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Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote (32675 Views)

Naira Devaluation: Nigerian Banks Heading For ‘recapitalisation’ / Analysts Predict Naira Devaluation To N400/$ / How Was "Naira" Coined? Obafemi Awolowo Coined The Currency Name, Naira, In 1973 (2) (3) (4)

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Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by tete7000(m): 9:01pm On May 01
MEEVEET:
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?


Nothing, they were just policies of a man drunk with drug and power. He said before election that whether they like it or not, we will remove subsidy. So much arrogance by the same man who once organised people at ojota to oppose the same policy, and some mumu still voted for him. But it is the way to go for a man of pride and perdition, he must rise first, so that his fall can be seen by all.

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Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by bentenny(m): 9:02pm On May 01
"Let's check well well ohh e be like dangote mother nah IPOB"

agbadorian WhatsApp group

😄😄

1 Like

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by jmoore(m): 9:03pm On May 01
RillyBA:
Is it that we Nigerians are intentionally doing this? Subsidy is just for 6 month in 2023. Buhari has already removed it. So which one is tinubu tinubu. Let stop this hypocrisy and be real
Ignorance at its peak!

Is Buhari the minister of finance under Tinubu's government?

If you have never heard of the word 'supplementary budget', better stick to kids section.

2 Likes 2 Shares

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Jflex07(m): 9:07pm 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 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.
As an agbado urrchin that you are, see how calm and polite you are because it is Dangote. If it was Obi that made such a statement, you and your agbado brothers would have sat behind your keyboard to call him names. I hope that this sycophantic lifestyle helps you guys.

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Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Kennitrust(m): 9:07pm On May 01
This devaluation, can't it be reversed

1 Like 1 Share

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Mayeldah(m): 9:13pm 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 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.

Are you aware that Tinubu is now paying more for subsidy than before? Over 600B monthly to keep fuel at 650?

He may also be paying more now to keep naira from falling all way down to above N2000/$.

So of what use is the hurriedly implemented policies of subsidy removal and Naira float?

1 Like 1 Share

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Yeancahmie007(m): 9:15pm On May 01
Abeg who go explain devaluation. And floating of naira. I no still understand am.
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Friend22(m): 9:15pm On May 01
Bobloco:


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

Now, let me ask you with the temperament of a curious kid;what has your curses and insults changed?
Just mention one.
If not, you guys are just fools who can't see beyond their noses.

If you don't buckle up and find a solution you'll keep insulting ad cursing till thy kingdom come with absolutely nothing to show.
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Elsueno: 9:16pm On May 01
I even understood the subsidy removal thingy, though I didn't expect such abrupt removal, was thinking d are of around N300 naira per litre. But Olga agbado got his own plans sha.


Then a few days letter, the killing blow was struck to our already down economy by 'flaoting' the naira. Thats what finally put the economy in coma


ladies & gentlemen, welcome to agbadonomics grin

2 Likes 1 Share

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Ezmans: 9:17pm 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 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.
ok eyes don open when business men from south east where complaining that dangote is getting advantage on dollar you people attack them good, morning

1 Like

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by OkoRemi2023(m): 9:19pm On May 01
Yes Tinubu goofed in some decisions but monopolizing our economy is no more a business again for this Dangote



People see him as a good businessman but forget this dude evade a lot of taxes, got dollars at cheaper rate, made unnecessary king over other Indigenous manufacturer



That won't happen for now
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Elidrisy20: 9:20pm On May 01
No be you and emefiele put us for this wahala, e no go better for una
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by staneless(m): 9:22pm On May 01
Yeye man...
I'm very sure it affected him
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Meti99(m): 9:29pm On May 01
Those who don't have naira talkless of dollars are also spewing trashes.
Dangote isn't speaking on behalf of the poor masses, his viewpoint is from that of the super rich.. Many of you need to learn how to keep quiet

1 Like

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Skyehigher1: 9:32pm On May 01
He complain because of how he also devalue among world billionaires
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Christian36: 9:37pm 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 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.
Honestly, some Nigerians don't deserve mercy, see wetin person dey post just to shy away from the mistake made in 2023.

1 Like

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by goshee: 9:41pm 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 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.
Stop this long grammar, give us good governance. Reduce the price of fuel, electricity, good stuff and other life helping things. I no study economics. I no won know how you won do am after all we voted a First class CSU graduate as president and a man who built Lagos. Build Nigeria before we all die in the building collapse because the building is collapsing.

1 Like

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by goshee: 9:43pm 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.
This crap you wrote now does it make 2024 under Tinubu better than 2015 under Jonathan and 2020 under Buhari?

1 Like

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by BodyCount: 9:45pm On May 01
David160:
Slaves will soon attack him
Frustrated Osu pigs will continue to praise him
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by soccerlite: 9:46pm On May 01
immortalcrown:
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.

Lolzzzzz

You don't understand nigeria
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by goshee: 9:48pm On May 01
femi4:
You dey mind him
Hypocrite, always in the camp of government of the day as long as his business is protected
Make the dollar low and have no criticism. You are a BINGO by insulting dangote. 460 to 1400 you no shock?
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by goshee: 9:50pm On May 01
Elzazzi:
This one dangote is coming out to grumble like this. Its like he is not in Tinubu good books
How does that bring down the price of garri? Tinubu is a catastrophe
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by ABANGWABOI(m): 9:50pm On May 01
immortalcrown:
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.


Brother you dn use one stone kill 2 birds...
FACTOS 💯💥
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by goshee: 9:51pm On May 01
1972xy:
Hmm, since it is no longer as business as usual. There is no more allocation of dollar again to do business. ..no free crude oil...
Hence, Tinubu government na bachau.
We are watching.
Watching the ZOO go down the drain right?
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Splashme: 9:51pm On May 01
Dangote is IPOB
.
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Bobloco: 9:52pm On May 01
Friend22:


Now, let me ask you with the temperament of a curious kid;what has your curses and insults changed?
Just mention one.
If not, you guys are just fools who can't see beyond their noses.

If you don't buckle up and find a solution you'll keep insulting ad cursing till thy kingdom come with absolutely nothing to show.

Who did I curse?
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by goshee: 9:54pm On May 01
RillyBA:
Is it that we Nigerians are intentionally doing this? Subsidy is just for 6 month in 2023. Buhari has already removed it. So which one is tinubu tinubu. Let stop this hypocrisy and be real
Subsidy, we no no, floating of naira we no no, the only reality we know is that we are hungry, no light, no fuel, no food, no security, no money. Or are they not reality?
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by goshee: 9:58pm On May 01
Earthstorms:


You guys amaze me.

You are asking what Tinubu achieved with the naira devaluation. Don't you really know that the FG is making massive gains by the naira devaluation?

Let me explain.
1st once there is loser in any policy, know that there is a winner.

The devaluation negatively affected those who earn in naira and have expenses in foreign currency. The food industries like Dangote sugar that import sugar from foreign countries in dollars and sell locally in Naira are at the receiving end of the naira devaluation.

Those who earn in foreign currency and spend in naira gained greatly from the naira devaluation. That is where the gains of the FG comes in. They sell crude oil in dollars and pay workers salaries and contracts execution in naira.

When dollar was 460 naira to a dollar, export of 1 million dollar worth of crude oil will give the FG 460 million naira when the dollars is sold to Nigerians. That same 1 million dollars worth of crude oil will give the FG 1.4 billion naira after the naira has been devalued to 1400 naira to 1 dollar.

So the FG is getting almost 3 times the naira it used to get from the same volume of crude oil after the naira devaluation. So the FG is gaining massively from the naira devaluation while those who use imported goods and services are losing money because of the naira devaluation.
I am not interested in that long crap written over there. How doe the explanation you made better the lives of people on the street of Nigeria? Did it reduce food price, increase purchasing power, improve standard of living? Answer those questions please

2 Likes

Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by goshee: 10:03pm On May 01
OkoRemi2023:
Yes Tinubu goofed in some decisions but monopolizing our economy is no more a business again for this Dangote



People see him as a good businessman but forget this dude evade a lot of taxes, got dollars at cheaper rate, made unnecessary king over other Indigenous manufacturer



That won't happen for now
When ibeto complained everyone kept quiet because he's an Igbo.
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by tctrills: 10:07pm 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.
Just the way he crushed cement price right?
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Bluntemperor: 10:07pm On May 01
Bobloco:
They will attack him and call him IPOB

Your Party LP and their surrogates in PDP- pretenders ,who were all benefiting - for over 16 years in the East are all IPOB.
Dangote is Not an IPOB because he is just being frank,making excuses for his other Companies but he too benefitted hugely!
Ta ba fa gburu,gburu a fa igbo- loro Dangote-( if we pull the ticks in the forest,it will inturn pull other big trees'
Dangote should do a trends of his popularity in Nigeria,then he would see how Nigerians believed that he has not been friends of the Masses,so he should not complain.
If it's a lie,then call Emefiele to come and explain how a Refinery that has not operated,while it was being Commissioned ' has repaid the Loans '
How much was he buying Dollars during Emefiele's regime?
Why is he complaining ?
Is it about the erosions of his Billionaire Status based on Dollars or what?
Let him come out more to tell Nigerians!
Re: Biggest Mess Created In 2023 Was Naira Devaluation From N460 To N1,400-Dangote by Bobloco: 10:09pm On May 01
Bluntemperor:


Your Party LP and their surrogates in PDP- pretenders ,who were all benefiting - for over 16 years in the East are all IPOB.
Dangote is Not an IPOB because he is just being frank,making excuses for his other Companies but he too benefitted hugely!
Ta ba fa gburu,gburu a fa igbo- loro Dangote-( if we pull the ticks in the forest,it will inturn pull other big trees'
Dangote should do a trends of his popularity in Nigeria,then he would see how Nigerians believed that he has not been friends of the Masses,so he should not complain.
If it's a lie,then call Emefiele to come and explain how a Refinery that has not operated,while it was being Commissioned ' has repaid the Loans '
How much was he buying Dollars during Emefiele's regime?
Why is he complaining ?
Is it about the erosions of his Billionaire Status based on Dollars or what?
Let him come out more to tell Nigerians!

When we are this frank,why do you call us Ipob

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