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Nairaland Forum / Nairaland / General / Business / Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index (30755 Views)
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Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by onuman: 11:33am On Jun 16, 2023 |
Freksy: You pretend a lot. Name the state or states in Nigeria whose people have taken off their eyes from the proceeds of crude oil and gas deposits in the SS and the SE? All the killing struggle for presidential seat in Nigeria 🇳🇬 is on who will control the proceeds from crude oil and gas deposits in the Niger Delta. To increase oil production is one of the first policy statements of the new government. Crude oil and gas deposits are not necessary for survival of a country; many of you are yet to understand this. 1 Like |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by SmartyPants(m): 11:49am On Jun 16, 2023 |
TemplarLandry: Every Nigerian lost a certain percentage of their net worth following the devaluation. It's just basic - your naira wealth would have been calculated using the official rate of 460 thereaouts - now that that rate is gone, your naira denominated wealth will be evaluated at about 750 to the dollar. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Balogunodua(m): 11:50am On Jun 16, 2023 |
Afriifa: Ok... What is right about the nonsense he wrote? How does dollar rate affects my bank account in Nigeria? How does my 500,000 reduce to 300,000 in my first bank account cuz of dollar rate? |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Starz825(m): 12:21pm On Jun 16, 2023 |
Balogunodua: Now your are wrong... you are looking at the book value of your money... those guys you are criticizing are talking about the time value of your money..... for example...if I lend you 1m in 2010 for 13 years without interest...and then in 2023.... you pay back my 1m ...you can never compare the present time value of 1m to that of 2010... I could build a 3 bedroom flat with 1m in 2010'..but I can't achieve same feat in 2023 with 1m because things are now expensive... that's why during inflation, the debtors gain more...while during deflation, the creditors gain more however, if the dollar rate goes high against your local currency (naira)....it reduces the value of your local currency thereby increasing the cost of production when you go to the market with your naira .......cos manufacturers import most of their raw materials via dollar payment only people who have money in dollar will gain from the dollar exploit 1 Like |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Nobody: 12:25pm On Jun 16, 2023 |
Stop this propaganda.Na so una do when Buhari newly swear-in.Dangote Cement factory burn Abi them hack him account? |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Balogunodua(m): 1:05pm On Jun 16, 2023 |
Starz825: The naira have been losing value since time....the fix exchange rate have limited effective on the life of average citizens. Large chunk of our imports are price using the black market rate which is higher than the CBN rate... despite the so called defending nonsense by the apex bank. The value will adjust itself according to the market... time to know the real state of our economy. Starz825: Do you know that majority of importers in Nigeria purchase dollar from the black market? Which could go as high as 790 to 800. The fix rate as of today is 600+... which is ok. 1 Like |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by jaxxy(m): 1:13pm On Jun 16, 2023 |
Samunique: ur hatred for dangote won't help others u like be better. Monopoly exist everywhere for certain periods and for specific reasons and purposes it is not an economic or financial crime. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by PARADIZEPRIEST: 1:45pm On Jun 16, 2023 |
TemplarLandry:GOD ALMIGHTY PLEASE KEEP ON USING TINUBU TO SAVE NIGERIA FROM ECONOMIC WOES. 1 Like |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Everlastingson: 2:10pm On Jun 16, 2023 |
Saidfx: Easier said that done. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Everlastingson: 2:14pm On Jun 16, 2023 |
Saidfx: . . Easier said that done. It will take at least 20 years of concerted and conscientious effort for there to be any significant shift toward CNG. But are you intentionally silent on the safety concerns with CNG? |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by teepain: 2:25pm On Jun 16, 2023 |
SmartyPants: Well, in the past too when the official rate was 460 Naira to a dollar too, the whole of the country was losing too because CBN was subsidizing it by spending the national purse to defend the naira against the dollar. So, either way something must give. However, we have choice of allowing individuals to lose as against allowing the whole country's economy to lose. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Everlastingson: 2:31pm On Jun 16, 2023 |
lastmessenger: I put it to you that you've been heavily scammed again! None of the things Tinubu has done so far( for which some fools are already praising him) will benefit the masses. He is acting out IMF/World Bank script and if you think IMF loves you, then sorry. Why do you think IMF/World Bank have been pressuring Nigeria for years to remove petrol subsidies but the UK and US, who are IMF, have petrol subsidies in place in their countries? |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Saidfx(m): 2:36pm On Jun 16, 2023 |
Everlastingson: myths. This is probably among the worst assumptions made about CNG. You should know that CNG has a higher ignition temperature than petrol which makes it less dangerous. CNG can operate at up to 700 degrees Celsius, as compared to petrol’s 455 degrees. So, for instance, if there is an internal temperature rise, it is unlikely that a CNG car will catch fire faster than a petrol car. Also, the cylinders which carry CNG are a lot tougher than the traditional petrol tanks. Before they make their way to cars, they undergo extreme tests to eliminate the risks of leakage. If you think CNG-run cars live shorter than traditional petrol cars, then you are mistaken, my friend. CNG is lighter than petrol or diesel and is also non-corrosive which helps the engine parts stay intact even after lakhs of kilometres. This ensures that the repair cost would be lower over the lifetime of the car. In addition, with a CNG car, you don’t have to change the engine oil frequently, as you would do with a traditional car. So if you are a busy person, and find it tedious to take your car for frequent service checks, you will be better off with a CNG-run car. IPMAN as a body has met with the president and they are ready to start the sales of CNG to the public. It is left for individuals to decide if they want to take the risk. I can understand your concerns about it's safety but it is safe and a welcome development. Just try to educate people and don't doubt this government. Have a nice weekend. Peace |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by masseratti: 2:45pm On Jun 16, 2023 |
okine4real:try and have an open mind when you are having discussion with people online and refrain from calling people you don't know from Adam derogatory names like Olodo. That said.. If you can comprehend what I wrote very well.. I state it out to you that the Government or CBN official rate is useless to an Average Nigerian who does not have access to it due to its various bereaucracy,can you walk into the bank and pay your naira to get USD at official rate instantly? The answer is capital No.. But the likes of Dangotes, Otedolas various government officials and some businesses men have direct access to it, For an average Nigerian who has to patronize the aboki rates at 750 or so.. Nothing change with this new policy to the value of the naria he or she is holding in the bank, because you and Dangote and other government officials enjoying unfettered access to Government subsidize Dollar is now buying at the same market at the same rate.. Simply has ABC. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Fearyourcreator: 2:46pm On Jun 16, 2023 |
Samunique:Cus no be igbos bah... They are the two richest Nigeria currently... Its normal |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by DodadaKoKigbe: 3:44pm On Jun 16, 2023 |
VeryWickedMan: Wow! |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Afriifa(m): 3:48pm On Jun 16, 2023 |
Balogunodua:Is simple, although he may not get the exact arithmetic but his submissions are not far from what is visible in public. A rise in dollar to naira automatically communicates a fall in the value of the Naira and by extension a fall in what you have in your bank account. This is because Nigeria is an import dependent state. Meaning, in such an event, you may need to trade more naira for a dollar in other to be able to acquire the same items that you had previously acquired in the previous state. Take for a an example, you wanted to purchase a foreign item on Aliexpress at the fee of say $56, you add the iterm to ur cart when a dollar to naira equaled 500 naira. Thus, $56 equals to 56×500= 28,000 naira. Meaning ur planned budget was 28,000 naira for the item. With the recent development it means the Naira as depreciated against the dollar that's why people like Dangotte as lost more wealth.. This means dat dollar rate must ve risen to 600-700 naira. In this event, the item you had in mind will be sold for 36,600-39,200.. So if you had 200k in ur bank account prior to this incident, using the hypothetical rate calculated above, ur the value of ur 200k now should be around 142k in the foreign market.. N there is no way this will not reflect in the local market in the long run, because we virtually import a lot if not finished goods, raw materials. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Teeklef(m): 3:58pm On Jun 16, 2023 |
Balogunodua:And some people still like the guy comment. 77 likes😂😂😂 |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by lildush(m): 4:12pm On Jun 16, 2023 |
Sorry for d loss. Dey have been milking this country dry. So dey should feel how it's like. To be extorted of your hard earned money... Dangote and Bua cement are more expensive in Nigeria Dan any oda place in the world... The privilege dey get from government is just too much. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by StJasper(m): 4:22pm On Jun 16, 2023 |
jmoore: Professor Baby Economics, I don't know where you got your own economic theory from. Only those people whose wealth are calculated in dollars will lose while those people whose wealth are calculated in naira are gaining. It simply means dollar is losing the battle gradually. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by StJasper(m): 4:24pm On Jun 16, 2023 |
ijustdey: Only those people whose wealth are calculated in dollars will lose while those people whose wealth are calculated in naira are gaining. It simply means dollar is losing the battle gradually. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by jmoore(m): 4:29pm On Jun 16, 2023 |
StJasper:The report did not include billionaires outside Nigeria. Dangote and owner of BUA have majority of their investments in Nigeria. Any devaluation that affects the networth of Dangote and co also affects your own value. Ancestor of economics, rest!! |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Balogunodua(m): 5:20pm On Jun 16, 2023 |
Afriifa: I understand what you are saying...but the official dollar rate as of now will have minimum effect on the people. It in report that 75% of Nigeria importers source their forex from black market which is very high even more than the official rate of now. So this policy will definitely not have much negative effect after all. For the bold...majority of Nigerians do not make purchase online infact I'll say 70% of Nigerians don't do it..And for those who do, they don't get it at cheap rate like the official at rate then. So no need to worry about the money in your account, our PPP as of now is still stable. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by StJasper(m): 5:25pm On Jun 16, 2023 |
jmoore: You need to get this right, international organizations like Bloomberg don't calculate wealth in the local currency. They calculate it in dollars. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by jmoore(m): 5:48pm On Jun 16, 2023 |
StJasper:Why didn't that of Bill Gates, Zuckerberg and co fall? The way Bloomberg calcultated that of Dangote is the same way they will calculate yours. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by StJasper(m): 5:52pm On Jun 16, 2023 |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by jmoore(m): 5:56pm On Jun 16, 2023 |
StJasper:Focus on your mc. Don't engage in topics you know nothing about. |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by SaLongs1(m): 7:25pm On Jun 16, 2023 |
GanagiBeetrus:This is a matter for False Prophet 1 of Nairaland |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Cromagnon: 9:11pm On Jun 16, 2023 |
Samunique:how did he cage destiny Which monopoly? I how you no get voters card |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Cromagnon: 9:12pm On Jun 16, 2023 |
Ihateheadslamer:he produces 14 million times of cement annually for past 10yrs |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Cromagnon: 9:12pm On Jun 16, 2023 |
GanagiBeetrus:in 2hrs time be patient |
Re: Naira Float: Dangote, Abdulsamad Rabiu Lost $5.85bn, Say Bloomberg Index by Cromagnon: 9:13pm On Jun 16, 2023 |
jmoore:that's not what it's means ogbeni |
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