Yourprick:
bro understand the post, look at our highest import, what happens when we stop importing petroleum products? Our problem is too much imports and petroleum up there has the highest percentage

Yourprick:
Yeah dollar at 1200 but why do they keep buying it, aren't you scared Naira might start gaining,our highest imported item is petroleum products and the fg promised a refinery in December, what happens when we stop importing fuel and start refining won't the Naira start gaining? What's the essence of saving in dollars?or you think dollars would keep gaining for the next 4 years lol

PARADIZEPRIEST:
Because they are sick mentally,dollar is what they worship.
Imagine an idiot importing furniture into naija
Importing leather shoes,or other nonsense things like moet,henesse,vodka whereas we have local alternatives.

Ikaeniyan0:
look at the billions of dollars we spent importing refined petroleum last year 🙆

When the Dangote and PH refinery start working, it will really relieve pressure on the naira.

I really pray the refinery will work

crackhouse:
keep praying. We pray for everything in this country..

juliuscaesar:
As long as politicians keeps stealing in dollars. The dollars will forever gain on the naira. People who steal funds are scared to keep them in naira because they are easily traceable. So they buy up all the dollars, even in the black market and hide them.

Ikaeniyan0:
things like what?

No consumption can gulp the billions of dollars refine petroleum is gulping

Prove me wrong if e sure for you

Cromagnon:





There's always shit to buy
Jmmjt2t people buying iPhone with their school fees
We used to eat rice only on Sunday now its everyday
We imported wheat now its a mainstay
We will simply divert the money To different consumption
You think 6tp Per capita income 4p that much
We will spend on more phones, more computers, more bosscars, more houses (We import all the fixtures), more furniture, vacations, more more more
None of which we produce
We will still need dollar and no one needs Naira in Return as we export nothing of significance

darediamond:
The Type Of POLITHIEFCIANS in Nigeria are Not Corrupt But WICKED ONES WHO PRACTICE EXTREM SUPPRESSIVE POLICTS AGAINS ORDINARY CITIZENS.

After Tinubu, The New President Will Still Remove"Fuel Subsidy". Further Delibrately DEVALUE NAIRA to favour themselves and BRITAIN. Refuse to Repair the Refineries let alone LET ELECTRICITY BEXOME PERMANENTLY STABLE.

The Only Solution To These Main Reasons I Itemized Is CURRENCY ARBITRAGE.

nairalanda1:


Same reason why people buy gold, and also why people buy artwork. You hope the price appreciates and then you eventually cash out. An investment tool, in other words.

Plus some of us still have to make foreign orders.

juliuscaesar:
As long as politicians keeps stealing in dollars. The dollars will forever gain on the naira. People who steal funds are scared to keep them in naira because they are easily traceable. So they buy up all the dollars, even in the black market and hide them.

3Dimension:
those who buy hoping that naira will crash are the speculators.
But majority actually buy to hedge their money against Naira freefall.

if the Naira gains your dollar doesn't loose value bacause things will become cheaper and your purchasing power will remain the same.

StreetFight:


Yes, he will not understand that we cannot do without importing tooth picks, matches, women designer bags and shoes, Italian marbles, e.t.c. Without them, we will all die.

Bovis:

Dumb post, naira has not gained since FG removed subsidy because petroleum companies still require dollars to import diesel and petrochemicals into the country. Do you you think they are getting the dollars from the sky?

Ikaeniyan0:
leave all this your unnecessary Shalaye

Dangote dollars will stay in Nigeria.

Calitoscassius:
That man or woman is one of those people who are in denial of what is happening in Naigeria, he is waiting for Dangote to better his life and the life of his families Dangote is not building refinery for naigerians or to better naigeria, Dangote is building refinery to export his oil to foreign countries.


And why does the life of 300 million people and naigeria's economy depends on one man Dangote?.

Temiii69:



Nigeria has sold millions of barrels as futures already. Now we cant even supply Dangote refinery talkless of Port Harcout. 9 trillion spent on moribund fruitless refinery still not a single drop. May God punish the generation of those that put Nigeria in this mess.

Ikaeniyan0:
things like what?

No consumption can gulp the billions of dollars refine petroleum is gulping

Prove me wrong if e sure for you

Cromagnon:





There's always shit to buy
Jmmjt2t people buying iPhone with their school fees
We used to eat rice only on Sunday now its everyday
We imported wheat now its a mainstay
We will simply divert the money To different consumption
You think 6tp Per capita income 4p that much
We will spend on more phones, more computers, more bosscars, more houses (We import all the fixtures), more furniture, vacations, more more more
None of which we produce
We will still need dollar and no one needs Naira in Return as we export nothing of significance

Ikaeniyan0:
Did you even go through the OP post at all? You be like person wey carry expo inside exam hall, but still dey write the wrong thing as an answer.

Let me ask you again, did you go through the OP post?

IAmHim1:
Only if he needs to purchase things in naira.
You don't expect dangote to buy things in dollars BY CONVERTING HIS NAIRA TO DOLLARS AT A LOSS when YOU claim HE'S EARNING IN DOLLARS. A straight path

Ikaeniyan0:
I don't understand you

Ikaeniyan0:
look at the billions of dollars we spent importing refined petroleum last year 🙆

When the Dangote and PH refinery start working, it will really relieve pressure on the naira.

I really hope the refinery will work

IAmHim1:
It doesn't matter where dangote dollars stay.

All that matters is which currency he's converting his dollars to.
If he's converting it to yen, he's be using a yen trader who'd take the dollar back to the US invariably while dangote takes the yen to China...a transaction which is of little to no benefit to us

Now imagine he was converting his dollars to naira through govt channels.



Now the govt can claim it as theirs NOT BEFORE


SADLY our naira is not really accepted 'outside' but on the bright side, we'd have his dollar$ from the exchange!

Lolz
The govt doesn't own dangote MONEY so they can claim it's part of their reserves.

IAmHim1:
***His petrol. He wouldn't be building a refinery if he's exporting just crude oil.
One man exporting crude oil?

tctrills:

Calitoscassius:
Yes, he will be exporting Petrol!, Yes, Why is he the only one building refinery? Why are the Naigerian government waiting for him (one man) to build refinery?


Why would he be building refinery if he is not refining crude oil to petrol or kerosine?
Yes, again, he will be exporting petrol.

theophorus:

https://www.nairaland.com/7891505/naira-gains-against-dollar-trades

@ Cromagnon
@ kushme
@ waveman

IAmHim1:
"..no one needs naira in return as we export nothing of significance"

MY EPIPHANY RIGHT HERE!!

so naira is not wanted and the unwanted naira is still chasing the few dollar.

Damn

Ikaeniyan0:
Did you even go through the OP post at all? You be like person wey carry expo inside exam hall, but still dey write the wrong thing as an answer.

Let me ask you again, did you go through the OP post?

Cromagnon:

Yes I did
Did you go through mine? When your salary(GDP) is increased do you not see things to buy(import)
We weren't buying phones for 50 yrs
Now we are buying million Naira iPhone and Samsung

We used to buy bicycle now we buy Lexus jeeps
Humans are never satisfied
Or did you miss that class in economics?
We will always find ways to spend money
If it's not on petroleum products it will be on something else that we want since needs has been taken care of