₦airaland Forum

opamoses1:
■ And it doesn't occur to you that Ibrahim fan-musa is a common name in the North. Even if it's the same person. He could have changed his mind on protesting. He never even said he was going to protest by the way. Anyway. It's called freedom of choice. Them not protesting does not block your own freedom of leading a protest.

opamoses1:
■ Oya run background checks on the others as well. Anyway, they are not stopping you from protesting.

AFRICA
by Terence Zimwara

2 days ago

The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the purchase exchange rate. The Nigerian apex bank disclosed that it had sold $106.5 million to 29 authorized dealer banks at exchange rates ranging from NGN1,498 per dollar to NGN1,530 per dollar.

Naira Hits New All-Time Low Against Dollar
The Nigerian Central Bank (CBN) recently sold U.S. dollars at an exchange rate of NGN1,450 per greenback to Bureaux de Change. The CBN’s intervention came shortly after the naira reportedly reached an all-time low of NGN1,640 per dollar.

According to an update released by the CBN on July 18, ongoing distortions in the retail market prompted the central bank to act. These distortions feed into the foreign exchange parallel market, further widening the exchange rate premium. The CBN added:

To this end, the CBN has approved the sales of FX to eligible Bureau de Changes (BDC) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of NGN1,450/$ (representing the lower band of the trading rate at NAFEM in the previous trading day).

The Central Bank of Nigeria (CBN) added that eligible BDCs can sell the dollars to end-users at a margin of not more than one point five percent of the purchase exchange rate.

Central Bank Injects More Than $100 Million
Meanwhile, in a circular released on July 19, the CBN sought to assure the Nigerian public that it was taking steps to contain the naira’s depreciation, which it blamed on demand pressure from corporate entities. To support claims it is attempting to stabilize the foreign market, the Nigerian apex bank disclosed it had sold $106.5 million to 29 authorized dealer banks at exchange rates between NGN1,498 per dollar and NGN1,530 per dollar. These sales were conducted on July 18 and 19.

Additionally, the CBN revealed that an extra $9.5 million was sold to four authorized dealer banks at rates between NGN1,510 and NGN1,550 on July 19. Despite taking measures to contain the naira’s slide, the central bank stated that it would continue monitoring whether players in the foreign exchange market adhere to regulations.

adenigga:
■ “So the question for me is this. Let us forget the man Dangote. If the Central Bank were to prioritize a single enterprise for forex allocation, how many enterprises can we think of that are worthier than a refinery like this one?
“Consider the drain on our forex from importing petroleum products; the tens of billions of dollars of forex spent abroad; the huge losses due to theft in the name of subsidy.
“By the way, how much forex did Dangote buy from the CBN at this subsidized rate? How much forex did NNPC take from the federation account in the same year in the name of running and turning around its dead refineries? What are we benchmarking against?
“If any Nigerian came to me as a Central Bank Governor with a project like this refinery, I would recognize immediately its potential impact on the economy and give it all the support needed.

adamusuleiman3:
The 16th Emir of Kano, Muhammadu Sanusi II, has said that Alhaji Aliko Dangote should not be blamed for buying dollars at lower rates at the time he was building his refinery because that was the actual rate the apex bank was selling to everybody at that time.
Sanusi, who commented on the issue through SOP Chat Group, initially said: “I honestly do not think it is a good idea for me to make comments on these issues, but some comments surprise me, and I just have to say something.”

adamusuleiman3:
The emir then went on to remark: “Aliko Dangote did not fix the price at which the CBN sold dollars. Everyone who got dollars from the CBN got dollars at the same rate if they bought on the same day. So we cannot blame him for buying dollars at a rate the CBN itself decided to sell to its customers.

ejieddy:
Why the Boss of NMDPRA still has a job is what I don't understand. Tinubu must make a statement with this man. He has to fire somebody. Or else, his government is just a jamboree.

LegendHero:
■You are quoting the law of which country? Nigeria? You better go and sleep. It’s evident you need rest.

LegendHero:
■ It is treason. Even if you are going to recall a government, you still have to use electoral means like INEC. You cannot use a protest to overthrow a government.

LegendHero:
■ Protesting is not treason. What is treason is planning to overthrow the government. It is two separate things.

alphaNomega:
fake kobojunkie?

raskymonojendor:
■ Sellout because they said they weren't protesting. That means all Ibos that are saying they won't protest are sellouts too. LMAO.

wasco70:
If I am Tinubu ,I will draw dangote near to reverse the subsidy and be paying subsidy payment directly to dangote to ameliorate this hardship for short period . Instead he want to carry out vengeance against this man that his more knowledgeable than him .

Blessedarethepe:
■ You lack sense.......Bleep off

bigpicture001:
See what dangote shod do for thr next 8years...buy crude from Ghana, refine and send abroad to ur customers...just that he will b charge import duty heavily by tinubu... Who still remembered that tinubu didnt attend the refinery inauguration

Blessedarethepe:
■ You Dey craze ...........

Blessedarethepe:
■ government would prefer to squander the money because they lack investment sense. Can't you see how multinational companies are leaving the country right from 1960 ?
Please I don't have the energy to reply anyone on this again. I can see many of your are proponents of devil and the boot lickers of APC. There are so many errors in your reasoning.

phemmyjohnson:
Listen some of you think because he has been benefiting from the country for centuries he should keep quiet now that a certain government is working against him . The same country where cost of living and feeding has skyrocketed more than what we can afford You still want to defend this govt . After all the multinational companies are leaving . Okay now I pity us.

leokid866:
Right cause for your mind you think Minimum wage will be 250k and fuel prices will remain the same?....

leokid866:
He was talking about any subsidy payment O....he was talking about cost of fuel increasing should they force government to pay 250k and there's no way such an increase in wage bill at this time will not cause massive inflation.....price for everything will go up including eggs.....

Blessedarethepe:
■ So because he got incentives from previous administration to accomplish the project, then they should ruin his business that will in turn bring better life to us, and increase the country's GDP.
■ Are you even aware that our government have stolen more than the money he has used judiciously to do this project? Do you know since when government has been promising us refinery and yet we didn't get one? Now someone who has the good interest of this country got the opportunity to do so you are now saying thrash. I think you are one of those people benefitting from the oil lucre?
If you don't want me to curse you in my next post, you better mind how you will reply me.

TimeManager:
■ How many public infrastructures were burnt down like you did during ENDSARS? -Kiss the truth!

Dronedude:
■ It's so unfortunate that this is happening to an investor who is also a Nigerian. Imagine Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA De marketing a fellow Nigerian just for selfish interest of importing the useless fuel the have been giving Nigerians.
If it were to be in a sane country the government would have sacked that DG or MD because of his highly insensitive comment. So this simply explains why our refineries are not working. Some jobless and lazy people are making sure it doesn't work so they can make money through importing substandard product and selling it at a standard cost or more. I read the sulphur content in Dangote's product is barely below 90 ppms while the usual imported product is above 2000 ppms. How did we get to this point where investing in your country is now a mistake and yet we are wooing foreign investors watching everything play out in UHD 8k? This also explains why companies are selling their assets here and leaving.
Even if Dangote has been enjoying monopoly in Nigeria the fact remains that he is Nigerian, his projects are in Nigeria employing Nigerians etc. All the government needs to do is to support his vision and put him on check on his deliverables to Nigerians.

TechCapon:
Nigeria is anti-business and anti-inverstment. A bad country to do any kind of business no wonder investors are running away. It can never get better

bdon123:
■ U are very ignorant.i am an oil and gas expert wit an msc in oil an gas management.Say monopoly or not.there is no one in nigeria that will ever build d size of refinery dangote did.Reason being refineries around d world are build close to source of crude. Dangote trying to import west texas index crude fro uSa will never giv d nigerian market cheap products except if his source is Nigeria or west africa.
■ That being said,dont forget d refinery was built after agreement that its source of crude will be Nigeria.plus for over 30 years we hav been importing rejected quality pms around d world bt dangote now already promised 2 diff fuel grades of 85 octane n 91 octane for premium vehicles.U really hav no clue do u?

PresidObi:
Tor ;DThey are very correct, Tinubu is doing well since February this year.
No protests, the north have pulled out too, let's see if the West can brave it and protest alone.

PresidObi:
Oyo state people wants to protest against Tinubu? Keep it in Ibadan there, afterall na una cause the wahala

Ofodirinwa:
I'm confused as to why this refinery is such a babalabu. This is an unbiased post, I sincerely want to understand what is happening. At first they said that Nigeria had already sold 100% of it's oil to foreigners and in order for him to get oil he has to buy it from abroad. Now he is saying NNPC is his problem (calling him a monopolist). I have even heard the refinery is not running. I want to know what is happening because I don't believe he's the only refinery in Nigeria, and some of the others are functioning fine (unless they're not, idk). If any of the things I wrote prior are true we have WAY bigger problems than we're ready to address

Amujale:
■ How about Dangote actually starts investing in the very people that he spent his entire life serving?
Build institutes of learning whereby students can acquire accredited skills and qualifications to work in high level skilled environment.
Rather than complaining to the general public about the bureaucracy that exists out there, create a lane that the general public may benefit from and you will be rightly praised making yourself more the successful businessman that everyone already knows you are.

Chinkoalhaji34:
Nigerians dey vex, but make we no forget say change no happen overnight. Tinubu go fit bring better governance if we give am chance to work. E go take time, but na patience we need now. Let's keep the conversation going and support the right moves.

yarimo:
Criminal Obidients won't like this news 🤣🤣🤣🤣 no way to steal in the name of protest in abuja