MRDEE01:
Same as saving money.
Save in dollars

i have lost almost 500k because of some Euros i converted to naira in Zenith bank fixed deposit.

U no well

sonnie10:
I concur 100%. In 2011 I sold my unregistered 2001 xterra for #1.4M . It was bought for $3000 , shipped for $1200 and cleared #400k and then lend someone the whole money. Total was about $6000.
Till now the person stil believes he is owing me #1.4M because that is what he keeps saying each time I ask.
But to be fair, the person had agreed to drop drop his land document whic is at lekki but I said , don’t worry what are brothers for?

Wait
I don’t understand you
The person still dey own you the car or the money?
$6K? That’s more than 2M Naira now

Giving the current state of our economy, this is a wise decision.
Someone here on nairaland ( I’m not going to shame the business man today) is owing me 500k from a business transaction of 2 yrs ago.

Each time we speak, he tells me he knows he still owing me 500k. - this kind of thing should be tagged a criminal act.

I learned my lesson never to run any capital intensive business transactions with him any more.

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

Here a trick you can do a lot of private international hedge fund managers do it

Borrow money from a Nigerian bank , purchase foreign bonds or securities with it . 10 months after like you said use the dividen to pay off the interests on the naira loan and sell off the securities back to pay off the original loan capital

You will be left with a massive difference that’s your profit


Go to your bank and repeat step 1-3

From 2010, when I received my salary of about 100k, I would buy 100usd which was roughly 15k then, did that monthly for years and I can’t tell you how helpful it proved to be.

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?

And you think if dollar falls your naira will rise? You should know that the dollar in it's falling state worth more than naira

Some of my clients pay me in dollars and I am so grateful. Na save I dey safe the Dollars so that by next year eeh go double without me doing anything

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

My brother bank no lost anything, you’re getting your calculations wrong.

Shalom

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

What of dollar go down to #1.50 ? or do you think dollar will get to #1000+ ?

There is a difference between repaying in value and repaying in similar amount.

USD is not your currency though.

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

Short indeed, them no collect interest and other hidden charges from you? You can't outsmart banks

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

You seem not to be following the recent car pricing development in the country. At the moment the price of a used car bought in 2018 car used car is "wayyyyyy" more expensive to buy now. Go do your research. In fact you can sell your used car for what you bought in 2018 the same price now

MRDEE01:
Same as saving money.
Save in dollars



Hello nairalanders.
I am an experienced bolt driver based in abuja.

I am looking for a partner who can provide me a car to drive on Bolt platform,either on weekly remittance or hire purchase basis.

Thank you.

Saving in dollars won't help if prices of things keep increasing everyday.

MRDEE01:
Same as saving money.
Save in dollars



Hello nairalanders.
I am an experienced bolt driver based in abuja.

I am looking for a partner who can provide me a car to drive on Bolt platform,either on weekly remittance or hire purchase basis.

Thank you.

If you are given this opportunity you will still abuse it.

During inflation, the creditor is the one losing not the debtor.

That one fit happen for paper work no be reality for bubu

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

I show them shege... Borrowed from them and delete all my contacts

You're a Mumu Man

Is the dollar our indigenous currency for transactions? Unless signed by the government on debt issues, who in their right mind would sign up for this under a dwindling fx crisis. You people and funny thoughts

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

Not when naira is always depreciating.

sonnie10:
I concur 100%. In 2011 I sold my unregistered 2001 xterra for #1.4M . It was bought for $3000 , shipped for $1200 and cleared #400k and then lend someone the whole money. Total was about $6000.
Till now the person stil believes he is owing me #1.4M because that is what he keeps saying each time I ask.
But to be fair, the person had agreed to drop drop his land document whic is at lekki but I said , don’t worry what are brothers for?

Owing you since 2011?
Like for real...ha

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

Foolish post. You sold a car of 3 5 million for over 3 years...lol. You should have sold in 10 years na.

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

Finance 101. This is called the time value of money.

The primary reason lenders charge interest is to cover for inflation before adding their profits.

MRDEE01:
Same as saving money.
Save in dollars



Hello nairalanders.
I am an experienced bolt driver based in abuja.

I am looking for a partner who can provide me a car to drive on Bolt platform,either on weekly remittance or hire purchase basis.

Thank you.

Same as after you contribute to destroy the naira dont comeback to blame government

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

Funny enough it seems not to apply in Nigeria.

The popular 20 year old used car is now more expensive than it was.

It's terrible.

helinues:
And what if Dollar rate fall like paw paw?

..

For that to happen, Nigeria must be doing something big to increase export earning and of course, infrastructure must be great.
All these things no be magic. It takes time and effort to achieve

Bro your statement is out of context and a tantamount to libel suit against you as number one enemy of this country.

How could you suggest this against your country legal tender? So you want Nigeria with their economy woes to enter monetary servitude with foreign currency because you sold one machine 2.5 and it 5.8 bah?

Not only Yeye Bello or Buhari are dangerous to Nigeria dignity and survival but you I say here with no apology.

What a statement!!!

Hmmmm

almsofgold:
sense wee not kee you.

Mechanic

Car salesman

Rewire

Welder

Panel beater

Ac technician

Tv repairer

Phone repairer

Father

Husband

Economist ..........you can add yours

Gazzuzz , The man with many powers

Salud.

Real Estate Tycoon.

Good Guy.

If that's the case, then you have to give me raw dollar if you are to do that.

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

dollar or naira. stop lending ppl money.

They don't pay back 99.9999999 percent of the time