culeca:
You will not understand sha

You will understand when you are burnt or arrested and prosecuted for hoarding fx and crowding out those who genuinely need it.

Check balance of trade

Acidosis:


Import what quantity? Report shows that fuel consumption fell by over 30% since the removal of subsidy? Does that explain why Naira keeps falling??

Naira falls because of over demand. Over demand exists because of import dependency and currency speculators. No other reasons.

Import dependency has been discussed. So who are the currency speculators? The everyday Nigerian of course.

Everyone who buys dollars to save, while uderstandable, is only contributing to the problem.

These things are simple arithmetic.

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

Same reason why people buy gold, and also why people buy artwork. You hope the price appreciates and then you eventually cash out. An investment tool, in other words.

Plus some of us still have to make foreign orders.

Person go buy motor. E no Sabi drive am

From my speculation,Nigeria has been curse for lack of refinery.lately,there has not been progress from dangote's refinery.

It is simply a mean of business for many Nigerian, but it is sabotage for the economy which they complain about on a daily basis.

Them won blame innocent citizens again.

Which day we go even see topic for Nairaland say WHY ARE OUR LEADERS CORRUPT?

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

no, it doesn't work that way.

Even if we build 100 refineries, naira will still be falling. We need a product we can sell in dollar to bring dollar back to the country that's how you strengthen the naira. If the refineries in port Harcourt can work by December, which is another Lie by APC and the corrupt politicians like woke, then nothing will happen. Only fuel may get cheaper if it will, cause Nigeria anything up doesn't come down. It can only reduce the price of goods a bit cause now fuel maybe cheap which will allow trucks to transport goods at a cheaper rate. But dollar will keep going up.

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

It's simple. It's a prelude to hyperinflation. You can check the precedence to Zimbabwe, Russia, and even Venezuela hyperinflations.

Citizens lose complete interest in their fiat due to historical precedence and politicians ineptitude and they begin to trade in foreign currencies.

You're super hilarious for asking this question. I know you don't believe it sha. But Naira has always been Anti-gravity.

theophorus:
If you're praying that the USD should keep increasing in value against the NGN, then I urge that you keep buying more USD.

But if you are wise, you will know that something has peaked and its on it downfall gradually and it will not peak again for the next 3yrs.

I thought I was the only one who saw it.

Ikaeniyan0:
look at the billions of dollars we spent importing refined petroleum last year 🙆

When the Dangote and PH refinery start working, it will really relieve pressure on the naira.

I really pray the refinery will work

Nothing will ever change, rather it will get worst.


Even if Dangote refinery start working, that is if it will ever work the naira will never recover, it will keep crashing, prices of commodities never comes down in Naigeria rather it keep going up. Corruption will never let anything work in Naigeria, Naigerians are ignoring the real Naigeria problem.which is CORRUPTION! As long as corruption rules in Naigeria nothing, i mean, Nothing! Will ever change for better in Naigeria.



You can keep praying all you want. Economy, refinery and a country are not run by praying.

Ikaeniyan0:
look at the billions of dollars we spent importing refined petroleum last year 🙆

When the Dangote and PH refinery start working, it will really relieve pressure on the naira.

I really pray the refinery will work

You think Dangote will sell his products in naira? When Nnpc won’t sell crude to modular refineries in naira?

Lol… Na imagination wan finish Una

theophorus:
If you're praying that the USD should keep increasing in value against the NGN, then I urge that you keep buying more USD.

But if you are wise, you will know that something has peaked and its on it downfall gradually and it will not peak again for the next 3yrs.

How did you know that it has peaked? It has peaked at what rate1200? You wish! When it was at 750 we all thought that it has peaked and will start falling

Naigeria is heading the way of Zimbabwe, believe it or no5

kcprince:


Today our country have no reserve anymore becasue we used our reserve to borrow money and you are accusing Ghana of taking bailout . It seems you are oblivious to the state of our economy . Take time today to update yourself.

Nigeria economy is doing far better than Ghana economy

Unless you can bring out solid point to back up your claim Ghana economy is better than Nigeria own.

There's no way I will believe a country that can't pay her debt is doing better than Nigeria

Oga Op, That can never work in this naija. Naira will forever continue to lose value against the dollar. Since you knew about exchange rate has the naira ever made any significant improvement against the dollar? Abeg better save your money in dollars oh.

Calitoscassius:
Nothing will ever change, rather it will get worst.


Even if Dangote refinery start working, that is if it will ever work the naira will never recover, it will keep crashing nothing prices of commodities never comes down in Naigeria rather it keep going up. Corruption will never let anything work in Naigeria, Naigerians are ignoring the real Naigeria problem.which is CORRUPTION! As long as corruption rules in Naigeria nothing, i mean, Nothing! Will ever change for better in Naigeria.



You can keep praying all you want. Economy, refinery and a country are not run by praying.

Johnrake69:


You think Dangote will sell his products in naira? When Nnpc won’t sell crude to modular refineries in naira?

I didn't talk about Dangote refinery alone, I wander why you guys are focusing on Dangote refinery alone.

Well, when Dangote refinery start working, we won't need to buy from foreign suppliers again.

As long as politicians keeps stealing in dollars. The dollars will forever gain on the naira. People who steal funds are scared to keep them in naira because they are easily traceable. So they buy up all the dollars, even in the black market and hide them.

Acidosis:



So why hasn't the Naira gained significantly against the dollars since the removal of subsidy??

When we paid subsidy in billions of U.S. $$ - Naira was @700


Subsidy was removed in 2023 and Naira fell badly to N1200


What other evidence do you need to know that nothing thrives in the midst of corrupt and stup!d leaders??

Don't just talk, try to think first nah.

With subsidy and 700, fuel importers have access to Forex through the CBN, they collect dollars at official rate, reason for the little shocks.

With no subsidy and floating of the naira, there is no exclusivity, no product is given preferential treatment to get dollars, that is what it means.

LegacyB:
Dollar will crash 💥 and that would only be normal. Let’s have this conversation in 3 to 4 months.
Any one buying dollar now is a grave mistake.
Don’t sell your properties or store Fx it would crash.

I was just reading through but with this I was forced to comment. My brother nothing feasible and tangible that this govt has put in place to make the Naira gain in 3 to 6 months.

You are just writing as if you are not acquainted with economy knowledge, in sane country the government maintain stability of its economy(currency). That means what you bought in some country 20 years is still same value if you want to buy it today but can you say that about Nigeria, you buy something in Nigeria now in the next hours go to the market you will be surprised that the price has change.

One of our problem as someone has earlier said is our corrupt politicians who go Scot free in their ways, why is China stable today. If you are caught in corruption it is death penalty.

kcprince:


Today our country have no reserve anymore becasue we used our reserve to borrow money and you are accusing Ghana of taking bailout . It seems you are oblivious to the state of our economy . Take time today to update yourself.

Comparing Ghana's economy to Nigeria just shows you are not well informed.
Ghana's economy is in turmoil even though their currency is strong against the dollar .
The CBN is illegally printing money for their government.
Nigeria is in a far much more better position than Ghana and will still be in the next 100 years

those who buy hoping that naira will crash are the speculators.
But majority actually buy to hedge their money against Naira freefall.

if the Naira gains your dollar doesn't loose value bacause things will become cheaper and your purchasing power will remain the same.

kripen:


I was just reading through but with this I was forced to comment. My brother nothing feasible and tangible that this govt has put in place to make the Naira gain in 3 to 6 months.

You are just writing as if you are not acquainted with economy knowledge, in sane country the government maintain stability of its economy(currency). That means what you bought in some country 20 years is still some value if you want to buy it today but can you say that about Nigeria, you buy something in Nigeria now in the next hours go to the market you will be surprised that the price has change.

One of our problem as someone has earlier said is our corrupt politicians who go Scot free in their, why is China stable today. If you are caught in corruption it is death penalty.

This as nothing to do with politics or government. It’s just simple demand and supply economics. E.g Importers import only 60 percent of what they previously imports. That should give you a direction. People abroad would send more money in sharply to advantage of the high rates. People and companies will naturally substitute foreign products will local products. And many more . You think the BDCs are enjoying this? Nooooooo

kripen:


I was just reading through but with this I was forced to comment. My brother nothing feasible and tangible that this govt has put in place to make the Naira gain in 3 to 6 months.

You are just writing as if you are not acquainted with economy knowledge, in sane country the government maintain stability of its economy(currency). That means what you bought in some country 20 years is still some value if you want to buy it today but can you say that about Nigeria, you buy something in Nigeria now in the next hours go to the market you will be surprised that the price has change.

One of our problem as someone has earlier said is our corrupt politicians who go Scot free in their ways, why is China stable today. If you are caught in corruption it is death penalty.

This as nothing to do with politics or government. It’s just simple demand and supply economics. E.g Importers import only 60 percent of what they previously import.That should give you a direction. People abroad would send more money in sharply to advantage of the high rates. People and companies will naturally substitute foreign products will local products. And many more . You think the BDCs are enjoying this? Nooooooo

transient123:


Don't just talk, try to think first nah.

With subsidy and 700, fuel importers have access to Forex through the CBN, they collect dollars at official rate, reason for the little shocks.

With no subsidy and floating of the naira, there is no exclusivity, no product is given preferential treatment to get dollars, that is what it means.

So what exactly is your point?

theophorus:
If you're praying that the USD should keep increasing in value against the NGN, then I urge that you keep buying more USD.

But if you are wise, you will know that something has peaked and its on it downfall gradually and it will not peak again for the next 3yrs.

expand on the bolded

Yourprick:
bro understand the post, look at our highest import, what happens when we stop importing petroleum products? Our problem is too much imports and petroleum up there has the highest percentage

Oga, naira has become very unreliable. Also, no one knows for sure if or when the Dangote refinery work become functional. But even at that, expect your Nairas to keep falling.

pendusky:


Which year has the naira gained before when e crashed

I remember in 2016, it crash from 500naira and stable around 380 for long before it start going up. Op is actually making sense

culeca:
You will not understand sha

Yes, he will not understand that we cannot do without importing tooth picks, matches, women designer bags and shoes, Italian marbles, e.t.c. Without them, we will all die.

Ikaeniyan0:




I didn't talk about Dangote refinery alone, I wander why you guys are focusing on Dangote refinery alone.

Well, when Dangote refinery start working, we won't need to buy from foreign suppliers again.

Nigeria will still need dollars to buy from Dangote. Know that now.

theophorus:
If you're praying that the USD should keep increasing in value against the NGN, then I urge that you keep buying more USD.

But if you are wise, you will know that something has peaked and its on it downfall gradually and it will not peak again for the next 3yrs.

Oga, it has not yet peaked. The major problem with the naira is not petroleum imports, it's the run away inflation and debt repayment.
Remember you are servicing your debt in dollars.