wonlasewonimi:


True bro.. Still watching tesla. I don't know how that guy got rich. If he wasn't oyinbo, I'd say he is doing yahoo plus.

justwise:


I don't think he cares about his investors, you remember when he talked down on his own share resulting to Tesla share crashing?

He is a billionaire so whatever he says can only make him more money, he will be making money now as the share is going down because a lot more people will rush to buy Tesla, look at the hotlist Tesla is still number one share even as its falling.

EngrSaks:


I personally think Tesla shares are still undervalued...the man elon has ideas and his ideas are money spinners...

justwise:


Yes you can buy now but i rather watch it to see how low it will fall, if you want to build your portfolio then you need to buy and sell else your money will not work for you.

It makes no investment sense to buy a share and watch it grow and refused to sell when the share is going down.

I remember buying a penny share when it was $3 and within a week that share went up to $12, i set an alert on it and the moment it started dropping i sold a number that represents my return then reinvest it in another share. That share hasn't moved much since then.

justwise:


Probably but i think NIO backed by Chinese govt will give him a run for his money with time

Lexusgs430:


1 - Remember CBN limited monthly transactions to $100 (unless that flight ticket is $99.99)
2 - None of the listed driving licences, would accord you cheaper car insurance....... Budget between £1300 - £2500, for your car insurance (depending on postal code & vehicle + vehicle cc)

NB : But get an international DL, which would be tied to your date of entry, stamped on your passport)......... If you are currently insured in Nigeria, get an historical information from your insurance company........

NB : Don't forget, you also need to pay £210.00 for your UK covid21 test, before boarding that flight.........

justwise:


Yes you can buy now but i rather watch it to see how low it will fall, if you want to build your portfolio then you need to buy and sell else your money will not work for you.

It makes no investment sense to buy a share and watch it grow and refused to sell when the share is going down.

I remember buying a penny share when it was $3 and within a week that share went up to $12, i set an alert on it and the moment it started dropping i sold a number that represents my return then reinvest it in another share. That share hasn't moved much since then.

wallg123:
Just seen this on Instagram...Is the federal government trying to trick us or what’s happening here ?
Somebody else should verify. I’ve been on cbn website but can’t find the information

EngrSaks:
.

Vanguard is pretty good with index funds as most of their index will give you a return of at least 7% per annum

tushqueen:



Chaii how much person go come buy the car gangan

EngrSaks:



Yeah he might not be able to compete with the chinese might but he is way above them in ideas...the guy man dey think about use space shuttles to do long distance international flights...na only if the guy die tesla go get issues long term

Estroller:


https://nairametrics.com/2021/03/06/cbn-introduces-naira-4-dollar-scheme-for-diaspora-remittances/

Estroller:


Time in the market > Timing the market

Endlessgrace:


Thank you for the response.

First degree and experience is in public relations. She’s just trying to deviate to a course that is a little related to healthcare without needing to have a healthcare background

Chukwuka16:
A need for cautious divestment from Nigeria – we are just behind Venezuela

Dear diasporeans,

One beautiful aspect of life is foresight, and while history may not always repeat itself, people and events will always do.

I will briefly this early morning set out my thoughts, and while this should never be considered a financial advice, I will admonish that you begin taking stock of how you would want to structure your financial relationship with the country called Nigeria.

It was Robert A Heinlein who famously said that “A generation which ignores history has no past — and no future.”

December last year, the CBN (Central Bank of Nigeria) released a circular banning remittance of forex into the country with Naira as final deposit. This meant that diasporeans who usually utilised the international money transfer organisations (IMTOs) like Worldremit, Western Union, RadiantLife, MoneyFex, Transferwise (or is it wise now) and a host of others could no longer deposit Naira in Nigeria. All deposits were to be in dollars.

While this policy was very controversial considering the twin risks of insecurity and inconvenience it posed, I along with a few other Nigerians were cautiously excited. Our (now in hindsight) premature excitement bordered on the assumption that Naira was going to stabilise since the local economy was to be flooded with dollars.

Considering that the IMTOs were basically determining the exchange rate being used in depositing Naira, adopting dollar remittance was a way to reduce pressure on scare forex in the country and flood the market with dollars thus allowing importers and commercial banks access forex from alternative sources – we were wrong.

As is always the case with Nigeria and its mediocre leadership, ineptitude and poor policy implementation helped to destroy this initiative. First, the inability for CBN to float the Naira meant that bureau de change (BDC) operators continued to be the defacto choice for most people to change this forex. This had untold impact on most Nigerians who found it difficult funding/financing their aged parents or funding their personal Naira accounts or even sending small amounts of remittances back home. There were also reported cases of banks ripping off customers either by converting the dollars to Naira at the CBN’s official rate or charging exorbitant fees which were not supposed to be for end beneficiaries.

Beyond these cases was also the fact that Nigerians already burdened with eking out a living in Nigeria and contending with insecurity, terrorism, hunger and a failing economy now had to make out time to go to banks to collect dollars and start looking for places to convert these dollars to Naira – this was nothing short of stupidity and insensitivity from policy makers.

Considering that government officials in Nigeria are always immune from the happenings on the street, it was not uncommon to see the CBN governor pontificating about his nonsensical ideas at stimulating the economy and arresting the downward trend of the Naira.
While the CBN governor was busy attempting to subject Nigerians to suffering and unimaginable pains, the federal government was busy complementing poor monetary policies from the CBN with fiscal irresponsibility. With falling demand for crude oil and countries world over still in one form of lockdown or the other, Nigeria’s main forex earner was looking hopeless. Considering that government had repeatedly failed to diversify the economy from crude, the government had to adopt perverse deficit financing to meet its obligations. It is now on record that the CBN has printed over 10 Trillion Naira to finance government’s needs. This is not only illegal but also dangerous as this amounts to about $25 billion (representing 70% of our foreign reserve).

As the country grappled with the irresponsibility and ineptitude from both the CBN and the federal government, chaos was breeding all over the country. Fulani herdsmen began a rampage across Nigeria; kidnapping, destroying farmlands, killing innocent citizens and disrupting livelihoods of millions. From Niger state to Katsina to Sokoto to Zamfara to Oyo to Ogun to Edo to Imo to Enugu etc, it was continuous destruction and carnage.

While we argued and glossed over these happenings, they were unknowingly coalescing to form a catalyst of some sorts. Farmers began to abandon their farmlands, ladies who are the majority labour in food processing began to feel unsafe in rural farms and migrate city-wards. With depleting harvest and a growing population to feed, food prices skyrocketed by over 100%. Hunger increased in the land and suffering worsened. The advent of coronavirus only helped consolidate the continued sufferings of Nigerians and further enlarged the poverty band in the country.

Here comes the disruptor.

Earlier in January 2017, the CBN had released a circular warning banks about dealing with cryptocurrencies. Awareness was already building in Nigeria and various crypto platforms were emerging and offering Nigerians the ability to participate in this new invention. As is common in Nigeria, the CBN led by a mediocre and staffed fully with mediocres and nonentities was oblivious of the consolidation of the crypto market in Nigeria and its potential as a possible disruptor to its role.

While the CBN continued to manipulate the currency and frustrate Nigerians from easily accessing forex, young Nigerians (making up 65% of the country’s population) were building capacity in utilising and operationalising cryptocurrencies. Like wildfire, awareness began to increase, and people began to engage in trading. Of course, there were scams not a few but the CBN decided to be busy funding Dangote’s refinery and petrochemical plant and making forex available for their girlfriends and minions to go on pilgrimage to the holy cities.

When forex began crumbling from crude oil, the CBN all of a sudden realised that diasporean remittance was also significant. Considering that the CBN is a useless private entity which adds no value to Nigeria, she turned her attention to overseas remittance and continued in herself induced slumber and wanton spending spree without attempting to facilitate diversification.

As awareness about crypto began increasing in Nigeria, remittance through the CBN from overseas began dropping. Furthermore, BDC’s began seeing a drop in patronage from buyers as peer-to-peer (P2P) trading of fiat and crypto meant that banks, the CBN and BDCs could be avoided in transatlantic transactions. All of a sudden, Ade in Nigeria could link up with Shade in London, get Shade to pay his fees at Imperial College and credit Shade with Naira at an agreed exchange rate. This method faced challenges of fraud and was improved using the escrow-system (Kyshi.co types). On the crypto side, Ladi in Oyo State could load his Binance account with Naira (NGN), buy USDT, convert it to GBP and deposit in his UK bank account. In all of these transactions, Naira moved within Nigeria while forex moved within its local environment.

Besides Binance, other platforms sprang up offering Nigerians the opportunity to bypass the CBN and BDC in sourcing for forex to meet their various needs. At a time, NGN was always among the top 3 traded currencies on Binance. Hundreds of millions of dollars in transactions were being conducted weekly in Nigeria without CBN or BDC. Young Nigerians began investing in crypto, currency trading and online brokerage. Banks, the CBN and BDC became useless and handicapped.

Rather than adopt a proactive way of understanding how she could benefit from this innovation, the CBN thinking we were still in 1984 (apologies to George Orwell) brought a blanket ban on the crypto market in Nigeria in February 2021. Instructing commercial banks to close the accounts of crypto platforms and traders in Nigeria, the CBN was once again attempting to stop a burst dam with sandbags – she got drowned.

The ongoing consolidation of the crypto market in Nigeria was already established most especially with P2P, and while it was no longer possible to load my Naira directly into my Binance account, I could get around it by using Binance and others as an escrow. This technique meant that CBN’s policy was not only irrelevant but also desperate.

Here comes the shocker

You can thus imagine my shock and amazement when I stumbled across a circular from the CBN yesterday (March 6, 2021) offering Nigerians abroad 5 Naira for every dollar remitted back home. The CBN as the lender of last resort is now desperately attempting to clutch at forex at any cost – even hyperinflation. The CBN has now stooped so low that she is running promo with Naira – buy 1 to get 5 free!

Ladies and gentlemen, this here is all the reason you need to know that Nigeria is heading fast for Venezuela. All the signs are visible.

My takeout

Considering this latest gambit from the CBN, I now admonish every Nigerian abroad to take note daily of the following important stats:

1. Keep your eye on Nigeria’s foreign reserve. The day it drops below $30 billion, liquidate at least 50% of your income generating assets in Nigeria and convert to $. There is no doubt that Naira will continue its slide and to prevent losses, be prepared to act fast.

2. Invest only what you are willing to lose in Nigeria. As things stand now, the economy isn’t fragile – its broken and only a major reset can get things back again. Nigeria unfortunately needs to collapse to rebuild itself, she is rotten in and out.

3. Watch out for loan repayment defaults, appeal for loan repayment extension or refusal of major funders (IMF, China, WB etc.) to give Nigeria more loans. Do not be deceived by the antelope called finance minister talking about debt to GDP ratio. Fam, the moment you read that Nigeria is asking for extension on any loan repayment or that Nigeria is unable to secure more loans easily, please start liquidating important assets to $.

4. Keep an eye on news relating to concessions of national assets. When you start reading that private individuals like you and I can now start developing federal roads, then you know that your investments in Nigeria aren’t safe anymore.

5. Keep an eye on foreign policies especially towards Nigeria. Understand how the geopolitics within the Africa region is playing at and observe how Nigeria’s sovereignty and lead continues to get undermined. When you see an increase in tempo towards a reorganisation of the balance of power within the region, please be rest assured that Venezuela is just metres away.

I haven’t lost hope in Nigeria, I am just being woke. It is better to be safe than sorry and with these few words of mine, I hope I have been able to provide you with sufficient information to further support your decision-making process with regards to divesting from Nigeria.

Chukwuka16:
A need for cautious divestment from Nigeria – we are just behind Venezuela

Dear diasporeans,

One beautiful aspect of life is foresight, and while history may not always repeat itself, people and events will always do.

I will briefly this early morning set out my thoughts, and while this should never be considered a financial advice, I will admonish that you begin taking stock of how you would want to structure your financial relationship with the country called Nigeria.

It was Robert A Heinlein who famously said that “A generation which ignores history has no past — and no future.”

December last year, the CBN (Central Bank of Nigeria) released a circular banning remittance of forex into the country with Naira as final deposit. This meant that diasporeans who usually utilised the international money transfer organisations (IMTOs) like Worldremit, Western Union, RadiantLife, MoneyFex, Transferwise (or is it wise now) and a host of others could no longer deposit Naira in Nigeria. All deposits were to be in dollars.

While this policy was very controversial considering the twin risks of insecurity and inconvenience it posed, I along with a few other Nigerians were cautiously excited. Our (now in hindsight) premature excitement bordered on the assumption that Naira was going to stabilise since the local economy was to be flooded with dollars.

Considering that the IMTOs were basically determining the exchange rate being used in depositing Naira, adopting dollar remittance was a way to reduce pressure on scare forex in the country and flood the market with dollars thus allowing importers and commercial banks access forex from alternative sources – we were wrong.

As is always the case with Nigeria and its mediocre leadership, ineptitude and poor policy implementation helped to destroy this initiative. First, the inability for CBN to float the Naira meant that bureau de change (BDC) operators continued to be the defacto choice for most people to change this forex. This had untold impact on most Nigerians who found it difficult funding/financing their aged parents or funding their personal Naira accounts or even sending small amounts of remittances back home. There were also reported cases of banks ripping off customers either by converting the dollars to Naira at the CBN’s official rate or charging exorbitant fees which were not supposed to be for end beneficiaries.

Beyond these cases was also the fact that Nigerians already burdened with eking out a living in Nigeria and contending with insecurity, terrorism, hunger and a failing economy now had to make out time to go to banks to collect dollars and start looking for places to convert these dollars to Naira – this was nothing short of stupidity and insensitivity from policy makers.

Considering that government officials in Nigeria are always immune from the happenings on the street, it was not uncommon to see the CBN governor pontificating about his nonsensical ideas at stimulating the economy and arresting the downward trend of the Naira.
While the CBN governor was busy attempting to subject Nigerians to suffering and unimaginable pains, the federal government was busy complementing poor monetary policies from the CBN with fiscal irresponsibility. With falling demand for crude oil and countries world over still in one form of lockdown or the other, Nigeria’s main forex earner was looking hopeless. Considering that government had repeatedly failed to diversify the economy from crude, the government had to adopt perverse deficit financing to meet its obligations. It is now on record that the CBN has printed over 10 Trillion Naira to finance government’s needs. This is not only illegal but also dangerous as this amounts to about $25 billion (representing 70% of our foreign reserve).

As the country grappled with the irresponsibility and ineptitude from both the CBN and the federal government, chaos was breeding all over the country. Fulani herdsmen began a rampage across Nigeria; kidnapping, destroying farmlands, killing innocent citizens and disrupting livelihoods of millions. From Niger state to Katsina to Sokoto to Zamfara to Oyo to Ogun to Edo to Imo to Enugu etc, it was continuous destruction and carnage.

While we argued and glossed over these happenings, they were unknowingly coalescing to form a catalyst of some sorts. Farmers began to abandon their farmlands, ladies who are the majority labour in food processing began to feel unsafe in rural farms and migrate city-wards. With depleting harvest and a growing population to feed, food prices skyrocketed by over 100%. Hunger increased in the land and suffering worsened. The advent of coronavirus only helped consolidate the continued sufferings of Nigerians and further enlarged the poverty band in the country.

Here comes the disruptor.

Earlier in January 2017, the CBN had released a circular warning banks about dealing with cryptocurrencies. Awareness was already building in Nigeria and various crypto platforms were emerging and offering Nigerians the ability to participate in this new invention. As is common in Nigeria, the CBN led by a mediocre and staffed fully with mediocres and nonentities was oblivious of the consolidation of the crypto market in Nigeria and its potential as a possible disruptor to its role.

While the CBN continued to manipulate the currency and frustrate Nigerians from easily accessing forex, young Nigerians (making up 65% of the country’s population) were building capacity in utilising and operationalising cryptocurrencies. Like wildfire, awareness began to increase, and people began to engage in trading. Of course, there were scams not a few but the CBN decided to be busy funding Dangote’s refinery and petrochemical plant and making forex available for their girlfriends and minions to go on pilgrimage to the holy cities.

When forex began crumbling from crude oil, the CBN all of a sudden realised that diasporean remittance was also significant. Considering that the CBN is a useless private entity which adds no value to Nigeria, she turned her attention to overseas remittance and continued in herself induced slumber and wanton spending spree without attempting to facilitate diversification.

As awareness about crypto began increasing in Nigeria, remittance through the CBN from overseas began dropping. Furthermore, BDC’s began seeing a drop in patronage from buyers as peer-to-peer (P2P) trading of fiat and crypto meant that banks, the CBN and BDCs could be avoided in transatlantic transactions. All of a sudden, Ade in Nigeria could link up with Shade in London, get Shade to pay his fees at Imperial College and credit Shade with Naira at an agreed exchange rate. This method faced challenges of fraud and was improved using the escrow-system (Kyshi.co types). On the crypto side, Ladi in Oyo State could load his Binance account with Naira (NGN), buy USDT, convert it to GBP and deposit in his UK bank account. In all of these transactions, Naira moved within Nigeria while forex moved within its local environment.

Besides Binance, other platforms sprang up offering Nigerians the opportunity to bypass the CBN and BDC in sourcing for forex to meet their various needs. At a time, NGN was always among the top 3 traded currencies on Binance. Hundreds of millions of dollars in transactions were being conducted weekly in Nigeria without CBN or BDC. Young Nigerians began investing in crypto, currency trading and online brokerage. Banks, the CBN and BDC became useless and handicapped.

Rather than adopt a proactive way of understanding how she could benefit from this innovation, the CBN thinking we were still in 1984 (apologies to George Orwell) brought a blanket ban on the crypto market in Nigeria in February 2021. Instructing commercial banks to close the accounts of crypto platforms and traders in Nigeria, the CBN was once again attempting to stop a burst dam with sandbags – she got drowned.

The ongoing consolidation of the crypto market in Nigeria was already established most especially with P2P, and while it was no longer possible to load my Naira directly into my Binance account, I could get around it by using Binance and others as an escrow. This technique meant that CBN’s policy was not only irrelevant but also desperate.

Here comes the shocker

You can thus imagine my shock and amazement when I stumbled across a circular from the CBN yesterday (March 6, 2021) offering Nigerians abroad 5 Naira for every dollar remitted back home. The CBN as the lender of last resort is now desperately attempting to clutch at forex at any cost – even hyperinflation. The CBN has now stooped so low that she is running promo with Naira – buy 1 to get 5 free!

Ladies and gentlemen, this here is all the reason you need to know that Nigeria is heading fast for Venezuela. All the signs are visible.

My takeout

Considering this latest gambit from the CBN, I now admonish every Nigerian abroad to take note daily of the following important stats:

1. Keep your eye on Nigeria’s foreign reserve. The day it drops below $30 billion, liquidate at least 50% of your income generating assets in Nigeria and convert to $. There is no doubt that Naira will continue its slide and to prevent losses, be prepared to act fast.

2. Invest only what you are willing to lose in Nigeria. As things stand now, the economy isn’t fragile – its broken and only a major reset can get things back again. Nigeria unfortunately needs to collapse to rebuild itself, she is rotten in and out.

3. Watch out for loan repayment defaults, appeal for loan repayment extension or refusal of major funders (IMF, China, WB etc.) to give Nigeria more loans. Do not be deceived by the antelope called finance minister talking about debt to GDP ratio. Fam, the moment you read that Nigeria is asking for extension on any loan repayment or that Nigeria is unable to secure more loans easily, please start liquidating important assets to $.

4. Keep an eye on news relating to concessions of national assets. When you start reading that private individuals like you and I can now start developing federal roads, then you know that your investments in Nigeria aren’t safe anymore.

5. Keep an eye on foreign policies especially towards Nigeria. Understand how the geopolitics within the Africa region is playing at and observe how Nigeria’s sovereignty and lead continues to get undermined. When you see an increase in tempo towards a reorganisation of the balance of power within the region, please be rest assured that Venezuela is just metres away.

I haven’t lost hope in Nigeria, I am just being woke. It is better to be safe than sorry and with these few words of mine, I hope I have been able to provide you with sufficient information to further support your decision-making process with regards to divesting from Nigeria.

Lexusgs430:
Chukwuka16 - It gives me great honour to say..... I told you so......

But you seemed to think it was a good idea, at the time....

Remember I clearly stated this fact, that CBN wanted to use abroadians, as a vehicle to shore up their dwindling dollar reserves... It was obvious, this policy was deemed to fail.....

Remember I jokingly also said, the exchange rate would hit N700 - £1..... We are now at N675 - £1..... Soon and very soon N1000 - £1, would beckon upon us....

Show me how many countries in the world have two forex rates, running side-by-side........

The biggest problem wey Nigeria get, nah lack of KPI and punitive measures for failures...... Until that time wey people go fit resign for failures...... NO HOPE.....

This CBN gomina is bereft of ideas and needs to go...... He served under GEJ and Bubu, still no progress.......

wallg123:


I wonder if na economist dey run our economy for Nigeria or na gamblers dey run am

Chukwuka16:
A need for cautious divestment from Nigeria – we are just behind Venezuela

Dear diasporeans,

One beautiful aspect of life is foresight, and while history may not always repeat itself, people and events will always do.

I will briefly this early morning set out my thoughts, and while this should never be considered a financial advice, I will admonish that you begin taking stock of how you would want to structure your financial relationship with the country called Nigeria.

It was Robert A Heinlein who famously said that “A generation which ignores history has no past — and no future.”

December last year, the CBN (Central Bank of Nigeria) released a circular banning remittance of forex into the country with Naira as final deposit. This meant that diasporeans who usually utilised the international money transfer organisations (IMTOs) like Worldremit, Western Union, RadiantLife, MoneyFex, Transferwise (or is it wise now) and a host of others could no longer deposit Naira in Nigeria. All deposits were to be in dollars.

While this policy was very controversial considering the twin risks of insecurity and inconvenience it posed, I along with a few other Nigerians were cautiously excited. Our (now in hindsight) premature excitement bordered on the assumption that Naira was going to stabilise since the local economy was to be flooded with dollars.

Considering that the IMTOs were basically determining the exchange rate being used in depositing Naira, adopting dollar remittance was a way to reduce pressure on scare forex in the country and flood the market with dollars thus allowing importers and commercial banks access forex from alternative sources – we were wrong.

As is always the case with Nigeria and its mediocre leadership, ineptitude and poor policy implementation helped to destroy this initiative. First, the inability for CBN to float the Naira meant that bureau de change (BDC) operators continued to be the defacto choice for most people to change this forex. This had untold impact on most Nigerians who found it difficult funding/financing their aged parents or funding their personal Naira accounts or even sending small amounts of remittances back home. There were also reported cases of banks ripping off customers either by converting the dollars to Naira at the CBN’s official rate or charging exorbitant fees which were not supposed to be for end beneficiaries.

Beyond these cases was also the fact that Nigerians already burdened with eking out a living in Nigeria and contending with insecurity, terrorism, hunger and a failing economy now had to make out time to go to banks to collect dollars and start looking for places to convert these dollars to Naira – this was nothing short of stupidity and insensitivity from policy makers.

Considering that government officials in Nigeria are always immune from the happenings on the street, it was not uncommon to see the CBN governor pontificating about his nonsensical ideas at stimulating the economy and arresting the downward trend of the Naira.
While the CBN governor was busy attempting to subject Nigerians to suffering and unimaginable pains, the federal government was busy complementing poor monetary policies from the CBN with fiscal irresponsibility. With falling demand for crude oil and countries world over still in one form of lockdown or the other, Nigeria’s main forex earner was looking hopeless. Considering that government had repeatedly failed to diversify the economy from crude, the government had to adopt perverse deficit financing to meet its obligations. It is now on record that the CBN has printed over 10 Trillion Naira to finance government’s needs. This is not only illegal but also dangerous as this amounts to about $25 billion (representing 70% of our foreign reserve).

As the country grappled with the irresponsibility and ineptitude from both the CBN and the federal government, chaos was breeding all over the country. Fulani herdsmen began a rampage across Nigeria; kidnapping, destroying farmlands, killing innocent citizens and disrupting livelihoods of millions. From Niger state to Katsina to Sokoto to Zamfara to Oyo to Ogun to Edo to Imo to Enugu etc, it was continuous destruction and carnage.

While we argued and glossed over these happenings, they were unknowingly coalescing to form a catalyst of some sorts. Farmers began to abandon their farmlands, ladies who are the majority labour in food processing began to feel unsafe in rural farms and migrate city-wards. With depleting harvest and a growing population to feed, food prices skyrocketed by over 100%. Hunger increased in the land and suffering worsened. The advent of coronavirus only helped consolidate the continued sufferings of Nigerians and further enlarged the poverty band in the country.

Here comes the disruptor.

Earlier in January 2017, the CBN had released a circular warning banks about dealing with cryptocurrencies. Awareness was already building in Nigeria and various crypto platforms were emerging and offering Nigerians the ability to participate in this new invention. As is common in Nigeria, the CBN led by a mediocre and staffed fully with mediocres and nonentities was oblivious of the consolidation of the crypto market in Nigeria and its potential as a possible disruptor to its role.

While the CBN continued to manipulate the currency and frustrate Nigerians from easily accessing forex, young Nigerians (making up 65% of the country’s population) were building capacity in utilising and operationalising cryptocurrencies. Like wildfire, awareness began to increase, and people began to engage in trading. Of course, there were scams not a few but the CBN decided to be busy funding Dangote’s refinery and petrochemical plant and making forex available for their girlfriends and minions to go on pilgrimage to the holy cities.

When forex began crumbling from crude oil, the CBN all of a sudden realised that diasporean remittance was also significant. Considering that the CBN is a useless private entity which adds no value to Nigeria, she turned her attention to overseas remittance and continued in herself induced slumber and wanton spending spree without attempting to facilitate diversification.

As awareness about crypto began increasing in Nigeria, remittance through the CBN from overseas began dropping. Furthermore, BDC’s began seeing a drop in patronage from buyers as peer-to-peer (P2P) trading of fiat and crypto meant that banks, the CBN and BDCs could be avoided in transatlantic transactions. All of a sudden, Ade in Nigeria could link up with Shade in London, get Shade to pay his fees at Imperial College and credit Shade with Naira at an agreed exchange rate. This method faced challenges of fraud and was improved using the escrow-system (Kyshi.co types). On the crypto side, Ladi in Oyo State could load his Binance account with Naira (NGN), buy USDT, convert it to GBP and deposit in his UK bank account. In all of these transactions, Naira moved within Nigeria while forex moved within its local environment.

Besides Binance, other platforms sprang up offering Nigerians the opportunity to bypass the CBN and BDC in sourcing for forex to meet their various needs. At a time, NGN was always among the top 3 traded currencies on Binance. Hundreds of millions of dollars in transactions were being conducted weekly in Nigeria without CBN or BDC. Young Nigerians began investing in crypto, currency trading and online brokerage. Banks, the CBN and BDC became useless and handicapped.

Rather than adopt a proactive way of understanding how she could benefit from this innovation, the CBN thinking we were still in 1984 (apologies to George Orwell) brought a blanket ban on the crypto market in Nigeria in February 2021. Instructing commercial banks to close the accounts of crypto platforms and traders in Nigeria, the CBN was once again attempting to stop a burst dam with sandbags – she got drowned.

The ongoing consolidation of the crypto market in Nigeria was already established most especially with P2P, and while it was no longer possible to load my Naira directly into my Binance account, I could get around it by using Binance and others as an escrow. This technique meant that CBN’s policy was not only irrelevant but also desperate.

Here comes the shocker

You can thus imagine my shock and amazement when I stumbled across a circular from the CBN yesterday (March 6, 2021) offering Nigerians abroad 5 Naira for every dollar remitted back home. The CBN as the lender of last resort is now desperately attempting to clutch at forex at any cost – even hyperinflation. The CBN has now stooped so low that she is running promo with Naira – buy 1 to get 5 free!

Ladies and gentlemen, this here is all the reason you need to know that Nigeria is heading fast for Venezuela. All the signs are visible.

My takeout

Considering this latest gambit from the CBN, I now admonish every Nigerian abroad to take note daily of the following important stats:

1. Keep your eye on Nigeria’s foreign reserve. The day it drops below $30 billion, liquidate at least 50% of your income generating assets in Nigeria and convert to $. There is no doubt that Naira will continue its slide and to prevent losses, be prepared to act fast.

2. Invest only what you are willing to lose in Nigeria. As things stand now, the economy isn’t fragile – its broken and only a major reset can get things back again. Nigeria unfortunately needs to collapse to rebuild itself, she is rotten in and out.

3. Watch out for loan repayment defaults, appeal for loan repayment extension or refusal of major funders (IMF, China, WB etc.) to give Nigeria more loans. Do not be deceived by the antelope called finance minister talking about debt to GDP ratio. Fam, the moment you read that Nigeria is asking for extension on any loan repayment or that Nigeria is unable to secure more loans easily, please start liquidating important assets to $.

4. Keep an eye on news relating to concessions of national assets. When you start reading that private individuals like you and I can now start developing federal roads, then you know that your investments in Nigeria aren’t safe anymore.

5. Keep an eye on foreign policies especially towards Nigeria. Understand how the geopolitics within the Africa region is playing at and observe how Nigeria’s sovereignty and lead continues to get undermined. When you see an increase in tempo towards a reorganisation of the balance of power within the region, please be rest assured that Venezuela is just metres away.

I haven’t lost hope in Nigeria, I am just being woke. It is better to be safe than sorry and with these few words of mine, I hope I have been able to provide you with sufficient information to further support your decision-making process with regards to divesting from Nigeria.

Chukwuka16:
[b]

I haven’t lost hope in Nigeria, I am just being woke. It is better to be safe than sorry and with these few words of mine, I hope I have been able to provide you with sufficient information to further support your decision-making process with regards to divesting from Nigeria.

Mimzyy:
Good morning. Has anyone got Naira in exchange for pounds please?

justwise:
@Chukwuka16

..u too read book, na e be your prob.

Lexusgs430:



See me on the WA side.....