₦airaland Forum

PARADIZEPRIEST:
IGNORAMUS SCRIBBLING GIBERRISH.ODE!

Love800:
Pls, i want to ask.
What causes this forex rate to go up against naira?
What is this too much of dollars, i always hear?

Ikaeniyan0:
So because it was devalued, it now means it can't gain value again?

There's a reason the government devalued the naira twice and I doubt you know why

The pressure on the naira will really reduce because we won't need to be spending billions of dollars on importing petrol again.

flokii:
Are people still hoarding dollars with the way economy is recovering gradually?.. Once demand for FX drops, the high exchage rate too will drop.

.
How I wish PBAT Government can tackle importation and let's move from consumption (import dependance) to production (industrialization).

. This will make naira gain massively in the FX market. Exchange rate can reduce to less than #500 to a dollar.

Ikaeniyan0:
The pressure on the naira will really reduce because we won't need to be spending billions of dollars on importing petrol again.

.
The CBN will now have more dollars at their disposal

ednut1:
the crude oil they are giving dangote will reduce CBN Fax earnings tho

Blazetrailer:
Lol...if APC wanted to get online e-warriors, they should at least get the educated ones....for the sake of the public funds they are wasting....


....these ones are too dull.....like the one below....doesnt know what a line of credit/futures mean but wants to engage in a public discourse...imagine??

Image123:
We have the natural economic law of demand and supply i.e where there's more demand than supply for something, the price goes up. There's usually a lot of demand for dollars in Nigeria, especially to buy foreign goods, like paying for imported fuel, then food, and even school fees. Nigerians and Nigeria like to import everything and we trade in dollars to do that.
There's also the economic sabotage reasons where people and "market forces" force the dollar rates to go up using different methods and means for personal gain. Nigeria does not have a well regulated market and this happens often. Make no mistake, many people don't want the price of dollars to come down.

Love800:
Okay.
If we demand dollar too much, the naira will weaken?

MT:
Can you still say you have any sense at all ?

Image123:
Exactly. That's why the government sometimes has to use available foreign reserves to 'flood' the market in an attempt to keep the naira strong. Unfortunately, many people use it for round tripping.

Love800:
Wow.
Tanks for dis.

But apart from government flooding the market with available reserves. What is main/basic solution to it? Just asking though. If you have an idea.

Image123:
The solution is not one way, but i believe since our major forex drain is refined crude products, having local refineries should help in that aspect. But once again, Nigeria doesn't usually respond to normal textbook economic solutions. We're told that Nigeria spends about 40% of it's FX expenditure on petroleum products. Just maybe the local refineries can offload that for us IF they work.
Other demands for FX are every other thing that we import. So if we can reduce our imports and do more exports, that will help. All these things are solutions that have been said on paper for many years; it doesn't happen in a day, evidently.

fatboyslym007:
Ok.
Kindly enlighten us... Since you know how the importation works... Please add in your explanation the relevance or irrelevance of the following pre-events.
- FG approves sale of crude oil to local refineries (incl. Dangote refinery) in Naira
How would this now put pressure on our FX reserves?
- what is the link between FX reserves, local currency in circulation and FX value of naira?
- NNPC being to sole dealer for the Nigerian market.
How does this affect NNPC line of credit in FX.
Are we importing crude for Dangote for us to require FX.
- How would you resolve the 450k barrels for local refineries from our crude oil exploration?
- Are these also in the line of credit you talked about?

Kindly enlighten us sir...
Thank you for your immersed knowledge and expertise

Blazetrailer:
Lol...told this braindead mofo....Dangite selling fuel in naira changes nothing in the exchange rate.... In fact, it is projeted to get worse to 1900 by end of the year by Reuters forecast.....the daft was arguing blindly....all these semi literates.

Now naira is approaching 1700 despite the news that Dangote will supply local demand and no further importation. In other climes naira would have appreciated 10 fold now.

They are deceiving you gullible ones with their kalokalo policies....oponu!

Blazetrailer:
Ouch!!......i know it hurts for one to suddenly realise that he or she is empty headed, on a public platter kike this. Especially when you are limited in readining capacity as seen in your post below.

For knowledge, NNPC imports fuel using a line of credit which is predicated on Nigeria future oil inventory and sales(go and read futures/derivatives market for better uhderstabding). So they dont buy forex or need forex to import. The line of credit limit was about $5.5bn and once they reached that amount the creditors refused to extend the limit hence they cried out that theyvwere owing and ulensss they find a way to pau, they woukd not be able to sustain the supply to the local marlet

Dangote selling everuthing for local consumption to NNPC in naira has little or no effect, especially when no one was buying forex from the Nigerian market to import fuel. Only NNPC was importing and they were using futures on a credit line to import. If Dangote was selking to the market openly and if there were independent marketers alloeed to import as during Jonathans time, maybe it could have an effect

Come back and thank me later in some months for this snall knowledge i have given to you

fatboyslym007:
Hahahahha!!!
See analysis, Oga you for just shut up, the unfortunate thing is you have the Internet, a simple Google search and dedication to digesting information would have saved you this national and possibly international embarrassment...
😭I weep for you, internet never forgets...

fatboyslym007:
Mr Post-Election-Loss-PTSD,
You have only sold out stupidity...
Is petrol the only determinant of FX value?
Selling crude to Dangote in Naira, only puts pressure off the FX reserves when it comes to petrol importation.
Why was the CBN not part of the transaction?
CBN is the Nigerian Bank it should normally have facilitated that deal...

AfreximBank and other banks would facilitate this deal... AfreximBank has a bigger FX reserves, that puts pressure off the CBN reserves.

Has Dangote started selling petrol? The only submission that got this Dundee rattled up was me saying it will ease the pressure off the CBN FX reserves...

You kept saying line of credit, line of credit... Oya explain how line of credit, with the new deal with AfreximBank (Pan African) as the facilitator impacts the CBN FX reserves?
Na only insult, insult which shows no form of intelligence....
Afi Agberu gbe so (cram and pour) just dey shout line of credit line of credit up and down. Come and explain how it will affect FX reserves. You dey define BVaS as Basic Value Acceptable...

Please, oga, Obi might win other elections, but currently with his Agberu gbe so fiasco on international stage, for now he is not the man for the Job...
He lost the elections deal with it...
And seek help... Mental health is important

fatboyslym007:
Mr Post-Election-Loss-PTSD,
You have only sold out stupidity...
Is petrol the only determinant of FX value?
Selling crude to Dangote in Naira, only puts pressure off the FX reserves when it comes to petrol importation.
Why was the CBN not part of the transaction?
CBN is the Nigerian Bank it should normally have facilitated that deal...

AfreximBank and other banks would facilitate this deal... AfreximBank has a bigger FX reserves, that puts pressure off the CBN reserves.

Has Dangote started selling petrol? The only submission that got this Dundee rattled up was me saying it will ease the pressure off the CBN FX reserves...

You kept saying line of credit, line of credit... Oya explain how line of credit, with the new deal with AfreximBank (Pan African) as the facilitator impacts the CBN FX reserves?
Na only insult, insult which shows no form of intelligence....
Afi Agberu gbe so (cram and pour) just dey shout line of credit line of credit up and down. Come and explain how it will affect FX reserves. You dey define BVaS as Basic Value Acceptable...

Please, oga, Obi might win other elections, but currently with his Agberu gbe so fiasco on international stage, for now he is not the man for the Job...
He lost the elections deal with it...
And seek help... Mental health is important

Blazetrailer:
Lol....told this isiot nothingbwill chnage with Dangote selling....opoonu was arguing...

See retards life outside

fatboyslym007:
Hey Slowpoke, you still dey this matter. Kindly confirm your Oponusity with the CBN forecast on FX reserves. And how if fully implemented removal of subsidy and reduced importation of fuel would ease pressure on the FX reserves. (It is common sense. I guess in your case it is a rare sense)

You are just too braindead to understand simple arguments....

And for someone who claims "not to live in Nigeria and not care about Nigeria's problems". You sure are too miserable and misinformed to not be a braindead, slowpoking, dirtbag Obidient (Apologies to the reasonable Obi supporters. This dude is dulling your shine)

Blazetrailer:
Oponu is still talking about CBN moves and reserves when the exchange rate is approaching 1700. Nobody uses local forex to import fuel. Only NNPC is allowed to import and NNPC use a line of credit to be repaid with options/futures tied to future crude production by NNPCL

How many times do they have to tell you that?

Only an idiot will even mention forex reserves in a supposed "floated currency" economy....it has no bearance on the exchange rate neither does it have tp do with reduction in importation since CBN no longer "defend" naira and dont give money to NNPC to import.

Read the memo well, vomume of trade reduced. The same nonsense that semi literate mentioned on her social.media

You and that fat lady called Badmus are in the dame group of retard employed by the clueless government. You should make a refund. The job is beyond your capacity

fatboyslym007:
Eyah, I pity your misery...
Don't worry Obi will win next elections in Sudan... ...

Sometimes when your bored you can engage PEL-PTSD (Post Election Loss PTSD patient) just for fun of it...

Now is time to pile up the misery... How Edo elections? Elupee win?

Blazetrailer:
You see your life. No wonder you are this daft. Foolishly assuming that i care about any election in Nigeria....lol. see the limit of his thinking capacity. Reducing everything to a battle of tribe, religion or political affinity. Its typical though, when theybare found inebriatedly daft in their reasoning they resort to irrelevance....lol....oponu buruku!

In the first place, I'm not even a supporter of any of the political parties. They are all thieves....neither did i participate in or take interest in any of the Nigerian elections since i made the right decision for myself and fam years back. Whatever you people like you can select for yourselves.

Lol......Its is typical of idiots to think anyone who tries to correct the misinformation from the government or believes the government is half honest is a member of any opposition party. No wonder a drug baron is their president.

I thought you said the exchange rates will start improving since Dangote now sell locally. Stick to that. Dont run away from your stupidity.

fatboyslym007:
Mr. Obotunde, Dopemu Odensin.
9ja dey show you shege... So much that your rare sense just became more scarce...
Please, I pity people that spent money on you to go to school, clearly school no pass through you...

A simple construct of premise for discussion you cannot understand,
Mr. Obotunde, D. O. Kindly, sleep, the economic dynamics discuss of FX reserves, money in circulation, exchange rate is flying over your microscopic brain.
I got better luck explaining to a donkey than you...

Good night...

Blazetrailer:
Lol....gibberish and gibberish...and more gibberish!! I can see you have changed tactics, after i knoecke dout your other line of dumbness(IPOB/Obidient)

If the Dangote refinery would have any effect on the exchange rate, given the effect of information in a semi efficient market theory, the Naira should have started appreciating by so much now. The fact that it's getting worse should be clear, its got no relevance.

This is too much for you to understand, I know.

Your likes are those who hang aroud newspaper vendor stands at the bus stops, ears wide alert, picking half literate discussions by conductors and egbon adugbos, then rushing to display your " new knowledge" brazenly and proudly, for the enjoyment of public here. Dont stop ooo. We want to read more from the didinrin agba of nairaland.

If you stop entertaining us here with your buffoonery, you are an omo ale.....

fatboyslym007:
Dr. Obotunde (Monkey has returned),
I can see you are definitely mentally ill...
It is even an honor to compare you to a monkey our nearest cousins in the animal kingdom.

May the Lord of Chosen reset your IQ.

fatboyslym007:
Hey Slowpoke, you still dey this matter. Kindly confirm your Oponusity with the CBN forecast on FX reserves. And how if fully implemented removal of subsidy and reduced importation of fuel would ease pressure on the FX reserves. (It is common sense. I guess in your case it is a rare sense)

You are just too braindead to understand simple arguments....

And for someone who claims "not to live in Nigeria and not care about Nigeria's problems". You sure are too miserable and misinformed to not be a braindead, slowpoking, dirtbag Obidient (Apologies to the reasonable Obi supporters. This dude is dulling your shine)

Blazetrailer:
Lol
...sure this fattypig's eyes have opened ans he should be learning from his dumbness.

That Dangote selling in Naira or oeusucing van nit have any effext on the exchange rate.

Dangote selling licammy whike the naira deoreciates further....awon oponu dede...that have the king kf oponu as their president. Expexting muracles whrn the economy is done for already..lol

fatboyslym007:
Dude get a Life...
And if you can't I can gladly fund your sniper journey... Send your account... And send address so I can send flowers...

xprojectlive:
sell ur dollars now

Ezmans:
Awalokan batstards have reappear on naira land today because of dangote personal business am ashame of them