Disclaimer; Please don't try this at home.

An investor once told me, Buhari government's incompetence is the best thing that has happened to him and he told me why;
In 2015, Buhari won the election and the investor smelt blood, he knew there was lot of money to be made.
He started watching the naira slide after Buhari introduced foreign currency controls which means different companies or individuals got Forex at different exchange rate.
Around early 2016, he made his move. He approached some Nigerian banks to borrow the equivalent of 1 million Dollar loan in naira. Exchange rate as at April/May 2016 was 199 Naira to $1, so He borrowed about 200 million naira at an interest rate of 7% with no penalty for early repayment.
He converted the 200 million naira loan to Dollar and banked it with another bank.
He spent the rest of his time on other venture and by December 2016, a dollar was worth 313 naira. He decided it was time to cash out. He approached the bank that held his fund and withdrew his one million dollar in hard currency and converted the money back to naira.
When he cashed out, he had 313 million naira. He paid back his 200 million naira loan with interest of 7 million making a total repayment of
207 million and pocketed the remaining 106 million
He could have stayed for long but he cashed out early because the interest rate was too high at 7%.

Now Emefiele the CBN governor is about to leave, he is smelling more blood and it ready to bet against the naira once more. He tells me, his model tells him the naira will hit 600 naira to a dollar by christmas 2019. ''Time will tell'' I told him to which he replied with an Igbo proverb ''when the bird starts flying without perching, the hunter start shooting without aiming''

..

front page material

Make sense cos for sure exchange rate not likely to go down

Lol even the title funny mtcheew upcoming blogger

the dollar will reach #1000 naira before Christmas. we all know.

Cork and BulL story.

As at 2016 the exchange rate was N315/$ on the parallel market and no Nigerian bank will give u Dollars at CBN rate without Form A.

Even BTA & PTA were not allowed in 2016

Secondly no Nigerian Bank will give u a loan @ 7% not even personal loan.

The person who told u this story knew u were u unintelligent and ill-exposed

radadada:
Disclaimer; Please don't try this at home.

An investor once told me, Buhari government's incompetence is the best thing that has happened to him and he told me why;
In 2015, Buhari won the election and the investor smelt blood, he knew there was lot of money to be made.
He started watching the naira slide after Buhari introduced foreign currency controls which means different companies or individuals got Forex at different exchange rate.
Around early 2016, he made his move. He approached some Nigerian banks to borrow the equivalent of 1 million Dollar loan in naira. Exchange rate as at April/May 2016 was 199 Naira to $1, so He borrowed about 200 million naira at an interest rate of 7% with no penalty for early repayment.
He converted the 200 million naira loan to Dollar and banked it with another bank.
He spent the rest of his time on other venture and by December 2016, a dollar was worth 313 naira. He decided it was time to cash out. He approached the bank that held his fund and withdrew his one million dollar in hard currency and converted the money back to naira.
When he cashed out, he had 313 million naira. He paid back his 200 million naira loan with interest of 7 million making a total repayment of
207 million and pocketed the remaining 106 million
He could have stayed for long but he cashed out early because the interest rate was too high at 7%.

Now Emefiele the CBN governor is about to leave, he is smelling more blood and it ready to bet against the naira once more. He tells me, his model tells him the naira will hit 600 naira to a dollar by christmas 2019. ''Time will tell'' I told him to which he replied with an Igbo proverb ''when the bird starts flying without perching, the hunter start shooting without aiming''

hardywaltz:
Cork and BulL story.

As at 2016 the exchange rate was N315/$ on the parallel market and no Nigerian bank will give u Dollars at CBN rate without Form A.

Even BTA & PTA were not allowed in 2016

Secondly no Nigerian Bank will give u a loan @ 7% not even personal loan.

The person who told u this story knew u were u unintelligent and ill-exposed

Thank you for that.
Add that 7% of 200m is 14m. People telling tales by moonlight

Connoisseur:


Thank you for that.
Add that 7% of 200m is 14m. People telling tales by moonlight

These are the type of people that will call Buhari illiterate.

hardywaltz:

These are the type of people that will call Buhari illiterate.

The truth is investors really made moves on the naira in the period mentioned. This contributed in major ways to the depreciation of the naira but the op got in over his/her head.

PS: Buhari is not enlightened though and has no business managing our economy.

hardywaltz:
Cork and BulL story.

As at 2016 the exchange rate was N315/$ on the parallel market and no Nigerian bank will give u Dollars at CBN rate without Form A.

Even BTA & PTA were not allowed in 2016

Secondly no Nigerian Bank will give u a loan @ 7% not even personal loan.

The person who told u this story knew u were u unintelligent and ill-exposed

Beyond the questionable writing why must the writer include the Igbo Proverb?