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Nairaland Forum / Nairaland / General / Business / CBN May Not Clear FOREX Backlog — Report (11157 Views)
CBN Releases $500m To Clear Verified FOREX Backlog / CBN Begins To Clear FOREX Backlog / CBN May Lose Control Of The Naira - Punch Editorial Board (2) (3) (4)
Re: CBN May Not Clear FOREX Backlog — Report by mrvitalis(m): 8:25am On Nov 12, 2023 |
How ever believed they would in the first place |
Re: CBN May Not Clear FOREX Backlog — Report by Reference(m): 8:26am On Nov 12, 2023 |
All these reports that continue to strip the CBN naked in broad daylight sef. We know the CBN is seriously handicapped but the signs are there that they know what they ought to do, just that the government is not helping by policies to ease the pressure on the naira by cutting demand. I repeat again. This government since inception has not done anything concrete to either gain this country more FX or cut the present demand. If it has the markets will have picked the signals and began to act accordingly l. 1 Like 1 Share |
Re: CBN May Not Clear FOREX Backlog — Report by REALretep(m): 8:27am On Nov 12, 2023 |
Theunbothered:My brother It's saddening I guess it's until the Zimbabwean debacle happens that we'll start telling ourselves the truth 1 Like |
Re: CBN May Not Clear FOREX Backlog — Report by optimusprime2(m): 8:30am On Nov 12, 2023 |
I have said this thousands of times here that Economics is not politics... You can not bamboozle your way in Economics the way it's done in politics... As long as the "share the money/chop the money" culture still reigns supreme within the Nigerian political ecosystem, people should watch and see 1USD hitting 2000NGN in the very near future. Happy Shege in advance folks! 1 Like |
Re: CBN May Not Clear FOREX Backlog — Report by Ykc2(m): 8:37am On Nov 12, 2023 |
Thank god I no take fear send my 5000 euros to nigeria 1 Like |
Re: CBN May Not Clear FOREX Backlog — Report by optimusprime2(m): 8:39am On Nov 12, 2023 |
Reference: Chief, If you know how much USD was distributed around to facilitate the last governorship elections, then you would understand that Nigeria's economy is actually doomed. In short, the USD is Nigeria's pseudo currency... which is why no matter what CBN does, it can never control the parallel exchange rate of the USD. The USD demand in Nigeria is just waaaaaaaaay more than the supply... infact I won't be surprised if there might be more USD demand than the Naira which is not supposed to be case. 2 Likes |
Re: CBN May Not Clear FOREX Backlog — Report by Ikaeniyan0: 8:40am On Nov 12, 2023 |
SSpeter:I still stand my ground. Dangote refinery, modular refineries and NNPCL refineries will reduce the pressure on the naira 2 Likes |
Re: CBN May Not Clear FOREX Backlog — Report by SSpeter(m): 8:40am On Nov 12, 2023 |
Blueace247:CBN policies, hope and patriotism does not solve currency issues. You have to move from consumption to production with minimal corruption 1 Like |
Re: CBN May Not Clear FOREX Backlog — Report by SSpeter(m): 8:44am On Nov 12, 2023 |
Ikaeniyan0:Economic activities do not care about your ground, or my opinion, it is what it is. You are not going to pay Dangote in Naira? Dangote will not give you refined petroleum free of charge? You do not have the dollars to pay for it either? Hence, you continue to Swap, unless Dangote exceeds local demand and begins to export then we can ask him for the export proceeds. Body language doesn't work here 3 Likes 1 Share |
Re: CBN May Not Clear FOREX Backlog — Report by Ikaeniyan0: 8:45am On Nov 12, 2023 |
SSpeter:Dangote is a Nigerian, his dollars will remain in Nigeria. Dangote refinery is not the only refinery that will be operating by this time next year in Nigeria. |
Re: CBN May Not Clear FOREX Backlog — Report by uniquetechng: 8:53am On Nov 12, 2023 |
Honourable1901:if the CBN has experience in monetary policies we wouldn't be where we are today. |
Re: CBN May Not Clear FOREX Backlog — Report by Ventura1: 8:54am On Nov 12, 2023 |
Punch sensationalism is beyond comprehension. Four times they have reported fuel scarcity in Lagos when their is non... |
Re: CBN May Not Clear FOREX Backlog — Report by Ikaeniyan0: 8:54am On Nov 12, 2023 |
SSpeter: Look at Dangote repatriating close to $700M to Nigeria from other countries. Click the link below and read. https://www.thecable.ng/dangote-weve-repatriated-over-687m-through-our-africa-operations/amp Even if we pay Dangote in dollars to buy refined crude from him, his dollars will remain in Nigeria, is not going somewhere else. And Dangote refinery is not the only refinery that will be operating next year. |
Re: CBN May Not Clear FOREX Backlog — Report by Ikaeniyan0: 8:55am On Nov 12, 2023 |
optimusprime2:Since you know, why don't you tell us |
Re: CBN May Not Clear FOREX Backlog — Report by SSpeter(m): 8:59am On Nov 12, 2023 |
Ikaeniyan0:Dangote will get the dollars from where? From the one you and I are using to buy petrol? Don't think you will sell crude to Dangote in Naira and buy refined petrol in Nigeria. This is because, his bulk expenses for maintenance and services for the refinery will be in dollars. Now let me enlighten you, the modular refinery produces diesel, kerosene and crack naptha and not PMS. The cost is not viable for modular refineries to produce PMS. Petrol is our largest demand. Sorry the modular refinery would not help as much as you assume. |
Re: CBN May Not Clear FOREX Backlog — Report by optimusprime2(m): 8:59am On Nov 12, 2023 |
Ikaeniyan0: No man. My patriotism is dead, I'd rather partake in the sharing and eating since I know about it. |
Re: CBN May Not Clear FOREX Backlog — Report by onatisi(m): 9:01am On Nov 12, 2023 |
people should stop deceiving themselves and just face the bitter truth, NIGERIA IS BROKE , THERE IS NO FX ANYWHERE . all the noise they are making is just to buy time for themselves while they wait for Dangote to start operations. dangote refinery is what the government has as their ace card apart from that it is all zero 1 Like |
Re: CBN May Not Clear FOREX Backlog — Report by SSpeter(m): 9:08am On Nov 12, 2023 |
Ikaeniyan0:OK, let me agree to the repatriation, but please it was over what period? So Dangote brings in close to a billion in five years or four years cos the article didn't specify and do we build up analysis from it and how sustainable it is? Only change of cars for the executive, legislators and Judiciary in less than two years will wipe out the funds we are talking about 1 Like |
Re: CBN May Not Clear FOREX Backlog — Report by Ikaeniyan0: 9:23am On Nov 12, 2023 |
SSpeter: Do Nigerians not import kerosene, diesel and crack naptha that the modular refineries will produce? So the $ we spend on Importing all this will stay in Nigeria and not go to Europe, Asia or North America. And, NNPCL and Dangote refinery will take care of Nigeria petrol need. Let me repeat it again, the pressure on the naira will reduce once the Dangote refineries and modular refineries start operating next year. The dollars we will pay Dangote, owners of the modular refineries and NNPCL will stay in Nigeria, they won't go to Europe, Asia or North America. https://www.thecable.ng/dangote-weve-repatriated-over-687m-through-our-africa-operations/amp Look at Dangote repatriating close to $700M to Nigeria just this year alone. Monies we have been spending on importing refined crude from Europe, Asia and America will start staying in Nigeria |
Re: CBN May Not Clear FOREX Backlog — Report by Ikaeniyan0: 9:28am On Nov 12, 2023 |
SSpeter:It seems you're an IPOBdient, nah una go always find every stupid reasons to downgrade Nigeria. I proved to you dollars made from Dangote refinery will stay in Nigeria, instead of you to be grateful, you have started another round of wailing foolishly. The mumu dey ask me over what period. LOMFA We're talking about A, you're talking about B 1 Like |
Re: CBN May Not Clear FOREX Backlog — Report by Ikaeniyan0: 9:30am On Nov 12, 2023 |
SSpeter:If I go through your posts, I won't be shock you're an IPOBdient Well, am glad I have prove how the refineries operating in Nigeria next year will lead to less pressure on the naira.
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Re: CBN May Not Clear FOREX Backlog — Report by SSpeter(m): 9:40am On Nov 12, 2023 |
Ikaeniyan0:To be grateful for what exactly? You seem to be dumb? Dangote brought in dollars over how many periods, how consistent was it? Patriotism doesn't make me stupid. I have benefited from Nigeria far from what you can ever get. It doesn't make me to stop questioning inefficient and ineffective policies. If you think constructive criticism is painful then that's is for you to worry about. During my secondary school days in Lagos, my Jets club won several gifts from LASG and I got laptop computers when I was 14 when Pentium 2 was over 300k. I cannot even count cash prizes and other gifts to free scholarships. You cannot tell me about patriotism. You are just one Nobody on a faceless forum jingling about a sensational headline 1 Like |
Re: CBN May Not Clear FOREX Backlog — Report by stepaside1: 9:43am On Nov 12, 2023 |
The basis for this report needs to be interrogated. That CBN cannot pay backlog of $6bln? And yet they have paid about $1bln in a little over a month of coming on board. That they have no experience to guide the economy to stability through float management? Based on what was this assertion made? Surely they should know a new CBN management team is in place. Three things will change our forex situation in the short to medium term as follows - increase in crude oil production to bring in more forex, refineries coming on stream to reduce pressure on the forex demand side and investigation of some persons who abused forex allocations in the past. Some form of negotiation will happen for them to release their illegally acquired forex into the market and avoid prosecution. I can't see any other outcome than a Naira recovery against the USD. 2 Likes |
Re: CBN May Not Clear FOREX Backlog — Report by SSpeter(m): 9:48am On Nov 12, 2023 |
Ikaeniyan0:Whatever being an obedient is to you is your prerogative. Economic policies is not between FG and Obedients, rather it is between our market economy and market forces. Less I forget one Obedient was made an SA recently, while during the past administration I had written papers on Macroeconomics and Fiscal policies to both the ministry of Finance and CBN. Rather than consult with me or engage in my proposal what CBN did was to offer me a job, at one CBN branch in Umuahia, , not everyone is looking for crumbs. My loyalty is to the Federal Republic and not to the Executive 1 Like 1 Share |
Re: CBN May Not Clear FOREX Backlog — Report by Ikaeniyan0: 9:50am On Nov 12, 2023 |
SSpeter:You that do not know billions of dollars we spend on Importing refined crude petroleum will stay in Nigeria dey talk say make person consult you Common sense no even let you know Dangote do repatriate millions of dollars into Nigeria covers yearly till I cure you from your dumbness |
Re: CBN May Not Clear FOREX Backlog — Report by Ikaeniyan0: 9:52am On Nov 12, 2023 |
SSpeter:You're extremely dumber than I thought |
Re: CBN May Not Clear FOREX Backlog — Report by SSpeter(m): 9:59am On Nov 12, 2023 |
Ikaeniyan0:In more than a decade it was just last Month that NNPC Ltd decided to buy in cash, which we are still observing after remitting Zero to the National coffers last year. We have doing crude swap and even at that NNPC is still owing traders over $3bn. You can quote what I have said anywhere and if anyone comes out to argue, I have my facts figures handy. |
Re: CBN May Not Clear FOREX Backlog — Report by SSpeter(m): 10:01am On Nov 12, 2023 |
Ikaeniyan0:Damgote a private business man is doing his business and remitting his returns as the law stipulates should make me happy? Like he dashed CBN the money? or the money will end up in my pocket or what? Is GLO not also remitting from their foreign operations what about the banks? I don't even understand your stupidity 😭 |
Re: CBN May Not Clear FOREX Backlog — Report by Ikaeniyan0: 10:07am On Nov 12, 2023 |
SSpeter:What's my business with all this things you dey talk abeg? Every Nigerian know what you're talking about, is not a secret and I don't understand why you're telling me. Go and look at my first comment you quoted and tell me the correlationn it has with this your comment. Now let me refresh your memory again cause you seem to just be arguing out of point. Once the refineries start working in Nigeria next year, it will relieve pressure on the naira because the dollars will stay in Nigeria instead of going to refiners in Europe, North/South America and Asia. This is my humble opinion in bold. How what you're now saying have a correlation with my point of why I disagree with the article is what I don't understand yet. |
Re: CBN May Not Clear FOREX Backlog — Report by Ikaeniyan0: 10:08am On Nov 12, 2023 |
SSpeter:Nah me dey waste my time on a dumbo like you |
Re: CBN May Not Clear FOREX Backlog — Report by SSpeter(m): 10:11am On Nov 12, 2023 |
Ikaeniyan0:As a senior strategy analyst, I am telling you that it will not, until all the local demand is met and we still have extra for export and we inject those export proceeds into our legal FX market, the pressure on the naira will not ease. Know this and Know peace ✌️ |
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