₦airaland Forum

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Pumping propaganda is a full time job

Despite all your efforts to use threats, fears and psychology to push Dow the cost of FX, it has stabilized and is trying to turn and head up again. So keep spewing the propaganda, people will be looking at your face while the FG is defending FX with scarce resources, they can even borrow more and defend naira, just to save face. Continue.

successmatters:


Pumping propaganda is a full time job

Despite all your efforts to use threats, fears and psychology to push Dow the cost of FX, it has stabilized and is trying to turn and head up again. So keep spewing the propaganda, people will be looking at your face while the FG is defending FX with scarce resources, they can even borrow more and defend naira, just to save face. Continue.

You have eyes you don't see. You better go and sell your dollars

shortgun:
What happens with the new govt policy that every foreign currency earned by Nigerians or Nigerian owned companies must be converted to naira?

Dangote exports some of the refined oils to foreign countries. Definitely, he would operate foreign account in dollars. What ever his company needs to buy abroad it would be from the dollar account domicile abroad

Dangote was a major forex earner for Nigeria even before he started the refinery.

ElSudani:
Dangote was a major forex earner for Nigeria even before he started the refinery.

I disagree

He buys huge amount of dollars from CBN from time to time.

Biodun556:
I disagree

He buys huge amount of dollars from CBN from time to time.

You can disagree all you want but that is the truth.

https://www.nairaland.com/8049887/diesel-price-drops-dangote-sells

God bless PATRIOTIC Nigerians!

Let us agree to disagree

He still needs to pay up.

If tinubu can't make lives better, he should at least not make it worse.

The question is, can dangote refinery produce enough that will serve the marketers? If he can't and seeing the bojuboju successive governments have played with government owned refineries for over 40yrs, there's no guarantee the marketers won't rely on foreign aid to procure petrol.

It's also imperative that dangote doesn't turn rogue tomorrow and cart most of his produce away to foreign countries where he'll make more money, thereby widening the lacuna on ground.

Biodun556:
I disagree

He buys huge amount of dollars from CBN from time to time.

Every manufacturer buys huge amount of dollars from the CBN from time to time. That is not going to change now because he has a refinery. Dangote Refinery, Dangote Cement, Dangote Sugar, etc. are completely different entities.

successmatters:


Pumping propaganda is a full time job

Despite all your efforts to use threats, fears and psychology to push Dow the cost of FX, it has stabilized and is trying to turn and head up again. So keep spewing the propaganda, people will be looking at your face while the FG is defending FX with scarce resources, they can even borrow more and defend naira, just to save face. Continue.

@bolded
If wishes were horses, p***gs will ride

Acidosis:
Every manufacturer buys huge amount of dollars from the CBN from time to time. That is not going to change now because he has a refinery. Dangote Refinery, Dangote Cement, Dangote Sugar, etc. are completely different entities.

It will change because dangote now export refined oil and that will earn him dollars.

Useless empty propaganda . Maybe the propaganda is meant for same low IQ folks who had been believing same bimonthly promises since November 2015 that the refineries will soon start working…same brain dead folks also believe dangote will be paying naira to United States to import crude to his refinery. Morons are better than some people..smh

Biodun556:
One of the largest consumer of Nigerian petrol dollars is dangote. Dangote buys dollars from CBN to import raw materials and equipments. Oil marketers, students, airline operators and other foreign firms consume Nigeria forex to return their gains to their countries of origin. These are means that weaken the naira.

With gradual take off of local refineries, dangote groups and oil marketers don't need to approach CBN again to buy dollars, meaning naira will gain more strength and Nigeria foreign reserve would surge.


In order to sustain naira gains, CBN should continue to monitor the bureau de change operators to prevent hoarding and manipulation of naira for selfish interest.

Sit down there in your small room at osogbo and be deceiving yourself.

You never see anything yet. Wait till end of 2027.

The real problem is that too much Naira was printed in the past 12 months, and those Nairas are still circulating, having been captured by people with means (business people and others).
If those Nairas are not mopped up responsibly (i.e. through production and export), there is no way Naira will appreciate.
As long as TENS OF TRILLIONS of Naira are circulating, good luck improving the value of Naira, keeping in mind that Nigeria produces way less that she consumes.
Whoever printed those excess Naira sowed the wind. Now Nigerians are reaping (and will continue to reap) the whirlwind.

Propaganda will not help Tinubu. Without solving the insecurity issues that has prevented farming and subsequent export, exchange rate will remain high

Biodun556:
One of the largest consumer of Nigerian petrol dollars is dangote. Dangote buys dollars from CBN to import raw materials and equipments. Oil marketers, students, airline operators and other foreign firms consume Nigeria forex to return their gains to their countries of origin. These are means that weaken the naira.

With gradual take off of local refineries, dangote groups and oil marketers don't need to approach CBN again to buy dollars, meaning naira will gain more strength and Nigeria foreign reserve would surge.


In order to sustain naira gains, CBN should continue to monitor the bureau de change operators to prevent hoarding and manipulation of naira for selfish interest.

Propaganda on every turn. Lol.

Yet, na where we dey we still Dey.

Expect dollar to rise in the coming weeks.

Acidosis:
Every manufacturer buys huge amount of dollars from the CBN from time to time. That is not going to change now because he has a refinery. Dangote Refinery, Dangote Cement, Dangote Sugar, etc. are completely different entities.

My brother.. and these other ones have been relying on huge amount of dollars to operate.

Biodun556:
It will change because dangote now export refined oil and that will earn him dollars.

So all his other companies will now be dependent on what happens at the refinery to operate and survive?

onumadu:
The real problem is that too much Naira was printed in the past 12 months, and those Nairas are still circulating, having been captured by people with means (business people and others).
If those Nairas are not mopped up responsibly (i.e. through production and export), there is no way Naira will appreciate.
As long as TENS OF TRILLIONS of Naira are circulating, good luck improving the value of Naira, keeping in mind that Nigeria produces way less that she consumes.
Whoever printed those excess Naira sowed the wind. Now Nigerians are reaping (and will continue to reap) the whirlwind.

You say those hoarding naira should release it? Didn't this government take this country to court because naira was redesigned which would have forced them to bring out their stashes? Will they reconsider now?

Who will he approach to get dollars to buy Crude oil ? Please let's stop all this deception

God bless PATRIOTIC Nigerians s!

CharlotteFlair:
You say those hoarding naira should release it? Didn't this government take this country to court because naira was redesigned which would have forced them to bring out their stashes? Will they reconsider now?

I never said they should "release it". I said that until those excess printed Naira leave (responsibly of course, which can only happen through more dollar importation after export) circulation (exported through goods manufactured using Naira), Naira will never appreciate.

If for example I have an item in my shop that I bought for N1400 each when Naira was N1400/$ but suddenly Naira appreciated to say N700/$, what it means is that I have just made 100% profit in dollar terms on that item if i sell it for same N1400.
If you extrapolate it to Nigeria as a whole, it means that Nigeria's GDP just doubled. But in actual sense Nigeria's GDP may have grown by say 4% or 5%, not 100%. So where would the difference of 95% GDP (in dollar terms) come from? The moon?
Rich Nigerians are swimming in Naira currently. A piece of land in my village that I bought last year for N15m is now N30m, and people are ready to buy it within a week. So how can the dollar ever drop with all that Naira in circulation?
Many rich Nigerians can buy almost anything priced in Naira today. You name it.
That is the issue.
Whoever printed all those Naira is responsible for this problem.

N

COMRADES, we say kudos to Dangote, we need more of this from the wealthy and lovers of Nigeria

Biodun556:
I disagree

He buys huge amount of dollars from CBN from time to time.

Look up his urea fertiliser export earnings.

H1 2023

The Nigerian Government disclosed that Nigeria generated the sum of $2.539 billion as non-oil exports in the first half of the year.

This was disclosed on Monday by the Executive Director of NEPC, Dr Yakusak Ezra, in Abuja during the presentation of the first half-year progress report on the non-oil export performance for 2023.

The NEPC Chief added that Indorama-Eleme Fertiliser and Chemical Ltd led with 282,553,286.15 million dollars in value terms, while Dangote Fertiliser Ltd recorded the second-highest value of 199,871,962.29 dollars, as the sector recorded a drop in value of export in the first half-year of 2023 due to the general elections and changes in global economic conditions.

https://nairametrics.com/2023/07/18/indorama-dangote-lead-as-nigerias-records-2-5-billion-in-non-oil-exports-for-q1-2023-nepc/

aieromon:
Look up his urea fertiliser export earnings.

H1 2023


https://nairametrics.com/2023/07/18/indorama-dangote-lead-as-nigerias-records-2-5-billion-in-non-oil-exports-for-q1-2023-nepc/

I tell myself if most Nigerians knew the kind of massive operations going in Dangote Refinery and Urea plant,they will keep quietttttt.I have business on that axis and it is a beauty to behold at night when the Dangote trucks start operations,I don't want to say much but the economic activities happening on that axis is yet to be fully grasped by Nigerians
Ships loading,men at work and Exportation going on,like I said you are awed by all this.I just asking myself that everyone responsible for destroying our Refineries should be given Capital Punishment
All the Engineers and Staff at NNPCL should be sent on a compulsory sabbatical to that Refinery to understand what is needed from themmm

Biodun556:
I disagree

He buys huge amount of dollars from CBN from time to time.

ElSudani is right