₦airaland Forum

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

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

see attached picture

Seem Cardi B's mission this year is to reduce the pressure in the Naira and allow it rise by itself

advanceDNA:
Demand for naira is what will boot naira in a floating currency system....

...hope u understand that Dangote is not exporting crude oil products to other nations in naira...he's being paid in dollars for his exports ....

His business operation will not significantly boost naira as Reno claimed without the government heavily paying subsidy on the exchange rate as they are doing now......

Thats why they are saying Reno is a paid propaganda spreader.....

Yeah, I know this sounds like a complex economic theory but it is like this.

Before Dangote, Nigeria had to import fuel (diesel, aviation fuel, petrol etc) and this put a lot of pressure on the Naira as we now needed dollars to buy these products.

Dangote does not even need to export before a change is noticed as since Nigerians will buy from Dangote in Naira, they don't need dollars to import fuel. That reduces to demand for dollar and eased pressure on the naira.

Obi used to say "Nigeria must move from consuming to producing economy" when we import fuel, we were consuming. With local refineries, we are not a producing one and this improves the currency by a lot.

State which majority of can't pay wages want to employ police officers