No be small

Nice we are in same stand on lending

BiafranBushBoy:


Sorry about your situation.

People are just so unreliable and can’t be trusted.

Good decision going forward.

Most times I lend money, knowing that they won’t pay back… so they won’t have to ask me for money again.

Win Win Situation.

This is also the reason we have some of our most expensive and luxury properties pegged in dollars.

Its not that it sounds unpatriotic, its unpatriotic and wicked.

kinglee007:
And after we have signed the agreement, what are the odds that the dollar might not fall as a result of change in World Economic Policy that might arise due to severe climate change, draught, unpredicted war, or financial stability in Nigeria leading to a rise in the Naira?

Who e go favour?

dollar would never fall to the point where naira becomes better. not in one lifetime.

In same way, its better to be owing banks than to pump ur money into savings acct.. I borrowed 4m from sterling Bank like 10.months ago.. And now I'm paying back monthly in naira regardless of d loss in value.. Na bank go short

Like I didn't make much sense when I told my colleagues that salaries should be negotiated in USD

And what if Dollar rate fall like paw paw?

Wahala for who dey save in naira o

omonla10:
In same way, its better to be owing banks than to pump ur money into savings acct.. I borrowed 4m from sterling Bank like 10.months ago.. And now I'm paying back monthly in naira regardless of d loss in value.. Na bank go short

I hope you know that they may increase the rate of your interest

I already adopted that policy long ago

GAZZUZZ:
The title might seem unpatriotic, but not entirely so.

Quick story

In 2018 I sold an SUV to a friend at 3.5m, he paid 2m and said he would balance up in the future.

Fast forward to 2021 October he pays me ₦1m with a pending balance of ₦500,000.

Vehicle sold in 2018 is now ₦5.3m in 2021.


Lesson learnt.

Going forward all transactions that have to do with pending payments will be signed as dollar equivalents .

Meaning if you want to take a loan or owe me large sums of money E.g ₦1m (sept 2021 2,433.5799 US Dollars) all we will do is check current dollar rate and peg repayment on the dollar equivalent in the future (2,433.5799 US Dollars)


The end

Doesn’t sound too wise to me , just attach an interest rate

Did u loaned him in dollars or naira?

Which currency should they lend with?
$
€
¥
£ or crypto
Talking of crypto If you interested in learning crypto join Telegram Channel m y c r y p t o n g

OPUSDEI1:
What if finally bubu now makes #1 to $1?

then na 1000 naira him go collect

I lend people money now hoping they won't pay so the can't come back to lend again... For the shameless once that's still shamelessly come back, I'm quick to remind them of an outstanding loan, before outrightly telling them I'm servicing a big loan myself and can't afford to help now...

What if dollar rate drops?

princepee:
3.5m car in 2018 will loose it's value in 2021.
A car is not an asset.

it depends on several factors. It could be an asset or a liability

Icecream4U:
What if dollar rate drops?

go and check when last the naira gained against the USD

GAZZUZZ:
The title might seem unpatriotic, but not entirely so.

Quick story

In 2018 I sold an SUV to a friend at 3.5m, he paid 2m and said he would balance up in the future.

Fast forward to 2021 October he pays me ₦1m with a pending balance of ₦500,000.

Vehicle sold in 2018 is now ₦5.3m in 2021.


Lesson learnt.

Going forward all transactions that have to do with pending payments will be signed as dollar equivalents .

Meaning if you want to take a loan or owe me large sums of money E.g ₦1m (sept 2021 2,433.5799 US Dollars) all we will do is check current dollar rate and peg repayment on the dollar equivalent in the future (2,433.5799 US Dollars)


The end

Way to go bro. My brother borrowed me 500k in the month of May this year, due to be paid year ending. I know the money would be chicken change by then, because I bought dollar with it at the rate of 487 and traded it for SOL at $15. We all now dollar's 560+ now.

nymphomaniac:
go and check when last the naira gained against the USD

I know it's close to impossible but what would he do if it drops?

GAZZUZZ:
The title might seem unpatriotic, but not entirely so.

Quick story

In 2018 I sold an SUV to a friend at 3.5m, he paid 2m and said he would balance up in the future.

Fast forward to 2021 October he pays me ₦1m with a pending balance of ₦500,000.

Vehicle sold in 2018 is now ₦5.3m in 2021.


Lesson learnt.

Going forward all transactions that have to do with pending payments will be signed as dollar equivalents .

Meaning if you want to take a loan or owe me large sums of money E.g ₦1m (sept 2021 2,433.5799 US Dollars) all we will do is check current dollar rate and peg repayment on the dollar equivalent in the future (2,433.5799 US Dollars)


The end

/

Bet against naira and you will be fully adjusted for inflation. I have a one month maximum turnaround for any naira denominated transactions otherwise I am not interested.

/

So you want your friend to suffer outrageous payment back.

Greedy fellow. Just help not think of gaining or draining someone

True

Naira on a free fall since 1960.
Imagine person wey owe u 50 naira in the 80s, him go dash u 100 naira now

Icecream4U:
I know it's close to impossible but what would he do if it drops?

nothing. He is a business man and understands risks. This is however a better risk than collecting the naira equivalent. The smarter option for me would be to peg an interest rate though that will bring the transaction within the purview of the money lenders law

Bonesbreaker:
As for friends if you ask me of 200k if i have 50k i give you telling you to pay back if you pay back fine if you no payback awesome too

My dear friend and brother from another mother. Hope you re hale and hearty. Abeg i fit see ₦200k for your hand? I go return am by month end

correct guy,you are indeed a real businessman lol

princepee:
3.5m car in 2018 will loose it's value in 2021.
A car is not an asset.

Says who?

Have you priced a 2001 car lately? How much was it in 2015 and how much is it now?

Bros, this is Nigeria

Inflation makes all durable products profitable but as large effect on the low and middle income

Absolutely correct.

MRDEE01:
Same as saving money.
Save in dollars

LOL been doing that since 2005


Nigeria is a mess both the citizenry and its leaders

Alfred74:



This write up dey give all man better migraine.No form of punctuations at all.Even comma that everybody use like water,you cannot put

Bro eh, e tire me