₦airaland Forum

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to sell petrol in US dollars if Dangote Refinery begins selling its products in foreign currency.

The move was in response to concerns that using dollars for transactions could lead to increased pressure on the local currency, potentially causing inflation and affecting energy security.

LEADERSHIP reports on Wednesday that Dangote Refinery has temporarily suspended it petrol sales in Naira until government resumes crude-for-naira-sale arrangement.

It said the decision was necessary to avoid a mismatch between its sales proceeds and crude oil purchase obligations, which are currently denominated in US dollars, the management noted.

“To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the statement added.
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But, IPMAN’s national publicity secretary, Chinedu Ukadike, who reacted to the development, said that selling fuel in dollars would be a necessary measure to mitigate the financial strain on marketers if Dangote Refinery adopts dollar-denominated transactions.

“This latest development, if implemented, will definitely put pressure on the Naira. It is not a very good thing for independent marketer.

“So, we want to appeal to federal government to continue to give Dangote products in Naira so that it will not raise the demand for the dollars and put pressure on the Naira. Any moment from now, the dollar will be going up.And once the dollar goes up, it will bring unnecessary inflation, excruciating inflation, which is not good for our energy security.

“If the issue of dollar crude for product is true in Dangote, that means we at IPMAN will also resolve to sell our fuel in dollars because it will really put a pressure on us,” Ukadike said.

He, therefore, urged the federal government to ensure that Dangote Refinery continues to transact in Naira to avoid economic challenges.

kmst:
IPMAN should shut up
AYES HAVE IT!
SUBSIDY IS GONE!
NAIRA IS GONE!
THE ECONOMY IS GONE!

Islie:
https://leadership.ng/ipman-threatens-to-sell-petrol-in-dollars-over-dangote-refinerys-stance/

zoedew:
The DSS will pay them a visit. It is criminal to do local transactions in dollars. Dangote refinery is strategically located in a Free Trade Zone.

MadamExcellency:
Dangote's decision is unconstitutional. The naira is the only legal tender in Nigeria.

Lawlessness breeds Lawlessness.

zoedew:
The DSS will pay them a visit. It is criminal to do local transactions in dollars. Dangote refinery is strategically located in a Free Trade Zone.

LagosOrigin:
Tinubu and his people are going to destroy what's left of this country

Which kind nonsense is this bayi

MadamExcellency:
Dangote's decision is unconstitutional. The naira is the only legal tender in Nigeria.

Lawlessness breeds Lawlessness.

Osanoghodua1:
God and declare a state of emergency on his refinery now, Na you help am build am.

You don't know he's on a trade free zone? Someone said the Ayes have it.

zoedew:
The DSS will pay them a visit. It is criminal to do local transactions in dollars. Dangote refinery is strategically located in a Free Trade Zone.

Uche559:
AYES have it indeed, las las everybody go collect. They think Nigeria politician r working for d masses

anonimi:
“The worst illiterate is the political illiterate, he doesn’t hear, doesn’t speak, nor participates in the political events.

He doesn’t know the cost of life, the price of the bean, of the fish, of the flour, of the rent, of the shoes and of the medicine, all depends on political decisions. The political illiterate is so stupid that he is proud and swells his chest saying that he hates politics.

The slowpoke doesn’t know that, from his political ignorance is born the prostitute, the abandoned child, and the worst thieves of all, the bad politician, corrupted and flunky of the national and multinational companies.”

― Bertolt Brecht

Owon:
But Dangote too is OLORIBURUKU


Why the sudden threat to change?


You bought in naira but want to sell in dollars!
Which kain witchcraft be that?

Owon:
But Dangote too is OLORIBURUKU

Why the sudden threat to change?

You bought in naira but want to sell in dollars!
Which kain witchcraft be that?

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp