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Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote - Business - Nairaland

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Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by treesun: 5:46pm On May 01
The Chairman of Dangote Industries Limited, Aliko Dangote has described the floating of naira by President Bola Tinubu’s administration as the biggest mess that affected his company and other business owners in 2023.

Floating the naira allows market forces to determine its value in relation to other currencies.

Dangote said this on Tuesday during his remarks at the Annual General Meeting of Dangote Sugar Refinery Plc, adding that many businesses were affected by the policy.

Dangote said several manufacturing enterprises were impacted and suffered operational losses due to variations in the naira's value against the US dollar.

He said, “The biggest mess created was the devaluation of the naira from N460 to N1,400.

“You can see that almost 97 per cent of companies in the food and beverage business, none of them will pay dividends this year. But we will try and get out of it.”


Shortly after Tinubu implemented the policy, the country’s prominent billionaires, Dangote and Abdulsamad Rabiu, who were listed among the 500 world’s richest men, both lost $5.85 billion

Data available on the Bloomberg Billionaire Index, BBI, a daily ranking of the World’s richest people portal as of June 15, 2023, showed negative changes in the calculations of the wealth of the Nigerian businessmen.

A Bloomberg report in April noted that Nigeria was burning through its foreign exchange reserves at a rate not seen in four years.

This situation raised concerns that the central bank was depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.

Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the Central Bank of Nigeria.

The CBN Governor, Olayemi Cardoso, however, said the shift in the reserve was found in “any country’s reserves situation, where for example, debts are due and certain payments need to be made, and they are made because that is also part of keeping your credibility intact.”

https://saharareporters.com/2024/05/01/biggest-mess-created-2023-was-naira-devaluation-n460-n1400-nigeria-says-dangote

61 Likes 5 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by immortalcrown(m): 5:48pm On May 01
Pot calling kettle black.

He himself is holding the same Nigeria down. He is complaining now because BAT is not in his own camp and because BAT tortures his boy Emefiele. Have you guys forgotten how cheap he got Dollars from CBN through his boy Emefiele? Have you guys forgotten the tax waiver he enjoys?

The Naira devaluation is stupid. I am not among the vrchins that defend the devaluation. But only a fool will think this man is better than BAT. Taking solace in this man's condemnation of the devaluation is like taking solace in Buhari's condemnation of BAT.

143 Likes 13 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by David160(m): 5:50pm On May 01
Slaves will soon attack him

196 Likes 15 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Bobloco: 5:51pm On May 01
They will attack him and call him IPOB

299 Likes 23 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by hellunfats(f): 5:52pm On May 01
Is he obidient?

225 Likes 16 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by treesun: 5:55pm On May 01
Nlfpmod!

7 Likes 2 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by ivandragon: 5:57pm On May 01
Hmm...

1 Like 1 Share

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by MEEVEET: 5:57pm On May 01
The sad thing is we are still defending the naira

We are still paying subsidies ( but way of NNPC taking massive losses)

So what did Tinubu achieve by those ill planned policies?

239 Likes 12 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Racoon(m): 6:06pm On May 01
This is the utter economic cluelessness and Incompetency of a first class gbajue CSU certificate forger, druggie and bullion van parading fella that fraudulently gatecrashed into the national life of a nation.

241 Likes 21 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by olisaEze(m): 6:09pm On May 01
Govt that’ll favor them and their family in the mud! grin

157 Likes 11 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Bobloco: 6:09pm On May 01
Racoon:
This is the utter economic cluelessness and Incompetency of a first class gbajue CSU certificate forger, druggie and bullion van parading fella that fraudulently gatecrashed into the national life of a nation.

You have perfectly described that notorious narcotics drug trafficker engaging in criminal state capture

120 Likes 4 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by PressMyButton: 6:17pm On May 01
Dangote collected dollars at cheaper rates from Emefiele, we know all that but Dangote is still doing big things and we appreciate him for that and that's why he was appointed a member of Jagaban's economic team. However, every sensible individual knows we can't afford to keep official rate at 460 while parrallel rate at 780 with huge monthly subsidy, thereby making few unscrupulous elements overnight billionaires through dollar arbitrage at a time 97% of our revenue were used in servicing debts. Definately, we can't continue like that.

126 Likes 6 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by iwaeda: 6:17pm On May 01
treesun:
The Chairman of Dangote Industries Limited, Aliko Dangote has described the floating of naira by President Bola Tinubu’s administration as the biggest mess that affected his company and other business owners in 2023.




Floating the naira allows market forces to determine its value in relation to other currencies.



Dangote said this on Tuesday during his remarks at the Annual General Meeting of Dangote Sugar Refinery Plc, adding that many businesses were affected by the policy.




Dangote said several manufacturing enterprises were impacted and suffered operational losses due to variations in the naira's value against the US dollar.



He said, “The biggest mess created was the devaluation of the naira from N460 to N1,400.



“You can see that almost 97 per cent of companies in the food and beverage business, none of them will pay dividends this year. But we will try and get out of it.”



Shortly after Tinubu implemented the policy, the country’s prominent billionaires, Dangote and Abdulsamad Rabiu, who were listed among the 500 world’s richest men, both lost $5.85 billion



Data available on the Bloomberg Billionaire Index, BBI, a daily ranking of the World’s richest people portal as of June 15, 2023, showed negative changes in the calculations of the wealth of the Nigerian businessmen.



A Bloomberg report in April noted that Nigeria was burning through its foreign exchange reserves at a rate not seen in four years.



This situation raised concerns that the central bank was depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.



Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the Central Bank of Nigeria.



The CBN Governor, Olayemi Cardoso, however, said the shift in the reserve was found in “any country’s reserves situation, where for example, debts are due and certain payments need to be made, and they are made because that is also part of keeping your credibility intact.”


https://saharareporters.com/2024/05/01/biggest-mess-created-2023-was-naira-devaluation-n460-n1400-nigeria-says-dangote

When we said Balabubu don't know what he is doing, some people who don't know what is at stake kept on defending fraud. grin grin grin grin grin

62 Likes 2 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by iwaeda: 6:18pm On May 01
PressMyButton:
Dangote collected dollars at cheaper rates from Emefiele, we know all that but Dangote is still doing big things and we appreciate him for that and that's why he was appointed a member of economic team. However, every sensible individuals knows we can't afford to keep official rate at 460 while parrallel rate at 780 with huge monthly subsidy thereby making few people overnight billionaires at a time 97% of our revenue were used in servicing debts. Definately, we can't continue like that.

But you are expecting his cheap fuel to boost your economy. grin grin grin grin

52 Likes 3 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Validated: 6:25pm On May 01
Dangote is Obidient and IPOBReno O'Mockery and Agbado urchins

73 Likes 6 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by PressMyButton: 6:27pm On May 01
iwaeda:


But you are expecting his cheap fuel to boost your economy. grin grin grin grin
We have 20% stakes in his refinery, made cheaper loans to him and supplied crude oil in naira. Dangote appreciates the gesture and we appreciate him bringing down diesel price. There's no friction between Dangote and FG, it's only wailers looking for senseless and sensational headlines to begin the usual round of wailings.

82 Likes 2 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by iwaeda: 6:30pm On May 01
PressMyButton:

We have 20% stakes in his refinery, made cheaper loans to him and supplied crude oil in naira. Dangote appreciates the gesture and we appreciate him bringing down diesel price. There's no friction between Dangote and FG, it's only wailers looking for senseless and sensational headlines to begin the usual round of wailings.

Read Well between lines. grin grin grin angry grin

32 Likes 1 Share

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by ikaboy: 6:34pm On May 01
Is he inciting Nigerians against FG?

37 Likes 2 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Godfullsam(m): 6:40pm On May 01
Floating the naira and removing at the same time was a reckless and myopic decision by balablu and his incompetent economic team.

Both decisions were good considering the amount of fraudulent activities happening, especially during the subsidy regime. But the way the Tinubu administration removed the subsidy without due consultation was terrible and unpardonable.

127 Likes

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by PressMyButton: 6:42pm On May 01
iwaeda:


Read Well between lines. grin grin grin angry grin
You should put on your glasses. Dangote refinery is a win-win. fuel price is expected to come down once fuel starts rolling out.

79 Likes

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by iwaeda: 6:44pm On May 01
PressMyButton:

You should put on your glasses. Dangote refinery is a win-win. fuel price is expected to come down once fuel starts rolling out.
But Dangote is complaining of HIGH dollar rate. grin grin grin grin

26 Likes 1 Share

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by PressMyButton: 6:54pm On May 01
iwaeda:

But Dangote is complaining of HIGH dollar rate. grin grin grin grin
He's actually talking about business valuation which has affected his networth and which would futher improve once his refinery begins full operations and naira continues gaining.

3 Likes 1 Share

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by grandstar(m): 6:54pm On May 01
The floating woes were made exacerbated by the borrowing of 3.2 trillion through ways and means from June to December.

9 Likes

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by jmoore(m): 6:59pm On May 01
Dangote must be from Isiukwuato in Abia state.

27 Likes 2 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Bliss4Lyfe(f): 7:05pm On May 01
All the dirty Afonnnjaaa will crawl out of their hole to call him IPOB now.

This yoruba site empowers them.

33 Likes 1 Share

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by iwaeda: 7:22pm On May 01
PressMyButton:

He's actually talking about business valuation which has affected his networth and which would futher improve once his refinery begins full operations and naira continues gaining.

So his refinery still not operational. cheesy grin cheesy

17 Likes 1 Share

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by PressMyButton: 7:27pm On May 01
iwaeda:

So his refinery still not operational. cheesy grin cheesy
Pls swerve, i don't have the patience for dull people.

1 Like

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Nightwolf1: 7:37pm On May 01
Dangote is ipob. Don't mind the foolish man. He is supporting Peter Obi.

17 Likes

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Almaigaa: 7:39pm On May 01
Dangote is absolutely correct

6 Likes

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Almaigaa: 7:43pm On May 01
PressMyButton:

We have 20% stakes in his refinery, made cheaper loans to him and supplied crude oil in naira. Dangote appreciates the gesture and we appreciate him bringing down diesel price. There's no friction between Dangote and FG, it's only wailers looking for senseless and sensational headlines to begin the usual round of wailings.

Go and build your own Refinery and leave our Dangote alone

22 Likes

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by MsAllison(f): 7:44pm On May 01
Racoon:
This is the utter economic cluelessness and Incompetency of a first class gbajue CSU certificate forger, druggie and bullion van parading fella that fraudulently gatecrashed into the national life of a nation.
General Racoon
the nightmare of helinues and agbado munching demons

34 Likes

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