afroxyz:

So what does the 'erudite' tomato seller suggest?

Theconglomerate:
Inflation is yet to set in or atleast,not to its optimum degree to this new exchange rate.
Trust me it is still coming.
If I were you,I will use all of that naira liquid in my account to purchase now and fill my warehouse and cut my losses now rather than later cos its gonna get worse.

ojesymsym:
I don't think this guy is health Serve. Health Serve is full of grammar, this one is just forceful in his opinion.

Theconglomerate:
I thought you all were preaching how fixed investments were the best and how nothing better had happened to humanity after it?
There are some flexibilities the real economy will give you that this fixed whatever can't.
Imagine how safe people that hoard commodity will be this period?
If the naira depreciates even further,very very good.
If it doesn't and stay where it was,then it is business as usual.
Even if it appreciates,a person still has close to a month or thereabout to offload stock before cheaper commodity caused by currency appreciation starts flooding the markets.
Imagine how frustrated people having T-bills and all other fixed investments will be now knowing they could have adjusted to the incoming inflation if they had their liquid at their disposal but no,its tied to fixed investments that will liquidate in a years time,after inflation must have hit 300%
Later some self acclaimed economist will come and claim how person A invested in so so so bond and is now rolling in millions and have bought half of banana Island .
I wonder when humans will learn that there aren't shortcuts to riches but with hardworking,proper planning and persistence.

zamirikpo:


Na him ooh, the same mentality, he has now added beef from the way u people chased him away the last time.

Na him, me I sure....

OgogoroFreak:
warehouse is filled already and I still have a container that can't be shipped into the country now due to lockdown. I invested some Naira in bitcoin too and that investment was the best move. If I had known, I would have invested all my naira but that didn't seem like a smart move to me then.

Right now my new decision is never to keep upto even a million in Naira in my bank account. I will always make sure my money stays in dollar.

Theconglomerate:
If naira appreciate nko?
Currency is the worst form of holding value,especially in a country like this that politics is valued way more than economics.
CBN controlled by Godwin Buhari can Bleep up the economy just to buy votes like what happened in 2017
Why do you sound like your goods overseas already bought and paid for but yet to be shipped is a bad thing?cos I see you gain instead rather than lose
As for the bitcoin issue

afroxyz:

So what does the 'erudite' tomato seller suggest?

OgogoroFreak:
Naira appreciate, is that a thing?

If you look back history, Naira always depreciate with time.

rationalmind:


Okay, let me try to break it down a little bit more.

Emma says getting loans for consummables like rent, school fees or to buy cars is a bad idea.

But I think if you can get that loan at a very good rate, it's better to use it for those consumables. That way, you free up funds that you would have otherwise used to buy the consummables. Those funds can then be put to use in something that generates more returns than what is being paid on the loan.

Hope you get?

Theconglomerate:
2017 when CBN started defending the naira by pumping in dollars in the forex market,it bleeped up a lot of speculators na.
From 520 to 360.
Multiply by 160 naira by your total fx and take your eye see losses.
Exporters,speculators and co hear am that season.

OgogoroFreak:
Yes I remember clearly. I was also making cool money while the price was going up and made some loss when it dropped but the loss was insignificant.

One thing I am very sure of right now is that dollar is not going back to ₦360

OgogoroFreak:
warehouse is filled already and I still have a container that can't be shipped into the country now due to lockdown. I invested some Naira in bitcoin too and that investment was the best move. If I had known, I would have invested all my naira but that didn't seem like a smart move to me then.

Right now my new decision is never to keep upto even a million in Naira in my bank account. I will always make sure my money stays in dollar.

Theconglomerate:
The drop happened so fast,how did you hedge against that to the point where the loss was insignificant?
Also you sounded like your goods already destined for here overseas was a bad thing.I'm curious why?
Any ideas?

missjekyll:
We havent got a lot in reserve at the moment to defend with. I think it will be a pretty terrifying free fall. Aboki fx is now a new source of hypertension. I wonder how businesses in Nigeria will import stuff.

I remember the sense of desperation and hopelessness in 2016. I cant believe it's about to happen again.

These are not very good times. I

Pascopele:
The most heart breaking story I heard this week. Someone shared how he bought a house in Lekki for roughly 60M in 2014.

The house is realistically worth maybe 30M naira today.

So he bought it for $390,000 in 2014. And it's worth about $70,000 today.

VALUE INCINERATION.

globalresource:


Be careful. It is a very risky venture. I lost 5m in months and some have good testimony. It is highly volatile. You can participate but don’t use all your fund

OgogoroFreak:
Simple, I imported in very large quantities when dollar first started going up and kept on selling as it keeps going up. I did some shipment in between too but when dollar fell and stabilized, I didn't exactly made a loss I infact got my capital and very little profit that wasn't worth it. That's for the last shipment alone that period.

The goods that haven't shipped the issue is just about space to store them if they arrived without lockdown being lifted.

ojesymsym:
Hmmmm. The reason I have my doubt is that, Health serve was pure thoeritical grammar, this one has some real life practical experience just that his presentation is forceful and confrontational.

pizapato:


He's most likely the one. One thing you should observed about the thread is that the major contributors Ahibo, Emma and others back their points up with real life experiences, which makes their opinions relatable. This is why a lot of people can take them are virtual mentors

The wolf in sheepskin has learnt this and has adapted this strategy with his new moniker. Check carefully and you will see that the pattern of writing of the former and the present moniker aren't so different

OgogoroFreak:
You lost 5m because you were quick to sell. My only fear is if bitcoin stop being in existence just like liberty reserve not the volatility. If I sell my bitcoin today, I would be making some millions already because of exchange rate and the worth of bitcoin also went up from $5000 to $7800. but I will sell when exchange rate stabilizes.

globalresource:


Imagine u bought btc at 16k more than 2 years ago. Don’t invest all. My piece of advise. It could go back even $500

ahiboilandgas:
The ibo man the most successful enterprenural group in africa builts several apartment units for a reason ..that why onitsha is like that ..they later on build a nice retirement duplex.....while other start will duplex ( liability) then hustle had to maintaince ans stay afloat....

Ajet001:
Half way into the book titled "The Millionaire Next Door"and the recent really eye-opening posts on this thread has prompted me to make this post and I do hope it get the much needed engagement.

Wealth Accumulation in Nigeria
In the book, I learnt that the majority of the American Millionaires who were interviewed made their fortune not only by being frugal but also remained frugal after building their NetWorth.
They spend little on consumptions but save and invest a huge percentage of their income.
I can say, they literally save and invest to the point that their NetWorth can last them decades without working.Financial independence

Diyke4rich:
You said it all i made that same mistake building 5bedroom duplex in the village which i have not slept in for one day since 2015 i build the house, everyday of my life i cry and regret millions spend on building the house just because of per pressure.