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How I Made Almost A Million Naira As Dollar Continues To Rise Against Naira. - Business - Nairaland

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How I Made Almost A Million Naira As Dollar Continues To Rise Against Naira. by ihesiuloa(m): 4:23pm On Feb 19, 2016
It's often said that a man's meat is another man's poison, and the down fall of a man is the stepping stone of another man.
This is the true and personal experience I'm sharing with you guys today.

I'm in the maritime industry in Nigeria and as such I also belong to the union executives in my branch, I have always been a loyal member of my unit and to my Superior officer's, hence I was made the assistant treasurer in my branch.
Sometimes last year around August 2015 my superior (treasurer) went on a sabbatical leave and I was saddled with the responsibilities of handling cash that was remitted to my unit, during that same month of August 2015, my unit chairman called upon me, since he trusted me that I was loyal to him and also knowing very well that I was responsible in matters like cash handling, so he asked me if I could keep some certain amount of money for him pending when he would be needing it, of course I accepted and on the day he would give me the money it turned out that it was 1million naira.
He also told me that he wouldn't be needing the money for atleast the next six months from that period he gave me the money.
Few days later in the same August of 2015 I decided to take a big risk on that money my boss gave me to keep for him , so I went straight to the aboki's that normally buy and sell foreign currencies which we know as 'black market ' and I bought up all the money the 1million naira could get for dollars and it turned out that I had realized about $4878 USD @ #205/$1.
I kept the money hoping it would yield, then by January of 2016 Dollar had gone up against the naira from the previous #205 of August of 2015 to now #250 ... Wow!
By mid January of 2016 dollar kept pulling hard against the naira, and just before the tail end of January 2016 $1 was sold for about #290 or so in the black market and not even with the announcement on lifting of ban of foreign deposit to domicile accounts by CBN could stop a dominating strength of the dollar against the naira!
To cut a long story short just Wednesday 17/2/16 out of speculations that the dollar could acqually crumble against the naira I finally made my way to the 'black market' to change change the $4878 USD @ the rate of #385 Naira... Wow!
Well I've since given my boss his 1million naira and I've realized for myself a whooping (#878,048 naira) something I would say it's a good deal for a space of 5 months! Huh?

xclusivelyasprill..com
Re: How I Made Almost A Million Naira As Dollar Continues To Rise Against Naira. by checkolatunji: 4:46pm On Feb 19, 2016
Olatunjiak@gmail.com

Pls how do I buy dollar from Cbn to start mine too?

Thanks
Re: How I Made Almost A Million Naira As Dollar Continues To Rise Against Naira. by warrenweste(m): 5:08pm On Feb 19, 2016
smileyhmm nice
Re: How I Made Almost A Million Naira As Dollar Continues To Rise Against Naira. by remson200(m): 6:59pm On Feb 19, 2016
How did u do it? Pls give me details. Thx
Re: How I Made Almost A Million Naira As Dollar Continues To Rise Against Naira. by ihesiuloa(m): 1:54pm On Feb 21, 2016
remson200:
How did u do it? Pls give me details. Thx

all I did was to go to mallams that change foreign currencies (black market) any where in naija e.g apapa kingsway, ask for how much they would sell dollars to me, if we both agree with the price then I go ahead and buy it, then I could save it in my domiciliary account or I just keep it somewhere safe until I'm ready to sell and make profit.
Re: How I Made Almost A Million Naira As Dollar Continues To Rise Against Naira. by ihesiuloa(m): 1:58pm On Feb 21, 2016
checkolatunji:
Olatunjiak@gmail.com

Pls how do I buy dollar from Cbn to start mine too?

Thanks

I'm not sure if you can buy dollars directly from CBN but if you have a means of getting dollars as means of payment anywhere or simply go to parallel market (black market) and buy from them.
Re: How I Made Almost A Million Naira As Dollar Continues To Rise Against Naira. by mekaboy(m): 2:02pm On Feb 21, 2016
Your boss na pikin wey no get bank account abi? What if u die(God forbid), how he go get the money back?

This ur story get k-leg

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