Is all right , things fall part . The way naira is been devalued sometimes I pity Venezuela .

while some of us have 90% of our portfolio in digital currency

kenny714433:


Who in his right sense will keep naira except for our old parents and unexposed youth? Instead why not risk it in hodling crypto which might give you 50X of your money in the future or you convert it to USDT and bypass NGN inflation.

Thank God our youth are now becoming wiser. If you plot a graph of USD against NGN, you'll observe that the curve has been positive since 1900s and has never for once moved negative direction or attained stability.

From the curve, we can deduct that in 20yrs 1000 NGN will 1USD.
They won't teach you this in school. You need to study money and manipulate the principles of money to make money.

your signature got me laughing..
.

Nah to shun behavior join

horsepower102:
I opened a tread yesterday advising Igbo people to protect their wealth in dollars because of the falling Naira value in addition to transferring their wealth back to Igboland immediately. A moderator closed it.

Ndiigbo take heed of this advices before you shed tears tomorrow.

I single Igbos out because a lot of them are into business and will be really affected with crashing naira value.

Buy land at home (Alaigbo). Invest at home(Alaigbo). Move your savings to dollars.

Aku ruo uno and Aku ruo Dollars is the new mantra

Will my Igbo brothers hear?

millomaniac:
Before Nko.
Although no Foreign currency can protect wealth but Naira going by the way people running the country are doing it is increasingly losing value daily. Your best store of wealth is in assets. Naira is a liability!!

what are you talking about, if you liquidate ur assets and buy $ and £, you are good to go

Fragility6:
Somebody should please point one sector that works under buhari. Just one o

Lol

Agitations everywhere, it's safe keeping money in foreign currencies just in case Nigeria breaks.

gurunlocker:



If you have 50 million naira in your bank before 2015, it will be worth 22 million naira today.

If you had that amount in bitcoin 2015 it would have been worth over 10 billion naira now

SweetVibe:

your signature got me laughing..
.

I'm just me.

erico2k2:

what are you talking about, if you liquidate ur assets and buy $ and £, you are good to go

Lolz. All fiat go towards zero sooner or later. Go read about money.

Binary options trading is the way forward. Contact me for a deal. U will never regret it.

CocoaOla:
The Devaluation of naira since 1988 have not yield any positive results on Nigeria economy just chasing investors away

Our leaders doesn't think

If save 1million dollars in

So you mean in 10 years time 1,000,000 will be worth $600 or less

malele:



Will my Igbo brothers hear?

The wise ones will listen while the stubborn ones will continue on as if everything is okay. Hopefully the wise ones are in the majority.

Given up on the useless, free-falling garbage called Naira..Now much of my money is safely tucked away in USDT and BUSD.

Fun fact, I kept 3000 naira worth of crypto on block chain in 2019, today that same 3000 naira is worth #36,200. Remember this is something I just did to test block chain app. Now naira was worth around $1- 350 at that time, today naira is around 480

millomaniac:


Lolz. All fiat go towards zero sooner or later. Go read about money.

you have no clue,, when will £ and $ go same value as the naira??

adonainana:


So you mean in 10 years time 1,000,000 will be worth $600 or less

not 10 years time, at this trend it will be few months, cos, as we speak £1 =675 pady rate!

yusufu16:
Learn Online Business. Learn UI/UX Design and Graphic Design. These are some of my earnings in dollars.

can you teach me? If yes, can you help me set everything in motion to start earning after completion of the course?

Thanks

philipobiz:

If you had that amount in bitcoin 2015 it would have been worth over 10 billion naira now

Well, that's the essence of my post.

The naira has no value..End of discussion.

just say buhari has finished this country,........ naira does not have value anymore mtchwww useless thing... 2023 should just come let him move out of that seat jare

Shocking but true

gurunlocker:



If you have 50 million naira in your bank before 2015, it will be worth 22 million naira today.

shiffynaani:
can you teach me? If yes, can you help me set everything in motion to start earning after completion of the course?

Thanks

I dont have time to teach or coach someone. But you can check youtube and google. There are tons of tutorials there. I am a self-taught UI/UX designer and I am enjoying every bit of it.

Fragility6:
Somebody should please point one sector that works under buhari. Just one o

Lemme guess....

None?

Fragility6:

U dey diz country? if u dey u go know na no sector dey work

We are saying the same thing....

NONE!

"Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of Nigeria."

I searched but couldn't locate this research paper that Bloomberg failed to link or reference in the article. Sharp readers, help pls.

https://www.cbn.gov.ng/Documents/PressReleases.asp

https://www.cbn.gov.ng/Documents/monthlyecoreports.asp#_

I found this Reuters report interesting.

Reuters
EXPLAINER-Why Nigeria's central bank won't ease its grip on the naira

Chijioke Ohuocha
March 29, 2021

By Chijioke Ohuocha

ABUJA, March 29 (Reuters) - Nigeria is keeping control of its naira currency despite demands for deeper reforms from the International Monetary Fund and World Bank and complaints from businesses.

The multilateral institutions say a free-floating naira would help the economy withstand future shocks. But Nigerian authorities fear inflation stemming from a sharp devaluation could throw millions into poverty.

Last week, central bank governor Godwin Emefiele denied the country was adopting a new foreign exchange management policy, while vice president Yemi Osinbajo said the government would itself use a more flexible rate.

What is happening to the naira, and why? Here are some key facts about Nigeria's currency and recent monetary policies:

WHAT'S PRESSURING THE NAIRA?

The COVID-19 pandemic and oil price crash hammered Africa's largest economy, 90% of whose foreign exchange earnings come from oil exports, pushing it into its second recession in four years.

It narrowly exited the recession in the fourth quarter, but the drop in oil revenues led to a balance of payments deficit of $14 billion last year and has depleted its foreign reserves.

WHAT'S AT STAKE?

The government of President Muhammadu Buhari, who took office in 2015, has kept the currency artificially high as a matter of national pride.

During the last oil price crash, in 2016, the Nigerian central bank created a system of multiple exchange rates in order to avoid a large official devaluation. These included a market-determined rate for investors and exporters called the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX).

Faced with a 5.6 trillion naira ($15 billion) budget deficit this year, the government is seeking a $1.5 billion loan from the World Bank. But in return, the World Bank wants Nigeria to do more to bring the official exchange rate of 381 naira per dollar and other rates, including NAFEX, into line.

WHAT HAS THE CENTRAL BANK DONE SO FAR?

Nigeria's central bank devalued the naira's official rate twice last year and has weakened the exchange rate for retail users.

The bank has continued to gradually adjust the currency since the devaluations, limiting dollar access for imports and implementing restrictive forex policies to support the naira.

After oil prices crashed in 2014-16, Nigeria raised interest rates to attract investors. But when crude prices plunged last year and foreign money fled, the central bank reduced yields on treasury bills in order to boost naira liquidity.

HOW HAS THE NAIRA POLICY AFFECTED INVESTMENT?

The naira's value and issues with dollar liquidity are major deterrents to business and investment in Nigeria.

Twelve-month non-deliverable forward contracts quote the dollar at 465 naira, which implies the local currency is currently overvalued by around 18%. Patrick Curran, senior economist at emerging markets consultancy Tellimer, said that essentially guarantees a loss on investment when the currency is forced to adjust, unless returns exceed the overvaluation.

Nigeria's debt is among Africa's lowest-yielding, which the government is counting on as it seeks to cover this year's large financing needs via cheap local borrowing.

But historically low yields mean renewed inflows will be deterred even if the currency issues are resolved, said Samir Gadio, head of Africa strategy at Standard Chartered Bank. Foreign investors have dumped local assets because of the low yields.

WHAT NEXT?

The central bank has offered cheap credit to try to boost manufacturing and agriculture in order to cut imports. It has also eased rules on diaspora remittances to increase dollar liquidity, after the naira fell sharply on the black market.

Those measures have not boosted the economy so far, however, and Tellimer's Curran said the central bank has "effectively sacrificed growth at the altar of naira stability".

"This policy has failed to accomplish the stated goal of low and stable inflation, and instead has exacerbated price increases via FX shortages and parallel market depreciation," Curran added.

Without a significant oil price rebound, analysts say the cost of imports and of meeting offshore debt obligations will further deplete Nigeria's dollar reserves.

($1 = 380.70 naira)

(Reporting by Chijioke Ohuocha, graphics by Libby George; Editing by Alexis Akwagyiram, Joe Bavier and Catherine Evans)

https://www.reuters.com/article/us-nigeria-currency/explainer-why-nigerias-central-bank-wont-ease-its-grip-on-the-naira-idUSKBN2BL1MH

DrMeroThaEmperor:


Lemme guess....
None?

U dey diz country? if u dey u go know na no sector dey work

horsepower102:
I opened a tread yesterday advising Igbo people to protect their wealth in dollars because of the falling Naira value in addition to transferring their wealth back to Igboland immediately. A moderator closed it.

Ndiigbo take heed of this advices before you shed tears tomorrow.

I single Igbos out because a lot of them are into business and will be really affected with crashing naira value.

Buy land at home (Alaigbo). Invest at home(Alaigbo). Move your savings to dollars.

Aku ruo uno and Aku ruo Dollars is the new mantra

How can I convert my naira savings to dollars please?

BeerBeerManiple:
It's safer to keep your money in Dollars and from most responses here we can see that

My people just open a Binance account and save your money.

I will give you the link to start trading crypto on Binance:
https://www.binance.cc/en/register?ref=82509331

pls. how do one fund/tranfer money into this binance? thought the fedral govt. has ban the transfer of money into crypto.

BeerBeerManiple:
It's safer to keep your money in Dollars and from most responses here we can see that

My people just open a Binance account and save your money.

I will give you the link to start trading crypto on Binance:
https://www.binance.cc/en/register?ref=82509331

Is this Binance like a crypto currency like bitcoin, dodgecoin...etc?

Lol