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Nairaland Forum / Nairaland / General / Politics / Marketers Will Pay Naira For Dangote Fuel, Says IPMAN (20193 Views)
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Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Paraman: 3:36pm On Jan 23 |
Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. https://www.google.com/amp/s/punchng.com/marketers-will-pay-naira-for-dangote-fuel-says-ipman/%3famp 15 Likes 2 Shares
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Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Magnetic010: 3:39pm On Jan 23 |
For those that understand economics more, is this good or bad for our naira? 12 Likes |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Dynamicboss: 3:42pm On Jan 23 |
Magnetic010: Good for naira. Recall that fuel importation requires forex (USD, Euro, etc.) to purchase Atleast some pressure will be off the local currency 167 Likes 12 Shares |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Nbote(m): 3:43pm On Jan 23 |
Magnetic010: Atleast the little I know is that we won't now have to pay USD for that volume of Petroleum products we would have imported. Now ordinarily price of these products are supposed to be lesser now because duty and other importation costs won't be paid 115 Likes 6 Shares |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Paraman: 3:47pm On Jan 23 |
Magnetic010:It's good for the naira. He will only sell in dollar when he export 62 Likes 5 Shares |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Paraman: 3:49pm On Jan 23 |
Nigeria won't need to spend over $10 billion importing refined crude again. It will have a positive effect on the naira on the short, medium and long run 71 Likes 4 Shares |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by ivolt: 3:58pm On Jan 23 |
Paraman:That's not how it works. Some forex will be saved but nothing close to $10 billion. 24 Likes 4 Shares |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Paraman: 4:14pm On Jan 23 |
ivolt:Nigeria spent over $10 billion importing refined crude last year, If the Dangote refinery can take care of Nigeria needs, are you telling me will still be dashing out over $10 billion dollars to foreign refiners? In 2022, we spent about $21 billion importing oil Please explain, I want to learn. 60 Likes 2 Shares |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by seborrhic: 4:16pm On Jan 23 |
Dynamicboss:There is nothing good about the report because if you read the entire story you would realise the marketers are also not sure yet the currency it would be sold in. 5 Likes 1 Share |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by longetivity(m): 4:27pm On Jan 23 |
When will Dangote fuel hit the market 7 Likes |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by ivolt: 4:31pm On Jan 23 |
Paraman:First, Nigeria does not dash out any money. It buys goods it needs at international price. The government get its forex primarily from oil export. If Dangote refinery sells in Naira, it means it will pay for the crude it buys from the NNPC in Naira too. So, the government will be getting less forex than it used to unless it strictly sells to Dangote from increased crude production. Of course, some forex will be saved in the process due to the extra value created and also shipping costs assuming Dangote can produce at a competitive rate. This only applies to local market, whatever Dangote export is a positive for the government. 16 Likes |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Slytiger: 4:31pm On Jan 23 |
Magnetic010:Good for naira. This would help reduce the pressure on the demand for US dollars. 10 Likes 1 Share |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by viyon02: 4:44pm On Jan 23 |
From my analysis, if Fg actually want to crush the dollar, it will done in no time, but because of some evil politicians dollar still remain higly esteemed. The fact is, we know solution to our problems. 28 Likes 2 Shares |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Front0lane: 4:48pm On Jan 23 |
Crude sold to Dangote is additional sales to Nigeria. It was never part of what was sold previously, it is a new additional market that should lead to more sales. Nigeria as more than enough crude to sell to Dangote n at the international market where it will earn forex in dollars. Domestic sales purchase btw Dangote n NNPC is additional profit to the country n those in charge should ensure the increment is accounted for with substantial earning in the range of the $10 billion we spent importing the same substance else those at the helm have been doing round tripping to the tune of whatever is less of $10 billion. That is another focus of fraud if Nigeria can account or save ₦10 bullion we spend buying finished product yearly previously before Dangote refinery. Note Dangote will also be selling refined product to surrounding countries as it will be cheaper than importing from USA or Europe like they use to. ivolt: 13 Likes 3 Shares |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by seanfer(m): 4:52pm On Jan 23 |
ivolt: My question to you is which imported product is taking almost our forex in the last 5-8 years? 5 Likes 1 Share |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by DMerciful(m): 5:23pm On Jan 23 |
You think the govt really wants to ease the pressure on the naira? Dynamicboss: 1 Like |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by DMerciful(m): 5:24pm On Jan 23 |
It should but may not. The dollar might be used to import something else like more frivolities for politicians Paraman: |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Godoverevery: 5:27pm On Jan 23 |
Another bad news for HATERS. 13 Likes 2 Shares |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Paraman: 5:30pm On Jan 23 |
DMerciful:It will have a positive effect on the naira. There will be enough dollars for them to buy the frivolities 7 Likes 1 Share |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by UHLmoving: 5:35pm On Jan 23 |
Magnetic010:very good for the naira 4 Likes 1 Share |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Godoverevery: 5:36pm On Jan 23 |
ivolt: Exporting to majority of west African countries is the deal here for dangote. 19 Likes 2 Shares |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by DMerciful(m): 5:36pm On Jan 23 |
The more things change, the more they remain the same Paraman: 3 Likes |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by ivolt: 6:06pm On Jan 23 |
seanfer:The question is irrelevant. It is just like asking which food is taking a large part of a salary. Whether you switch from beans to rice makes little impact. What matters is if you decide to start fasting to save money or get a new job with increased salary. Economics looks simple but some aspect are counterintuitive. 10 Likes |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by SalamRushdie: 6:15pm On Jan 23 |
They were also paying Naira to the depot's before so what changed and besides Dangote is buying crude in dollars so nothing has changed a out our FX reality 1 Like |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Realdeals(m): 6:33pm On Jan 23 |
Well, Dangote will sell in Naira, and take the Naira to the importer-exporter FX market to buy USD to purchase crude oil from Nigeria or elsewhere. Pending when he will start exporting to warn its own FX. Or he will be paying in Naira to fulfill the Naira needs of the suppliers. Irrespective, it will be a relief to the Naira. Imagine 16m daily diesel consumption, 50m PMS daily consumption, that will free up over $60m daily. 4 Likes |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Birdbyrde440: 6:55pm On Jan 23 |
Magnetic010: It means there will be no need for usd forex used to import refined crude, a threat to USD dominance. The consequences are enormous for Nigeria. Blinken is in Nigeria let's hope it gets sorted. 4 Likes |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by Kenochi(m): 7:01pm On Jan 23 |
I have read most comments on this thread and I have to be honest,the discussion is very robust,no insults just plain economics,this is how decent discussions should be,you leave the thread more informed and educated I strongly believe that based on this news alone,the naira might have a strong rally There was this apprehension that Dangote might charge in dollars for some products but this is a very good move The second checkmate that will sustain the rally o the naira is if the Nigerian government and Dangote can work out a payment system for his crude oil that will not put further strain on the Naira If the two measures are put in place,it will release a lot of pressure on the demand of Dollars I repeat,those hoarding dollars will soon drink garri with their dollars,it is not a prophecy it is simple economic reality Once you cut off the head of the snake(buying and selling of Refined products in foreign currency),the body will have a calm sleep 23 Likes |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by arantess: 8:13pm On Jan 23 |
Godoverevery:Another blanket statement caused by ignorance... If you don't understand the economics, why not shut it instead of chatting shit 4 Likes |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by lexylaw40kuti: 8:23pm On Jan 23 |
I told ya.. Nice one |
Re: Marketers Will Pay Naira For Dangote Fuel, Says IPMAN by 7lives: 8:25pm On Jan 23 |
Paraman: I concur. 2 Likes |
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