anigbajumo:


To the best of my knowledge, The CBN is providing FX at official rate to dangote but we av to believe that our Refinery must come back to Life…Both GEJ and OBJ spent billions of dollars on TAN yet no any tangible results, The problems we are facing are not limited to Buhari alone both previous administration lack foresight on how to build a nation. Your last paragraph can’t be achieved with having refinery in place.

MITCHELL96:
This wicked man!

CBN governor my foot!

Same man that stopped Nigerians from buying dollar to save themselves.

May you die of cancer!

ufotunang:
It's not the central bank govenor that caused allthis problem.. .it's the federal government and Buhari...a country that is always importing goods , products, fuel, disel, kersosene, gas and the country Nigeria is not producing much and exporting...it's dollars that will be used for importation.... politicians, rich men send their children abroad to school.. dollars is used...health care abroad... dollars is used... manufacturers have to import machies , raw materials for production... dollars is used... politcians using dollars to buy votes from delegates during their party primaries election..so the demand and pressure for dollars is high .. which makes the exchange rate high and devalues the naira... Nigeria is not exporting much to earn dollars and pounds... that is the problem ...not CBN governor

Cognitivereason:
borrowing doesnt devalue a currency

okeysoninv:
Nigerians are not asking fundamental questions to this CBN govt. Nigeria exports about $60b crude oil annually,$70b gas annually , remittance $20b . are we supposed to be in this mess with this excess dollars about $150b dollars annually from this. I have included non oil exports. so where all the money going yet there are scarcity of dollars everywhere.

kayperry:



Yiimu ! you better make use of the opportunity n own a property in sango phase two before Peter Obi cumma undo 1dollar to #100

GeneralPula:
When $1 was at 150 or so, it wasn’t as if government was going anything spectacular then. What was helping then was the fact yahoo boys are bringin in USA dollars everyday via the western union, making dollars sufficiently available in every bank. The is the main reason why Naira has been depreciating the moment these yahoo boys started leaving Nigeria..

Bank people knows this..

Go and check. The more USA dollars you have in your country, the more your currency appreciates against the dollar and vice versa..

One of the solution to this is we should increase our local production. Export more and import less. Farming that’s suppose to be helping us largely, people prefers to become doctors or lawyers than a farmer..

The question now is what do we export? We can’t export fake things. It won’ sell. And fake things too plenty for naija..

t2luv1:


Exactly there is no scarcity of Dollars this whole mess was an artificial scarcity created by the greedy CBN head man

KushLyon:


But it's still far better than earning in naira. A person earning 50k in naira back when I am earning the same amount but in dollar will still be earning the same 50k now while mine increased to 70k. At least I got a 20k increase compared to the other person whose earnings didn't increase but still have to battle with the same price increase, that one is already a handicap

yes you are living better than the Nigerian, but that was not the question the guy was emphasising.

If you are arguing that you earn more than a Nigerian who earn the same as of when the dollar was low, then you're a big man ofcourse compared to him or her. That's where earning in dollar is now considered better. However the cost of things have also gone far above the person earning dollars. Before a c300 car 2010 was sold at 3 million,. But now it 5.5million. So assuming you earn 100$ which was 50k and the Nigerian was also earning 50k, yes you are now 70k richer abi 20k richer, but now you have to buy the car at 5.5million, instead of 3mil. So if it was supposed to take you 60 months at 100$ saving a month to buy a Mercedes c300 for 3 million, now it will take you 85 months

dododawa1:
No one understands the nation again, BUHARI and co will answer Almighty one day.

christejames:
Emefiele is a huge disappointment...

A sound mind who was later turned an economic neophyte after hobnobbing with the evil people in APC.

Cognitivereason:


I know that ..we need those refineries like now..

if Dangote is running out of money to complete....now is the time to give him part of our national budget to complete that damn thing...

Brookdcook:
Vote APC 2023 for continuous assessment

Cognitivereason:
lol....black market are running of of dollars....they have to charge more in naira to attract dollars and discourage those buying it in high demand...

the same thing is what the CBN is experiencing.. when there is low supply of USD to keep up with the needs of importers..they either devalue the naira or reduce the supply and push the importers to rush to Black market for USD who course will also increase the rate because of demand...

except you are ignorant of how FOREX is earned ..Emiefele is doing what any CBN governor would have done..in order for the country not to run out of forex..naira has to be devalued to bring in more dollars and keep up with the cost of importations..

the solution to this doesnt lie with the CBN to a large extent.. we just need to look at what is consuming our forex the most..that is petroleum products,.. we need refineries now more than ever to stabilize the rate...even Peter Obi can not solve this without refineries..this is not about looking at vietnam or eygpt.. Dangote should be given more support than he is receiving to finish his refinery..

if we start rehabilitating our old refineries..it will take us atleast 3 years to bring it to live and it still might not meet our needs..what we need now is to support those who have started theirs and are almost complete..(Dangote).

we need to end fuel and petrochemical imports now...these commodities swallows 30% of our foreign reserves

Splitmind:


Stop tagging people you jobless youth

Cognitivereason:


that simple solution is the only hope we have...dangote needs to finish his refinery damn quick..Fg needs to rush PH refinery rehabilitation as well and begin figuring out where to get loans to wake up kaduna, and warri refinery..

these 4 refineries will in total process over a million barrels of crude oil.. we only need about 600 thousand barrels of processed crude oil to sustain all our petroleum and fuel needs..then we export the excess outside..

lastly..Dangote bought two oil blocks from shell which is non operational... this is where he will get his own oil from..he is not going to tap from the exiting and functional oil blocks that produces 1.6million bpd of crude oil which we export..in summary Nigeria will pump no less than 2 million bpd of crude oil...1.6millionbpd to be exported and 500 thousand bpd for dangote

https://nairametrics.com/2020/03/12/dangote-to-commence-100000-barrels-of-oil-production/

SenatePresdo:
I will make $1 equal to #1. _ APC.


I will recruit 50 million youths and feed them corn, and Garri to drink_ APC.

Yet some youths Zombies are still campaigning for APC.

Anybody that would vote APC, may APC continue happening to him and his household till the rest of his life, Amen.

It's a good prayer for them, because they believe APC is the best thing after Dollar Bills.

Cognitivereason:


that simple solution is the only hope we have...dangote needs to finish his refinery damn quick..Fg needs to rush PH refinery rehabilitation as well and begin figuring out where to get loans to wake up kaduna, and warri refinery..

these 4 refineries will in total process over a million barrels of crude oil.. we only need about 600 thousand barrels of processed crude oil to sustain all our petroleum and fuel needs..then we export the excess outside..

lastly..Dangote bought two oil blocks from shell which is non operational... this is where he will get his own oil from..he is not going to tap from the exiting and functional oil blocks that produces 1.6million bpd of crude oil which we export..in summary Nigeria will pump no less than 2 million bpd of crude oil...1.6millionbpd to be exported and 500 thousand bpd for dangote

https://nairametrics.com/2020/03/12/dangote-to-commence-100000-barrels-of-oil-production/

ijustdey:


https://punchng.com/breaking-senate-to-invite-emefiele-over-naira-devaluation/

Rahkman:
Na 1k e go reach before october....by then I go cash out my dollars for be5 wey the value just dey increase like cryptocurrency

cRobo: