Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40%

Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote (14219 Views)

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Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by Ikaeniyan0(op): 3:12pm On Sep 03, 2024

The head of the Dangote Group, and owner of the $19 billion Dangote Refinery, Aliko Dangote, has said that President Bola Tinubu’s Naira-for-crude policy will reduce the demand for foreign exchange (forex) by 40 percent.

He said this today, Tuesday, at a press conference where he announced the commencement of the production of petrol at the Lagos-based 650,000 barrels per day facility, where he declared “it’s a celebration day” for Nigerians.

Recall that in April, the Federal Government said indigenous refineries could buy crude oil in Naira or dollars.

Also, the government revealed, the total crude oil and condensate reserves in Nigeria increased to 37.5 billion barrels as of January 1, with a life index of 68.01 years.

Forex slash
Speaking on the impact of forex demand, Dangote said: “I will like to salute the people of Nigeria and the government of President Bola Tinubu for creating the environment for us to thrive and also achieve this.

“I want to thank President Bola Tinubu for creating this idea of Naira-for-crude and Naira for the product.

“Doing that will give a lot of stability to the Naira and remove 40 percent of the demand for dollars. That’s not just it. There is (been) a lot of round-tripping.”

Also, he said, “Now that we have this refinery working, it will show the true consumption of Nigeria. We can track each loaded truck and try as much as possible to track the loaded ships.

“We can tell you where they are and for some of the products we have, we can tell you the (national) consumption.”

Furthermore, he assured of the quality of petrol from the Dangote Refinery.

He assured Nigerians that they “are now going to have good petrol while the engines of your vehicles will last longer.

“You will not be having an engine issue, which a lot of us were having. It won’t happen at all.

“The quality here will match that of anywhere in the world; US, America. We will make sure that nobody will beat us in terms of quality,” Dangote promised.

https://www.vanguardngr.com/2024/09/tinubus-naira-for-crude-policy-will-slash-forex-demand-by-40-dangote/

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Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by sleek214(m): 3:15pm On Sep 03, 2024

Bla bla bla. You don dey praise Tinubu because dem don give you wetin you want. Dem don also increase fuel pump price because of you....

55 Likes 4 Shares

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by CyrusVI(m): 3:17pm On Sep 03, 2024

sleek214:
Bla bla bla. You don dey praise Tinubu because dem don give you wetin you want. Dem don also increase fuel pump price because of you....

He's talking from the angle of reduction of pressure on the FX demands, no turn am to fight cheesy

40% is a whole lot...it means by Nov 2024, we would have been relieved of all this pains

I like Visionary leaders
God bless PBAT and Dangote

91 Likes 12 Shares

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by Shikini: 3:18pm On Sep 03, 2024

If not that Nigerians complained, the thief wanted to keep importing from Malta
.

17 Likes 3 Shares

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by seborrhic: 3:23pm On Sep 03, 2024

I doubt.
If anyone has been following the history of this government closely and it's policies viz-a-viz expected outcome,you would know that the economics does not follow expected and usual,standard outcomes in other parts of the world.

20 Likes 5 Shares

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by OkCornel(m): 3:27pm On Sep 03, 2024*

As long as the NNPC does not bungle the crude supplies, then yes.

If not…Dangote refinery will have to source dollars to import crude. And you know what that means for the naira.

I love this, everyone’s eyes will be on NNPC now.

12 Likes 3 Shares

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by Eriokanmi: 3:27pm On Sep 03, 2024

Dangote refinery cannot guarantee that. Because its not the source of the FG's foreign earners. I totally disagree. The birth of the refinery is a way forward but can't also guarantee production for local consumption 100% so, fx demand will continue, including in other sectors like manufacturing.

I'd have reasoned with Dangote, had he said, the policy will slash fx demand by his own refinery by 40% because his refinery won't need to order crude from the Americas anymore,which he'd have paid for in dollars by raking up all the dollars available in our banks and ctreate scarcity of same.

5 Likes 1 Share

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by callmevirus(m): 3:27pm On Sep 03, 2024

Nothing concern me but E dey mind

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by Ikaeniyan0(op): 3:28pm On Sep 03, 2024

CyrusVI:
He's talking from the angle of reduction of pressure on the FX demands, no turn am to fight

40% is a whole lot...it means by Nov 2024, we would have been relieved of all this pains

I like Visionary leaders
God bless PBAT and Dangote

And don't forget it the naira start gaining against the dollar, it will also lead to the fall in price of fuel

14 Likes 2 Shares

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by GanagiBitrus: 3:28pm On Sep 03, 2024

Na sidon look I dey for this country now.
I'll only applaud when I see the positive results of policies.

19 Likes 3 Shares

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by MrDoGood(m): 3:28pm On Sep 03, 2024

How much is he willing to sell?

Not.plenty stories

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Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by SmartPolician: 3:28pm On Sep 03, 2024*

I hope when the demand drops, it will reflect in our exchange rate.

7 Likes 1 Share

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by doyin01: 3:28pm On Sep 03, 2024

CyrusVI:
He's talking from the angle of reduction of pressure on the FX demands, no turn am to fight

40% is a whole lot...it means by Nov 2024, we would have been relieved of all this pains

I like Visionary leaders
God bless PBAT and Dangote

Dey play

2 Likes

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by callmevirus(m): 3:28pm On Sep 03, 2024

CyrusVI:
He's talking from the angle of reduction of pressure on the FX demands, no turn am to fight

40% is a whole lot...it means by Nov 2024, we would have been relieved of all this pains

I like Visionary leaders
God bless PBAT and Dangote

Our company is hiring. NL. Can't give you job. Don't miss this opportunity

6 Likes 1 Share

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by givedemwotowoto: 3:28pm On Sep 03, 2024

We all know that it’s the thieving politicians that are putting pressure on the dollar

I don’t see the demand in forex dropping because of Dangote refinery

1 Like

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by advocatejare(m): 3:29pm On Sep 03, 2024

That’s a good one. Nigeria will be great again!

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Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by sofeo(m): 3:29pm On Sep 03, 2024

Alright then.

Let's see how it goes.

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Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by tefund(m): 3:29pm On Sep 03, 2024

U don bellefull naw!

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by Ikaeniyan0(op): 3:29pm On Sep 03, 2024

MrDoGood:
How much is he willing to sell?

Not.plenty stories

You should be able to guess base on all what's happening. I doubt he will sell to the NNPCL below 1050

1 Like

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by OkCornel(m): 3:29pm On Sep 03, 2024

Ikaeniyan0:
And don't forget it the naira start gaining against the dollar, it will also lead to the fall in price of fuel

Looking forward to this

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by Nobody: 3:29pm On Sep 03, 2024

The US coming for Tinubu’s head

2 Likes

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by doyin01: 3:29pm On Sep 03, 2024

Ikaeniyan0:
And don't forget it the naira start gaining against the dollar, it will also lead to the fall in price of fuel

Let's watch and see na..is it not the same Nigerian leaders ?? You wish

Why do you think NNPC increased fuel price to 855naira ?? They know what they are doing

Trust me dangote will sell his own fuel above 855naira , which means petrol price have automatically increased instead of decreasing....we are in big trouble in this country

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by Space131: 3:29pm On Sep 03, 2024

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by ecolime(m): 3:30pm On Sep 03, 2024

You are talking too much Oga.

Start selling your PMS and leave matter for Matthias.

Chikena

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Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by MrBrownJay1(m): 3:30pm On Sep 03, 2024

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Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by Shikini: 3:30pm On Sep 03, 2024

CyrusVI:
He's talking from the angle of reduction of pressure on the FX demands, no turn am to fight

40% is a whole lot...it means by Nov 2024, we would have been relieved of all this pains

I like Visionary leaders
God bless PBAT and Dangote

But you were in a previous thread bashing same Dangote's so-called 'monopoly' while praising Thiefņubu's continuous importation from Malta.

You guys are so unstable
.

5 Likes 1 Share

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by SmartPolician: 3:31pm On Sep 03, 2024

Ikaeniyan0:
And don't forget it the naira start gaining against the dollar, it will also lead to the fall in price of fuel

This is FAlSE.

1 Like

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by INTEGRITYA1(m): 3:32pm On Sep 03, 2024

Dangote, that's good news to all Sane Nigerians home and abroad.

Please let the projected 40% reduction reflect in the price of petroleum locally, we will be happy about that.

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by Ikaeniyan0(op): 3:32pm On Sep 03, 2024

SmartPolician:
This is FAlSE.

It's not false. if naira is 600/$, there's no way a litre of fuel will be #855/litre

1 Like

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by Solsix(m): 3:32pm On Sep 03, 2024

CyrusVI:
He's talking from the angle of reduction of pressure on the FX demands, no turn am to fight

40% is a whole lot...it means by Nov 2024, we would have been relieved of all this pains

I like Visionary leaders
God bless PBAT and Dangote

Let us see nah. Seeing is believing , I don't tire for all these forecast.

1 Like 1 Share

Re: Tinubu’s Naira-For-Crude Policy Will Slash FOREX Demand By 40% — Dangote by jattopeter(m): 3:33pm On Sep 03, 2024

My question and major Concern is this , will this reduce the prize of a ltr of petrol , thats my main concern.

1 Like

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