of rise will surely enter the market.
I know when to take my profit and run, at 225 I begin to sell, the few bags I have left my mum will hold and sell for 231.
This guy you quoted is a liar.
Whatever stock he has at the moment are stocks he bought of recent, hoping the price will be heading up again.
Unfortunately Cardoso is on the beat.

LordAdam16:
No one will fight the CBN during the intervention.
In financial markets, this phenomenon is called "Don't fight the tape" or "Don't catch a falling knife" or "The market can remain illogical longer than you can remain solvent."
The prevailing trend right now is downward and this is not a free market.
The duel will commence when the CBN does the victory dance after hitting its rate target.

As you'd notice, buyers and sellers in all FX windows rapidly change their prices immediately after every CBN peg.
No one will waste their resources when they know they'd be able to get the $ cheaper by waiting and make bigger profit afterwards.
The US Dollar is backed by $3 TRILLION worth of exports. And Nigeria is an economic basket case.
In the medium term, everyone on this thread will buy $ at above 2500.
Water seeks its own level.

-Lord

Nigerians will probably be privately
importing scud missiles and WMD, to be needing so much dollars.
Dollar failed to go above 1500, no demand or sabotage will stop dollar from going below that 1000 mark.
Check my posts on this issue on nairaland, if not corruption and sabotage, is naira supposed to be more than #250, to a dollar?.

karkinase:
You are correct .. the next direction depends on the economic policy of the government

Already a home run for Cardoso.

DeNovo:
How is it a blow to people who bought dollars at 360?

Look a vast majority of people change their Naira to Dollars TO PRESERVE THE VALUE and not necessarily to make pprofit.

On that count they succeeded and are still succeeding.

Lies.
America saves dollar in gold, gold is the surebet, this is the reason behind Fort Knox.
Those who saved in dollars do so to exploit the weak naira.
Now that dollar is crashing in Nigeria, is gold also crashing in Nigerian market?.
Speculators will learn a hard lesson from Cardoso.
They don't mind killing the naira, let them also prepare 'cause the hangman is here.

Mynd44:
Refined petroleum is our major import taking most than 65% of our FOREX.

see attached picture

Na people like you still makes me visit nairaland.
The quality of discussions here shows the qualities of brains on parade.

karkinase:
#1000 is the last support .. @ this point CBN and speculators will have a huge battle for price next direction.. anyone who wins we will follow

Thank you for this chart.
But which demand will speculators use to push the dollar?.
Haj or Jerusalem?, because apart from petroleum products, the only available option is WMD.
Omo the crash go mad gan o.

advanceDNA:
It will not be hugely significant....that's what I said earlier.....crude oil products is not our only imports.....we are still heavily importing every other thing even toothpick, used clothes, food, ..... and not exporting anything to drive the demand of naira

In that case tell me the volume of these imports compare to petroleum products.
Let me be honest with you, it's game over for Dollar in Nigeria economy.
Dangote and PH refineries are the game changers.

taiwotimitt:
Mr. President is working but if dollar is more than where he met it.....no no

You still don't get it do you?.
People managing CBN are ruthless economists.
Naira is returning to below 200, watch the event unfold.
Speculators o ni ro aso buruku se Oro mo.

tuoyoojo:
It is all cheering news

But how long are we going to defend the dollars using our foreign reserves

The only way to truly improve the value of the Naira is to increase exportation....what are we exporting and what industries are we encouraging

Factor demand and supply into consideration, who and who needs dollars again?.
What was Nigeria producing and exporting when naira was 85k to a dollar?.
Fuel importion is no longer gulping Nigerian dollars, anyone having issues with the current exchange rate should keep their dollars, and sell it when Dangote and PH refinery stops selling petroleum products.

ppogba:
I am yet to see the comment of the clown whose sister works at DANGOTE refinery and has confirmed that year 2026 is the take off date.

If you are the one, please reply and quote me.

She's with Rufai Werey Oseni, they are discussing the next line of action.
Their mind no go ever touch ground.

Biodun556:
It will crash because oil marketers and dangote himself don't need to buy dollars from CBN again for importation, dollars will now be in excess.

As simple as abc.

Yourprick:
Ph refinery this month and some people thinks dollar won't crash lol

Don't blame them, most of them don't know jack.

Biodun556:
Good News

Hopefully, the price will come down as more forex enter the economy

And Nigeria's external reserve grows.
I'm looking for the day Nigeria forex reserve will cross the $100 billion Mark.
If this happens, $$ will go below #200.

SoNature:
This is mind-blowing! Sanwo-Olu is doing an excellent job! 👌👌👌

What are the governors of Akwa Ibom and Rivers States doing?

They shouldn't take those states backwards. Their predecessors did awesome infrastructural jobs!

Some never do wells will soon come and call this a propaganda.
If only their eraser is big enough to clean the beautiful achievements in Lagos.
No peace for the wicked, their mind no go ever touch ground.

OfoIgbo:
We already know Tinubu can never get the naira to the 500 mark. That is something people like Peter Obi can achieve,

We are only praying for Tinubu to get the naira down to Buhari's worst. Let him bring it down to 800. We will be happy with that.

Propaganda no longer works at this level. Propaganda cannot mask the hunger in the land. Propaganda cannot mask the complete incompetence of this Tinubu government.

If only you understand the meaning of propaganda and incompetence, there's a big difference between facts and fiction.
People like us understands how things work, naira will go below #500 before the end of this year.
Check nairaland for my posts on this issue, I said speculators will be played by BAT, are they not gnashing their teeth now?.
Those who are smart among speculators are already selling off to cut their losses while numbskulls are hoping dollar will rise again.
The more they hold, the more they lose, there's a big difference between those who sabi, and those wey dey make noise

Nice.
The era of idle capacity relatives breeding like rats, is over.
Breed quality not quantity.

OfoIgbo:
Obidients are praying that Tinubu's best will match Buhari's worst.

Buhari brought down the naira to 800 - 1 dollar, and this is one of Buhari's worst records in the economic sphere.

Tinubu has further destroyed the naira as it is now more than 1000 - 1 dollar.

Obidients are now praying that Tinubu should do his very best, to match Buhari's worst. Let Tinubu get the naira back to the 800 - 1 dollar that Buhari left it at.

Dollar should be going below #500 before the end of this year.
Macro economic indicators, technical and fundamental analysis indicators shows that naira is on a bull run.
Naira bears are in for a very loooonnng yawa.