₦airaland Forum

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

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

PARADIZEPRIEST:
Because they are sick mentally,dollar is what they worship.
Imagine an idiot importing furniture into naija
Importing leather shoes,or other nonsense things like moet,henesse,vodka whereas we have local alternatives.

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

crackhouse:
keep praying. We pray for everything in this country..

juliuscaesar:
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.

Ikaeniyan0:
things like what?

No consumption can gulp the billions of dollars refine petroleum is gulping

Prove me wrong if e sure for you

Cromagnon:



There's always shit to buy
Jmmjt2t people buying iPhone with their school fees
We used to eat rice only on Sunday now its everyday
We imported wheat now its a mainstay
We will simply divert the money To different consumption
You think 6tp Per capita income 4p that much
We will spend on more phones, more computers, more bosscars, more houses (We import all the fixtures), more furniture, vacations, more more more
None of which we produce
We will still need dollar and no one needs Naira in Return as we export nothing of significance

IAmHim1:
Only if he needs to purchase things in naira.
You don't expect dangote to buy things in dollars BY CONVERTING HIS NAIRA TO DOLLARS AT A LOSS when YOU claim HE'S EARNING IN DOLLARS. A straight path

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 hope the refinery will work

IAmHim1:
It doesn't matter where dangote dollars stay.

All that matters is which currency he's converting his dollars to.
If he's converting it to yen, he's be using a yen trader who'd take the dollar back to the US invariably while dangote takes the yen to China...a transaction which is of little to no benefit to us

Now imagine he was converting his dollars to naira through govt channels.



Now the govt can claim it as theirs NOT BEFORE


SADLY our naira is not really accepted 'outside' but on the bright side, we'd have his dollar$ from the exchange!

Lolz
The govt doesn't own dangote MONEY so they can claim it's part of their reserves.

IAmHim1:
***His petrol. He wouldn't be building a refinery if he's exporting just crude oil.
One man exporting crude oil?

theophorus:
https://www.nairaland.com/7891505/naira-gains-against-dollar-trades

@ Cromagnon
@ kushme
@ waveman

IAmHim1:
"..no one needs naira in return as we export nothing of significance"

MY EPIPHANY RIGHT HERE!!

so naira is not wanted and the unwanted naira is still chasing the few dollar.

Damn

Ikaeniyan0:
Did you even go through the OP post at all? You be like person wey carry expo inside exam hall, but still dey write the wrong thing as an answer.

Let me ask you again, did you go through the OP post?