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Nairaland Forum / Nairaland / General / Politics / Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 (15019 Views)
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Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by ogawisdom(m): 2:43pm On Dec 30, 2023 |
pipnator00: It is illegal to sell crude oil to a company in Nigeria in USD, Dangote can take them to court, USD is not our legal tender. 1 Like |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by seguno2: 2:52pm On Dec 30, 2023 |
kettykin: Are you not talking about a SECTION anymore and have changed to an individual? 2020 is after 2014. If you have read and know what you are talking about, then you would simply say the details to back up your claim. EOD. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by fx45(m): 2:54pm On Dec 30, 2023 |
PDJT:Look three posts above you. There are such Nigerians... They're propelled mainly by tribalism and ethnic supremacy |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by RealEmilokan: 2:59pm On Dec 30, 2023 |
accordadoga21: May be if you have Dollars and Pounds, you'd love to be omo ale too? Too bad! Omo Naija gidi, this is good news for me Election have consequences. When people start to chop sansan, them go get sense. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by JudasNaKarrot: 3:02pm On Dec 30, 2023 |
Faiththatworks:Your mother, you say. Well, there's no need arguing with someone who doesn't know right from left.....someone who still eats "Mama thank you" My dear Child, just go and relax ok. This section is for matured people who know what the economy is all about, and not for kiddos. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by correctguy101(m): 3:08pm On Dec 30, 2023 |
DeepSight: Fact bros... And your adage is on point. There's hardly any order in the country. Everything is just left to run itself anyhow the "itchy handed" officials are comfy with. Some will say we don't pay tax. Yet they'll pretend they don't know of the illegal collections Nigerians pay each day... And it's totally dubious to say these same officials are not taking their shares each day. The disorder is mostly beneficial to these groups. Don't be surprised that the average Nigerian person does not even understand the entire problem plaguing the nation. Oh, I'm not claiming to be too smart, I'm lazy . But I've noticed several people these days, applauding and claiming our General Buhari and his tenure was better... They fail to realize the problem is even before Buhari and even Ya'ardua.... Anyone that has ever been in the governance of this great nation is guilty for the current state of the nation. The whole lot of them are parasites. So, how can anyone help such kinda people to fix anything? It's exasperating seeing stupid people everywhere. Especially those eediots WaZoBia group. They're mostly the people segregating and destroying this country. Ah,.. 1 Like |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by InvertedHammer: 3:17pm On Dec 30, 2023 |
/ At least N2500 by December 2024. / |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by pipnator00(m): 3:20pm On Dec 30, 2023 |
To be very honest with you, I share same sentiment as you and I like how you concluded your comment with this phrase, "that requires good governance". Having good governance is what I haven't seen us having with what's on ground, hence my prediction that Naira will continue to lose strength. Once the Afriexim loan lands, the Naira will gain temporary strength until AWON boy butchers it again! ****Even if Dangote refinery operates at maximum capacity, that's including exporting to bring in FX to Nigeria that wouldn't still be enough to save Nigeria. We can't count on just one man to save a country of how many millions. As you wrote, we need good governance and I subscribe to that. On another note, I blame Buhari for some of these problems we face today. Why do I say so? He came in with a very popular vote and larger supporter base. That's enough for him to introduce strong reforms like floating the naira. If he had done that when he came in, maybe Naira would have risen sharply from around 200 then to say 700 and maybe settle to around 350 to 400 now but no, he chose to kill time for 8years. higgs: |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by pipnator00(m): 3:25pm On Dec 30, 2023 |
ogawisdom: Like I wrote, they insist they will only sell in USD to Dangote. Remember, most of the oil majors we have in Nigeria are foreign companies. They have people they already sell to outside Nigeria in USD. They would leave those to come sell to Dangote in Naira that continues to lose value. You sef check am! |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by Faiththatworks(m): 3:28pm On Dec 30, 2023 |
JudasNaKarrot: I usually make it a rule never to reply anyone on Nairaland but I don't expect civil conversation to sink into name calling and insults. I take exceptions to your message and I believe I must reply you,my mother is a retired civil servant in Lagos and has been bed ridden for some years. Due to her sickness,and inability to go to the bank,her account officer adviced me to connect her bank account to my BVN,and also use my phone number to collect alerts,that's how I know her salary. I can proudly say she has her own house and is attended to by nurses and care givers,I don't know how a bed ridden woman can feed me. Like I said,civil conversation should never descend to insults and abuses to people you don't know or have never met before. God bless Nigeria. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by rigarmortis: 3:30pm On Dec 30, 2023 |
accordadoga21: I don't understand why you are concerned about their rejoicing. Why don't you do something to make them sad by making Nigeria better and pain, hunger, kidnapping, banditry etc gone. Do the above and let them cry, if you think had news makes them happy. Because right now it seems they are happy at least twice a day and thrice on Sunday |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by Tohmey(m): 3:33pm On Dec 30, 2023 |
No joy for the country Mehn. . . . The country on the sinking side |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by allthingsgood: 3:36pm On Dec 30, 2023 |
Bobloco: That’s what you guys say about every President. Lol 1 Like |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by ogawisdom(m): 3:43pm On Dec 30, 2023 |
pipnator00: People or companies are governed by laws, how hard is that for you to understand? Naira is our legal tender not USD. It's illegal to conduct business in Nigeria in USD, get that into your thick skull. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by NinjaMetahuman: 3:47pm On Dec 30, 2023 |
Bloomberg didn't tell us how that is going to happen. Considering Nigeria will depend less on importation of petrol next year. Another nonsense prediction based on nothing. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by Kukutenla: 4:01pm On Dec 30, 2023 |
NovusHomo:How did his preparation towards 2023 end? |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by Bobloco: 4:02pm On Dec 30, 2023 |
allthingsgood: This one is turning out the worst of them all |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by Kukutenla: 4:05pm On Dec 30, 2023 |
Jayhome24:Why will Wike say no when he is still bitter for losing 2023 primaries Anyways, your prediction is not worth the letters it is written. Wike has a big task in front of him more than any other southern politician of worth. So he'll need to survive politically first before your empty prediction comes to pass |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by PARADIZEPRIEST: 4:06pm On Dec 30, 2023 |
bloomberg is not GOD. SO SHUT UP bloomberg |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by PARADIZEPRIEST: 4:07pm On Dec 30, 2023 |
PARADIZEPRIEST:SO WHY DIDNT SOCALLED BLOOMBERG PREDICT THAT MILLIONS OF AMERICANS DIEd during covid? IDIOTS. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by PHAYOL81: 4:18pm On Dec 30, 2023 |
Too bad |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by pipnator00(m): 4:21pm On Dec 30, 2023 |
ogawisdom: Did you miss where I wrote the oil majors we have are foreign companies. All they do in Nigeria is exploration, and their sell side is foreign based. Their oil may be in Nigeria but should they sell to Dangote, their foreign based sell side will execute such sell and it will be handled in USD. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by comodo: 4:24pm On Dec 30, 2023 |
politicoNG:Na statistics we go chop?. Make una no mind this IPOB organization. Tinubu said we are taking baby steps and I believe him. On his manhood I stand gidigba. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by allthingsgood: 4:29pm On Dec 30, 2023 |
Bobloco: K |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by COMPAQ(m): 5:03pm On Dec 30, 2023 |
Racoon: So what’s your own solution to the economy? Just give us 5 bullet points |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by COMPAQ(m): 5:05pm On Dec 30, 2023 |
ogawisdom: Dey there. Crude is an international commodity, so there are other international laws and contracts that also govern it, not just your local laws. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by BALLOSKI: 5:14pm On Dec 30, 2023 |
Their mama! |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by Calitoscassius(m): 7:21pm On Dec 30, 2023 |
We don't need bloomberg to predict or tell us we can see it for ourselves. By December 2024 the naira will be $1= 3000 naira. Whether people agree or not. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by NovusHomo(m): 7:21pm On Dec 30, 2023 |
Kukutenla: Ask him. |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by KayyDee: 8:04pm On Dec 30, 2023 |
I see that you are quite a student of economics. That's some good analysis up there. However, you got a few things wrong too. 1) Currently NG no longer operate "crude exchange for refined products" (otherwise called swap deal). It had been abolished for several months now. Marketers import Petro products after sourcing their own FOREX... ...while producers now sell their oil as they see fit. 2) When I said that there will be NET FOREX gain, but it will be small, I had it in mind that transport cost component of pressure on crude will be eliminated. But do you know what percentage represents the crude transport costs? It's generally around 2.5 % to Europe or from Europe It's a number of course, and that represent a potential saving... But again it's somewhat a negligible figure in the grander scheme of things. Therefore you can't bank on that to move your FOREX niddle that much. 3) REFINERY PROCESSING GAINS What we call refinery processing gain ( or as you put it: "because Dangote will be bringing in more fx per ton of products sold than mere crude" will also play a part. However, again these are not a huge difference. 4) "Dangote and others will still sell a significant portion on the international market." In this case, let us first bear in mind that whatever quantity they sell in the international market, will mean that they had first denied NG ab initio some Forex gains on that quantity. Therefore, we are still looking at recovery and a NET Forex gains in terms of what they had denied Nigeria. ALL-IN-ALL There should be a NET FX gain as I said already in the last piece. But it will still not ve sufficient in making our beloved Nairs move up against the USD that much. Ask yourself, why is everyone (experts) in the international financial market and advisory groups not doing drum roll celebration about the refinery? VERDICT: The Dangote refinery (and others) are great additions, but they will together represent not up to 5% of what we need to see significant gain by Naira. However, it's great that are there. Therefore if FG can ramp up other areas like FDI, Diaspora remittances, more non-oil exports, then together they should make a good difference. Otherwise, it's next to impossible fir USD to come to N700 in 2024. REMEMBER; Our external reserves are already very low. No body is talking about that. But it's a significant issue, because it means that the pressure of foreign debt servicing will be much more on our ongoing earnings too (instead of mostly on the reserves) AGAIN, As you mentioned somewhere up there, More favourable interest rates, inflation, etc may not necessarily automatically spur the volume of FDI we need in the economy. Of course some will come definitely. But then many more Foreigners are still skeptical because of the still prevailing volatility and downward swing of the Naira. Hence, many investors will like to have FG address that first through other home grown means, then their confidence will grow and more investors could now come. After all, nobody wants to invest $10 million , and when it's time to harvest, the value is now wort $8 million due to devaluation. Even worse, getting the money out of Nigeria to their home country could be a challenge. So, you can say that when it comes to FDI and FPi, Nigeria is in a kind of catch-22 situation. That is: On one hand, We need investors to help us raise the Naira. On the other hand, majority of the investors are afraid, and want us to raise and stabilize the naira somewhat before they can have confidence and come. Pen drops (for now) SmartyPants: |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by Gilgil: 9:43pm On Dec 30, 2023 |
Using 2023 data, and the policy direction of this government. Straight to the point: 1. For scarcity: Will increase. Insecurity from bandits and herdsmen, flooding, poor storage and transport. Recent reports that foreigners are buying off products thereby increasing price. What’s the budget for agriculture? 2. Currency scarcity. It’s already here. It costs money to print more. 3. Fuel scarcity: Not necessarily scarcity but higher price. Dangote is not a charity, neither is Ph refinery. Subsidy as they said is gone and even if it is not, there is no money for it. 4. Forex scarcity will increase. Even though any refinery will reduce that portion of forex demand allocated to petrol and diesel,it’s a small component and we have huge remittance backlogs to creditors and airlines. Plus we manufacture nothing of interest to the world. Faiththatworks: |
Re: Bloomberg Predicts Naira Will Record Worst Performance In 25 Years In 2024 by justmondris: 9:50pm On Dec 30, 2023 |
omowolewa: |
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