Paraman:
Is Nigeria not owing a backlog of $7b? Do the CBN no longer belong to the Nigerian state?

I already dealt with that in what you quoted. Read it slowly and comprehend
Nigeria is not owing
Like I said if you don't understand invest some time to learn and stop unnecessary stronghead or argument.
You come across as dishonest you said something and then you are denying it and when provided evidence you start arguing
It is not a debt.
Foreign investors are holding Naira and they want to change it through the CBN that is the backlog. How does that amount to NIGERIA IS OWING
Is Nigeria the CBN? Did Nigeria borrow money that is now a backlog
Be humble when you don't know
Stop arguing blindly
I

aribisala0:
I
Is Nigeria the CBN?
I

What type of a foolish comment is this

Is the CBN your private bank or it belong to the Nigerian Government?

Paraman:
Why did you think Nigeria is not able to pay the backlog under Emefiele? It seems you have not been following the news.

Tell me more.

aribisala0:

Like I said if you don't understand invest some time to learn and stop unnecessary stronghead or argument.
You come across as dishonest you said something and then you are denying it and when provided evidence you start arguing
It is not a debt.

I

If foreign investors dollars are hooked in Nigeria, is that not Nigeria owing the foreign investors?

D4gmail1:



Tell me more.

I asked you a question, give me a reply so we can continue the discussion.

Paraman:
What type of a foolish comment is this

Is the CBN your private bank or it belong to the Nigerian Government?

So why did you start off lying
denying what You said it You believe this?

You are ignorant
Instead of taking time to understand how Central Banks work you are doing strong head.
You don't know. You don't know that you don't know and you believe you know everything when you are clueless

This issue is above your brain power be quiet

For those of you who believed your government when it lied to you that there's NO more oil subsidy, here is the $$ subsidy for your petroleum marketers. A subsidy by any other name is still a subsidy and the end game is still the same. Is this NOT the same government that promised you a student loan program that most of you believed and hoped would help you finish your college education? Where is the program today? Nigerians have been so oppressed and taken advantage of to the extent that when the government makes any promises that even you and the government know will never be fulfilled, you tend to believe it. There's a saying, "Fool me once shame on you but fool me twice shame on me." Your government has fooled you so many times, hence it has come to believe that you're too STUPID and FOOLISH to know any better. Otherwise, how can it be lying to you time after time and you keep falling for the same bullsh*t? No be juju be dat?

Paraman:
If foreign investors dollars are hooked in Nigeria, is that not Nigeria owing the foreign investors?

No it is not

Guy you lack humility to admit that you don't know
Like many Nigerians you would rather. Die than admit you don't know
Disgraceful

Paraman:
Nigeria is owing $7b. $2.5b has been paid this month. Between $500m-$1b was paid in october or november. At this pace, the backlog will be cleared before the end of March.

so how did the payment affect the Naira in its fight against the Dollars?

Paraman:
I asked you a question, give me a reply so we can continue the discussion.

I don't know, so you tell me.

aribisala0:


So why did you start off lying
denying what You said it You believe this?

You are ignorant
Instead of taking time to understand how Central Banks work you are doing strong head.
You don't know. You don't know that you don't know and you believe you know everything when you are clueless

This issue is above your brain power be quiet

I hate foolish people like you

If not for nairaland, I 4 no dey reply your foolish comment.

This is my comment below

Paraman:
Nigeria is owing $7b. $2.5b has been paid this month. Between $500m-$1b was paid in october or november. At this pace, the backlog will be cleared before the end of March.

Is no fault of mine you don't have a common sense that will let you know am talking about the backlogs.

I'm talking about the $7 billion Nigeria is trying to clear, but you're foolishly telling me about Nigeria $114 billion debt even after I made myself very clear in my comment.

aribisala0:

No it is not

So why's Tinubu and the CBN running around, searching for dollars they will use to clear the backlogs?


You're one of the most foolish person in Nairaland politics section abeg

SoNature:
Get ready to see the USD crash in the coming days! If we can flood the market with enough USD, it can even crash to #700 for one USD in the parallel market!

Unfortunately, we just don't have smart people in government to maximise our earning potential. Better still, those who claim they are here to lead are only here to steal.

Your concluding statement is eye catching and simply the truth.u see this our country.it is call a country in which plenty citizens are against the country by buying and hoarding dollar and the ripple effect is more dollar and naira disparity.

Paraman:
I hate foolish people like you

If not for nairaland, I 4 no dey reply your foolish comment.

This is my comment below



Is no fault of mine you don't have a common sense that will let you know am talking about the backlogs.

I'm talking about the $7 billion Nigeria is trying to clear, but you're foolishly telling me about Nigeria $114 billion debt even after I made myself very clear in my comment.

You are full of impotent hatred
It has no effect on me.
Your hatred will grow in Your spirit and never leave you
You shall receive dividends of hatred for ever,

Backlog is not a debt
Nigeria is not owing the backlog
Trying to compensate for your ignorance with abusive language is juvenile
You are a silly little boy

aribisala0:

You are full of impotent hatred
It has no effect on me.
Your hatred will grow in Your spirit and never leave you
You shall receive dividends of hatred for ever,

How won't I hate an 1diot like you who is putting words in my mouth?

UnknownT who I quoted below was talking about the backlog

UnknownT:
You are owing Billions of Dollars in backlog, you released 500m and you think that will increase the value of the Naira? How many % appreciation did the Naira do against the Dollars when Afrexim bank loan was secured?

This is my response to his post below

Paraman:
Nigeria is owing $7b. $2.5b has been paid this month. Between $500m-$1b was paid in october or november. At this pace, the backlog will be cleared before the end of March.

Then you pop out of nowhere

See the shit you wrote below

aribisala0:

You are mistaken
Nigerian debt and CBN backlog are very different things
Totally unrelated
Try to understand what the issues are . If you don't then do not comment
CBN backlog is not repeat NOT debt . The CBN is NOT the government.
The backlog is the obligation of the CBN to accept Naira from Foreign investors at an agreed exchange rate. They have brought the Naira and the FUN is not producing dollars and that is why the Naira is crashing because there are sellers offering a different rate

This thread is about the backlog the government has not been able to clear since last year or so. Go and give your useless explanation to your family and friends... I'm not interested in learning your bullshit

Error401:
Now dollar will drop again. Since there are no foreign investments, It will still rise in 2 months. Its the best time to buy Dollars.

Keep on buying Dollars and very soon you would realize that you're on the debit side of the balance sheet.

With this new release, Naira fit come back to #1200/#1300 and from there north side will continue.

For those thinking about Dangote and PH refinery to improve naira status, please continue to dream on and lost in lala land.

E lo fokan bale, a ma gbe wale.

Its Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement on Monday in Abuja.


Right there !!!! You lost me. Please don't ask me exactly where?

ozo13:
Your concluding statement is eye catching and simply the truth.u see this our country.it is call a country in which plenty citizens are against the country by buying and hoarding dollar and the ripple effect is more dollar and naira disparity.

I think u are missing the point, u think $500, $1000 that guys are hoarding or using to trade on binance are the cause of naira downfall, u forget we are ordinary citizens.

The real dollars are in the hands of the politicians, it is what they always use to buy vote during their primaries.

E lo fokan bale, a ma gbe wale.

Curious345:
no it's not pms

Almost 40% of forex is spent on oil imports.

kelvyn7:


It's not really about whether I want it to go down or not bro. It's about the country, our exports needs to increase...else it will take a miracle to make it come down 🤷🏾

Like I said... our major importation is Oil... we need lots of dollars to make that happen

With our new refinery we can save lots of dollars and even earn more from pms export to other countries...

If we really want to export more items or recourses other than oil... then it may fall lower to the level of $1 to #100... normally that should be our goals... but it's not a day job as we don't even hav necessary infrastructure to do dat

Paraman:

https://punchng.com/cbn-releases-500m-to-clear-verified-forex-backlog/?amp

Good move

BigDawsNet:
Don't Buy Dollar to keep!!!!!

As soon as the both refineries begin the process of PMS Distribution and Exports... the dollar will come down and stabilise...

No talk say I no tell una oh...

Predictions says it could stay around 800 to 850 in both markets...

Talk to your account officer or finicial advisor before u invest

Very true!

BigDawsNet:


Like I said... our major importation is Oil... we need lots of dollars to make that happen

With our new refinery we can save lots of dollars and even earn more from pms export to other countries...

If we really want to export more items or recourses other than oil... then it may fall lower to the level of $1 to #100... normally that should be our goals... but it's not a day job as we don't even hav necessary infrastructure to do dat

Your analysis dey good for paper ooo, but hope u know that Nigeria is part of OPEC and being a member means u cannot supply more than allocated slot u are given to supply. This supplies also include Dangote or PH refinery when they start operating.

BigDawsNet:


Like I said... our major importation is Oil... we need lots of dollars to make that happen

With our new refinery we can save lots of dollars and even earn more from pms export to other countries...

If we really want to export more items or recourses other than oil... then it may fall lower to the level of $1 to #100... normally that should be our goals... but it's not a day job as we don't even hav necessary infrastructure to do dat

I get you

aribisala0:

The backlog is not static it is a daily thing . The bitter truth is the backlog is growing.
There is no need to give Tinubu credit for anything though I also will not support blaming him in the short term
There is no quick fix .
The solution is either to import less of export more . None of those things can happen overnight or painlessly.
Dangote refinery should provide some relief but I don't see how Tinubu can take credit for that

Which relief will Dangote Refinery provide? You did not see the news this evening that Dangote Refinery will import Crude Oil from the US? Na Naira he wan use import am? He will still source FOREX from the limited Forex for the importation.

UnknownT:

Which relief will Dangote Refinery provide? You did not see the news this evening that Dangote Refinery will import Crude Oil from the US? Na Naira he wan use import am? He will still source FOREX from the limited Forex for the importation.

Are you looking for a confrontation or a conversation?

aribisala0:

Are you looking for a confrontation or a conversation?

lol. When did questions become confrontation?

UnknownT:
lol. When did questions become confrontation?

What is your question?

BigDawsNet:


Like I said... our major importation is Oil... we need lots of dollars to make that happen

With our new refinery we can save lots of dollars and even earn more from pms export to other countries...

If we really want to export more items or recourses other than oil... then it may fall lower to the level of $1 to #100... normally that should be our goals... but it's not a day job as we don't even hav necessary infrastructure to do dat

Which new refinery ?

Noted

Plz house what is the implications of this to our economy?