₦airaland Forum

SeeWahala:
Better. At least they will be repatriated back to their country with dignity unlike how trump sent them home on cargo planes with handcuffs

Shedrack777:
What will happen to Nigerians being deported? I want to see whether the fg will also refuse them landing same as others

ajebuter:
God cannot be mocked

Real Ukrainians are being ravaged by war, poverty and hopelessness

Zelensky and his thieving Generals are busy enriching themselves with monetary aids for US, Canada and big G countries

E remain thieving Russians Generals too

God1000:

https://www.youtube.com/watch?v=1eWozI5BBKg
This was two days before the election


I understand you man, but you must be joking If you think Donald trump will stop supporting israel with more deadly bombs

I know politicians can be cunning, they say things to get votes, but make no mistake, trump will do worse to Palestinians, I hope he will prove me wrong.

At the bolded, what exactly do you want her to say? It is not in her own interest to openly criticize israel during the campaign, some things are better left unsaid, but I believe she has a better plan for Palestinians

Some people are even saying that she lost because she spoke against israel

whether democrat or republican, no American politician will ever criticize israel openly during election campaign, you need to understand US-israel relations and the reason she had to play both sides

LordReed:
Republicans have started acting like African politicians; using money to buy votes, intimidating voters, violence against poll workers and stealing/destroying ballots. Very sad.

Putinofrussia:
Vote buying for trump who will lose.
He has already lost the election just like Iowa slipped off him.

Iamanoited:
WE ALL SEEM CONFUSED ON DOLLAR/NAIRA RATE NOW.
WHAT SHALL WE DO WHEN "TECOINS" ENTERS?
TECOINS IS TRUMP ELON CRYPTO CURRENCY KNOCKING AT THE DOOR RIGHT NOW.

leokid866:
and they told you crude oil sales is the only thing we have going for us to generate FX? Crude oil is the only thing we have going for us ba? Better sit and reason properly.......

leokid866:
stop lying your stance was it is our only source of fx.....then you went and posted the link like an idiot proud of his ignorance ......seems like you managed to get small sense now you're trying to wiggle like a small rat......also think long and hard in that rat brain of yours why a government would want to keep the dollar value high against its own currency just so they can make small change.....when they know if they strengthen their currency it will allow them afford more in the international market and increased inflow of FX will give them just about the same amount of money even if the price is lower......

Ttalk:
He is more practical than you do. Seems you are getting angry already with comment trashing your point.

Where does Nigeria gets dollar to create ECA

Ttalk:
He is more practical than you do. Seems you are getting angry already with comment trashing your point.

Where does Nigeria gets dollar to create ECA

adanny01:
I think you miss a point. You need to understand how the value of one currency is converted to another. Its is actually from the strength of the economy supporting both currency.

Imagine a situation where the dollar has lost value that those who hold dollars in Nigeria are loosing its value every day. Imagine at the same time zero import. Imagine zero school fees abroad, no medical tourism or travelling. All these mean the dollar will be useless in Nigeria. It means everyone will prefer to hold Naira. In that case naira is stronger than dolar.

Whats the actual case, we import nearly everything. The worst thing is that, the entire forex Nigeria earns in a day, nearly 40% of it is used to import petroleum products and another say 30% is used to pay subsidy or the new shortfall.

This means that over half of Nigeria's FX income is spent right back to get petrol etc. It doesn't even reach CBN.

The balance is what NNPC gives CBN. The demand for dollar in Nigeria for other imports, contracts, foreign services, fx reserve, budget etc is what causes scarcity of the dollar. Demand and supply now takes over, the higher the demand for dollars, the weaker the Naira.

Check this out. If CBN decides to give BDCs $1billion today, tomorrow morning, Naira will gain value. If CBN does that for the next 1yr, that's $365billion, Naira will be stronger than the dollar, but we cant because CBN doesn't have that kind of money.

So that's where local refining comes in. For CBN to get more money, we need to cut down on the demand for dollars. We extract our crude, sell to Dangote in Naira, pay him to refine, supply Nigerians in Naira. We essentially bypass dollars and the errors of the exchange rate, we dont pay freight for crude to and from foreign refineries, we dont pay any duties, profits or any such to another country. This means we have saved a lot just by dealing in Naira.

That means whatever percentage of fx that we earn and spend on petroleum resources has just gone into the wind. The real effect is say we produce 600m barrels of crude, send 300m barrels to malta for refining to get back 40m barrels of petrol, local refining may cost 200m barrels for the same quantity of petrol. Now we save 100m barrels of crude to sell 400m barrels and CBN gets more than before. This dollars saved is going to remove some dollar demand etc.

leokid866:
how does this help your point? Or for your mind you believe NNPC is our only FX generator to base forex flows solely on them?

leokid866:
how does this help your point? Or for your mind you believe NNPC is our only FX generator to base forex flows solely on them?

SpaceX:
With this money will dry up from the masses which isn't good for the economy

Georgry:
Is he going to pay tax in dollars? He's going to pay in Naira, the only way it can favour Nigeria is if Dangote is selling fuel in Naira which means all those countries will have to buy our Naira with their dollars before they buy from Dangote, anything short of that wouldn't make much impact imo!

SpaceX:
Why don't they just print the naira since all the need is the currency?

SpaceX:
The job of a government is not to pay salaries but create policies and structures for free market to strive so when the exchange rate affects the masses it's a negative to the government it means people are not doing well in life.

When there are policies and structures in place for free market it's create productivity which with time improves prosperity for people.

helinues:
Was the tax there before?

helinues:
Is he not going to pay tax?

helinues:
What led to Dangote's earlier noise if not because of increase in tax and also cancelling of some tax waivers given to him by the previous government

helinues:
With the Dangote refinery, don't you think our ports would also become a choice of destination for the neighbouring countries which some of the goods we are importing would be more closer bye which would reduce the price?

leokid866:
you have no understanding of economics and I pity whoever has their money in your hands.....

helinues:
Even if he sells in dollars, that would ease the pressure on dollar demand in Nigeria and bring surplus which would make Naira to gain strength

Starboytwo:
pls this is an interesting debate that concerns everybody, could you let the two gentleman helinues/hard mirror have a decent debate pls? Don't derail, I use God beg you..

I have many questions since this Dangote thing came on board. One of the questions is being tackled here, pls, let see from different mouth and opinions. Abeg. No abuse, no trolling, but good and concise debate.

Thanks.

helinues:
Stop the referring, engage this with your own understanding about it. Don't refer to any news paper.

Could you?