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Nairaland Forum / Nairaland / General / Business / Naira Falls As Crude Oil Price Declines (7751 Views)
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)
Re: Naira Falls As Crude Oil Price Declines by Wilfredng: 1:12pm On Jul 11, 2012 |
manny4life: Why are you guys attacking Mmuo_Okija? 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. |
Re: Naira Falls As Crude Oil Price Declines by Nobody: 1:16pm On Jul 11, 2012 |
Wilfred_ng: 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? |
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? 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? [size=13pt]Sorry o, I dont quite understand this part ? [/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 mee 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: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.: 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: 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: Ileke-IdI: WHAT!!! I hope Kobo hasn't infected you o NO, I don't smoke weed. I don't even smoke at all let alone weed, Just like crack, weed is whack Ileke-IdI: Why do you disagree? What is your own definition of Recession? Kay-Dee: Bros, what don't you understand by companies packing up? 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: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.. 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: 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: 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? [size=13pt]Just wondering , 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:[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: 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? 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: 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: 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: Ok, you have been noticed, now move along 2 Likes |
Loan Apps Have Put Me Into Longlasting Depression / Naira Reverses Gain, Drops To 490/dollar / 50% Of Biscuit Manufacturers Shut Down In 30 Years — MAN
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