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Naira Falls As Crude Oil Price Declines - Business (2) - Nairaland

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Naira Falls To N370 Per Dollar / Naira Falls To 325 On Dollar Shortage -punch / Value Of Naira Falls; Now 208 Naira To One Dollar (2) (3) (4)

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Re: Naira Falls As Crude Oil Price Declines by Wilfredng: 1:12pm On Jul 11, 2012
manny4life: Why are you guys attacking Mmuo_Okija? grin grin grin

He said the obvious truth, Nigeria was warned.

Like he said, no thanks to the U.S. who no longer buys increased volume of crude not only in Nigeria but Africa in general because most of their refineries in U.S. are packing up.

Recession is on the way, and it will hit like a mighty way, while we can still salvage and diversify our economy , the only solution now is for govt to STOP controlling/managing and START regulating and encouraging.

Nigeria has great potentials unlike other nations, we just need good, STRONG fiscal policies in place.

This is the type of comment I love reading in a forum like NL. Not abuse and quarrels. @Manny4life, you didn't just post a comment, you said a fact. One love Nigerians!
Re: Naira Falls As Crude Oil Price Declines by Cyberconnect12: 1:14pm On Jul 11, 2012
musKeeto: Even with our level of mediocrity, things are still better compared to some African countries.
Why CAN'T WE JUST DO THE RIGHT THINGS? And improve. Everyone will be better for it, even the polithieves will have more money legally than they currently steal illegally?

Kai..
Re: Naira Falls As Crude Oil Price Declines by Nobody: 1:16pm On Jul 11, 2012
Wilfred_ng:

This is the type of comment I love reading in a forum like NL. Not abuse and quarrels. @Manny4life, you didn't just post a comment, you said a fact. One love Nigerians!

That's the thing about Manny4life, when he's not smoking weed with High_Chief, he can be truly intellectual.


I disagree with this statement though

Recession is on the way, and it will hit like a mighty way

Or does Manny4life have different classification for "recession"?

1 Like

Re: Naira Falls As Crude Oil Price Declines by idirect(m): 1:18pm On Jul 11, 2012
manny4life: Why are you guys attacking Mmuo_Okija? grin grin grin

grin grin grin
Re: Naira Falls As Crude Oil Price Declines by Nobody: 1:20pm On Jul 11, 2012
Impressive. The Decline in prices of Oil and the attendant fall in the Naira is what Ngozi Iwealla predicted and junkies in Nairaland called her names. Its a reality, and I am impressed by every fall in Oil Price, so Nigeria can find alternative source of revenue to share to 36 States (sarcasm).
Re: Naira Falls As Crude Oil Price Declines by wadoski: 1:40pm On Jul 11, 2012
raystanley: LET TRAILER CRUSH ALL YOUR GENERATION. YOU THIS ILL-FATED BRAIN!!!. gej was just an oppoturnist fisher man, not a president!!
Well done Mr President. Now what do we do about the bad situation we find ourselves in? Anu mpam di ka gi.
Re: Naira Falls As Crude Oil Price Declines by AroOkigbo(m): 1:51pm On Jul 11, 2012
ebamma: if naira like make him fall wetin concern me

I like that. Afterall when naira gained what was the "share" to the ordinary man?
Re: Naira Falls As Crude Oil Price Declines by egin(m): 2:57pm On Jul 11, 2012
How much is the naira to the $ now?
Re: Naira Falls As Crude Oil Price Declines by yinka2011: 2:58pm On Jul 11, 2012
nice article but that news is old news because NAIRA actually strengthened today to N 160.72/US Dollar. And the brent crude oil prices actually increased today. So its great news that Naira is rising and not falling. Please note.

I know this because i check the Naira exchange rates daily on the [size=18pt]EASYKOBO.com finance website [/size]


Right now

USD - NGN = 160.72
GBP - NGN = 250.21
EUR - NGN = 197.37
Re: Naira Falls As Crude Oil Price Declines by Okijajuju1(m): 3:02pm On Jul 11, 2012
manny4life: Why are you guys attacking Mmuo_Okija? grin grin grin

He said the obvious truth, Nigeria was warned.

Like he said, no thanks to the U.S. who no longer buys increased volume of crude not only in Nigeria but Africa in general because most of their refineries in U.S. are packing up.

Recession is on the way, and it will hit like a mighty way, while we can still salvage and diversify our economy , the only solution now is for govt to STOP controlling/managing and START regulating and encouraging.

Nigeria has great potentials unlike other nations, we just need good, STRONG fiscal policies in place.


I didnt expect juveniles who only got their news from BB Messenger Broadcasts to understand the situation on ground...
Re: Naira Falls As Crude Oil Price Declines by KayDee4: 3:27pm On Jul 11, 2012
manny4life: Why are you guys attacking Mmuo_Okija? grin grin grin

He said the obvious truth, Nigeria was warned.

Like he said, no thanks to the U.S. who no longer buys increased volume of crude not only in Nigeria but Africa in general because most of their refineries in U.S. are packing up.

Recession is on the way, and it will hit like a mighty way, while we can still salvage and diversify our economy , the only solution now is for govt to STOP controlling/managing and START regulating and encouraging.

Nigeria has great potentials unlike other nations, we just need good, STRONG fiscal policies in place.

[size=13pt]Sorry o, I dont quite understand this part ? undecided undecided [/size]
Re: Naira Falls As Crude Oil Price Declines by Nickyspice(f): 3:29pm On Jul 11, 2012
ebamma: if naira like make him fall wetin concern me
e go soon concern you!
Re: Naira Falls As Crude Oil Price Declines by CyberG: 4:02pm On Jul 11, 2012
Why not!? Jonaclueless doesn't give a damn about the bastard Nigerians who voted or help rig him into power! Until the foolish president is killed or removed AND Nigerians vote competent and proven leadership, most Nigerians will remain sufferheads. I just hope the countries Nigerians like to run to after voting in useless Jonabastard will just shut their borders so you can enjoy your fresh air!
Re: Naira Falls As Crude Oil Price Declines by Okijajuju1(m): 4:07pm On Jul 11, 2012
CyberG: Why not!? Jonaclueless doesn't give a damn about the bastard Nigerians who voted or help rig him into power! Until the foolish president is killed or removed AND Nigerians vote competent and proven leadership, most Nigerians will remain sufferheads. I just hope the countries Nigerians like to run to after voting in useless Jonabastard will just shut their borders so you can enjoy your fresh air!


Another halfwit fool!!
Re: Naira Falls As Crude Oil Price Declines by Weselion1(m): 4:23pm On Jul 11, 2012
Okija_juju:

Until you start to buy coke 500 Naira na ehn your eyey go clear!
lolzz
Re: Naira Falls As Crude Oil Price Declines by Weselion1(m): 4:26pm On Jul 11, 2012
CyberG: Why not!? Jonaclueless doesn't give a damn about the bastard Nigerians who voted or help rig him into power! Until the foolish president is killed or removed AND Nigerians vote competent and proven leadership, most Nigerians will remain sufferheads. I just hope the countries Nigerians like to run to after voting in useless Jonabastard will just shut their borders so you can enjoy your fresh air!
Na we go vote,na we go complain. Nigerians haba.
Re: Naira Falls As Crude Oil Price Declines by Okijajuju1(m): 4:27pm On Jul 11, 2012
Weselion.:

Na we go vote,na we go complain. Nigerians haba.

How e take be Jonathan fault say oil price drop?!

Some of these small children for Nairaland, wey the only election dem don ever vote na Big Brother eviction go just dey embarass themselves anyhow!
Re: Naira Falls As Crude Oil Price Declines by forgiven(m): 6:29pm On Jul 11, 2012
Ileke-IdI:

Or does Manny4life have different classification for "recession"?

The funny thing is that a lot of people believe the world is recovering from recession. Little did they know that recession is just about to start..... am not talking about Nigerian economy now but world economy.
Re: Naira Falls As Crude Oil Price Declines by manny4life(m): 8:56pm On Jul 11, 2012
Wilfred_ng:
This is the type of comment I love reading in a forum like NL. Not abuse and quarrels. @Manny4life, you didn't just post a comment, you said a fact. One love Nigerians!

grin grin grin grin

Ileke-IdI:

That's the thing about Manny4life, when he's not smoking weed with High_Chief, he can be truly intellectual.

WHAT!!!

I hope Kobo hasn't infected you o cheesy cheesy cheesy

NO, I don't smoke weed. I don't even smoke at all let alone weed,

Just like crack, weed is whack cool cool cool

Ileke-IdI:


I disagree with this statement though

Or does Manny4life have different classification for "recession"?

Why do you disagree? embarassed embarassed embarassed

What is your own definition of Recession?
Kay-Dee:


[size=13pt]Sorry o, I dont quite understand this part ? undecided undecided [/size]


Bros, what don't you understand by companies packing up? undecided undecided undecided

Valero Corp. (2nd or 3rd largest refiner in the U.S.) is closing or have closed a good portion of their operations in the U.S. meanwhile Sunoco is doing the same (closing of their largest plant). Valero are relocating back to South America where labor and EPA requirements are cheap and less stringent respectively.
Re: Naira Falls As Crude Oil Price Declines by Nobody: 9:43pm On Jul 11, 2012
idirect:
And your father is not smart abi? Abi your papa be naija president?
Ode oshi
Thank you jor.
Re: Naira Falls As Crude Oil Price Declines by pecopeco: 9:48pm On Jul 11, 2012
Very bad news
Re: Naira Falls As Crude Oil Price Declines by nijanigga: 10:20pm On Jul 11, 2012
Okija_juju: This is the beginning of that recession that Okonjo & Sanusi warned us about..

I just learnt that Nigeria has a shitload of Oil that hasnt been sold due to lack of buyers.. No thanks to the U.S reducing their demand for crude, the declining/slow economy of India and China and the new oil discoveries in Ghana and Ivory Coast..

Hard times are fast approaching people..

We were warned... but awoof fuel wouldnt let us hear..

You talk true my brother.But our people think they got brain are condeming you.They will soon join robbery, reality is happening. Americans are drilling thier crude oil right now and will be importing more oil from Canada. In 5 or 6 years Nigeria's oil will be useless.
Re: Naira Falls As Crude Oil Price Declines by Nobody: 11:54pm On Jul 11, 2012
manny4life:

grin grin grin grin



WHAT!!!

I hope Kobo hasn't infected you o cheesy cheesy cheesy

NO, I don't smoke weed. I don't even smoke at all let alone weed,

Just like crack, weed is whack cool cool cool



Why do you disagree? embarassed embarassed embarassed

What is your own definition of Recession?



Bros, what don't you understand by companies packing up? undecided undecided undecided

Valero Corp. (2nd or 3rd largest refiner in the U.S.) is closing or have closed a good portion of their operations in the U.S. meanwhile Sunoco is doing the same (closing of their largest plant). Valero are relocating back to South America where labor and EPA requirements are cheap and less stringent respectively.



You are a biological mistake. U igbo bigot.
Re: Naira Falls As Crude Oil Price Declines by Nobody: 12:09am On Jul 12, 2012
@Manny

I'm more interested in your definition of "recession" lol


forgiven:

The funny thing is that a lot of people believe the world is recovering from recession. Little did they know that recession is just about to start..... am not talking about Nigerian economy now but world economy.


Oh dear!
Re: Naira Falls As Crude Oil Price Declines by KayDee4: 2:19am On Jul 12, 2012
manny4life: Bros, what don't you understand by companies packing up? undecided undecided undecided
Valero Corp. (2nd or 3rd largest refiner in the U.S.) is closing or have closed a good portion of their operations in the U.S. meanwhile Sunoco is doing the same (closing of their largest plant). Valero are relocating back to South America where labor and EPA requirements are cheap and less stringent respectively.

[size=13pt]Just wondering undecided undecided undecided , because crude oil price is a global thing and is not likely to be much affected by local (US) refineries shutting down. Besides, low crude price should be good news to refining companies, no be today them start to dey shut down and re-open, when the conditions turn from unfavourable to favourable. Refineries shutting down will only affect the price of the finished product (gasoline). I thought the ones that packed up a while ago left because of high crude oil prices and I understand your point about EPA and cost of labour too, its all encompassing. Just my 2 cents anyway.[/size]

nijanigga:

You talk true my brother.But our people think they got brain are condeming you.They will soon join robbery, reality is happening. Americans are drilling their crude oil right now and will be importing more oil from Canada. In 5 or 6 years Nigeria's oil will be useless.
[size=13pt]Lol, Nigeria's oil will never be useless. like Libya's sweet crude, it will always be more sought after than Canada's heavy oil and most of the oil from middle east. [/size]
Re: Naira Falls As Crude Oil Price Declines by forgiven(m): 7:28am On Jul 12, 2012
Ileke-IdI:
@Manny

I'm more interested in your definition of "recession" lol

Oh dear!

Here is one of the many talks on the coming global recession...

http://www.businessinsider.com/the-new-recession-is-here-and-it-cant-be-stopped-2012-7
Re: Naira Falls As Crude Oil Price Declines by Reference(m): 7:52am On Jul 12, 2012
manny4life: Why are you guys attacking Mmuo_Okija? grin grin grin

He said the obvious truth, Nigeria was warned.

Like he said, no thanks to the U.S. who no longer buys increased volume of crude not only in Nigeria but Africa in general because most of their refineries in U.S. are packing up.

Recession is on the way, and it will hit like a mighty way, while we can still salvage and diversify our economy , the only solution now is for govt to STOP controlling/managing and START regulating and encouraging.

Nigeria has great potentials unlike other nations, we just need good, STRONG fiscal policies in place.

Good observation. I hope they hear.
Re: Naira Falls As Crude Oil Price Declines by Reference(m): 7:58am On Jul 12, 2012
Kay-Dee:


[size=13pt]Sorry o, I dont quite understand this part ? undecided undecided [/size]

Refineries buy crude just as flour mills buy wheat.
Re: Naira Falls As Crude Oil Price Declines by manny4life(m): 3:32pm On Jul 12, 2012
Kay-Dee:


[size=13pt]Just wondering undecided undecided undecided , because crude oil price is a global thing and is not likely to be much affected by local (US) refineries shutting down. Besides, low crude price should be good news to refining companies, no be today them start to dey shut down and re-open, when the conditions turn from unfavourable to favourable. Refineries shutting down will only affect the price of the finished product (gasoline). I thought the ones that packed up a while ago left because of high crude oil prices and I understand your point about EPA and cost of labour too, its all encompassing. Just my 2 cents anyway.[/size]


[size=13pt]Lol, Nigeria's oil will never be useless. like Libya's sweet crude, it will always be more sought after than Canada's heavy oil and most of the oil from middle east. [/size]


because crude oil price is a global thing and is not likely to be much affected by local (US) refineries shutting down.

Dude, I welcome your statement but at the same time, it's important to note that what you're discussing at hand, I never stated. I never stated about global oil prices, neither did I state that U.S. refineries shutting down affects prices. However, in the same vein, my POV was the trade relationship between the U.S. and Nigeria on crude oil sales is declining. Perhaps, I did not explain further on that. U.S. is decreasing their oil purchase from Nigeria and Africa in general due to rising cost issues. U.S. is the LARGEST purchaser of African OIL, Nigeria in particular; therein lies my argument. If U.S. reduces purchase due to refining capacity, Nigeria's revenue will decrease so does other African nations who export oil to them as well.


Besides, low crude price should be good news to refining companies, no be today them start to dey shut down and re-open, when the conditions turn from unfavourable to favourable.

You said it yourself - when conditions are favorable and unfavorable, but the concentration is the U.S NOT other nations. It may be favorable for them 10/20/30 years ago, but as of 2009 to present, right now, refining in the U.S. is highly unfavorable for most refiners. Regardless of cheap crude or not, the cost often outweighs the benefits. Cheap crude is good news for other cheap refining nations mostly Asia / South America because of favorable conditions, however, most U.S. refiners are running with low or no profits at all. Don't forget, U.S. is the LARGEST consumer of oil and most energy products, so believe it that if 10% of Oil bought in the energy market declines by that amount, it's more than likely for prices to deepen - remember the basics of demand and supply.

Refineries shutting down will only affect the price of the finished product (gasoline)

It's true it will affect the prices due to demand and supply, however, on the contrary, price may become cheaper becos companies like Valero can refine at a much cheaper rate, export to the U.S. at a lower price i.e. assuming crude oil is "CHEAP".

I thought the ones that packed up a while ago left because of high crude oil prices and I understand your point about EPA and cost of labour too, its all encompassing.

Believe it, don't let different news mislead you. There's been fluctuating crude oil price trend since the past 7years (to be conservative), and considering U.S. has more buying power, and more negotiating power, you will think it's specifically "HIGH OIL PRICES", that's somewhat incorrect. Oil prices is a significant part of cost and a major contributor, however, most refiners closed not because of ONLY oil prices, but other COST was rising as well as oil prices. From labor to environment, to lawsuits to FED regulations, I mean the list is ENDLESS. That's why I said, the cost often outweighs the benefit.

In light of that, it's important to note that the U.S. consumption drastically reduced, according to DOE, there was a 3.3% decrease in oil consumption. That number has since been doubled over the last years and will continue to decline as America gradually phases into a different way(s) of energy consumption.

BTW, is it not the same crude that Asia, South America, Europe buys? Even in some oil producing nations, isn't it the same OPEC prices that they sell to their refiners and neighboring countries? So why should refiners reduce production particularly in the U.S.? My point is, refiners will not close just because of oil prices that has been fluctuating , a phase that's normal when demand is high, however, some closed becos of other scenarios.

Just my 2 cents anyway

I welcome your 2 cents, that's why NL is a place of discussion if we can keep it civil without hurling insults at each other.

2 Likes

Re: Naira Falls As Crude Oil Price Declines by manny4life(m): 3:41pm On Jul 12, 2012
Igbo_hater:



You are a biological mistake. U igbo bigot.

Ok, you have been noticed, now move along cheesy cheesy cheesy cheesy

2 Likes

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