barrydiv7:
pls what rate did u get in February then?

ahiboilandgas:
Nigeria is also on the same part with Lebanon..with huge foreign loans to be paid back from dollars earning so where wilm the dollars for import of medicine and machinery come from ... ( def from our 20 billion dollars dorm holdings )....they can convert all the dorm holding by fait.... ( worst case ) or limit your access to your money ...this what is happing in Lebanon

Grupo:


Ha. Nawao. And I just sent a few dollars to my dorm account this morning.

Where's now the safest place for someone to keep their money?

naijaoyibo:
It's best to just buy a safe and hold cash.

naijaoyibo:
It's best to just buy a safe and hold cash.

Jarus:

naijaoyibo:
It's best to just buy a safe and hold cash.

Grupo:


Ha. Nawao. And I just sent a few dollars to my dorm account this morning.

Where's now the safest place for someone to keep their money?

TotoNaRubber:
The reason why buying dollar at this time is a rip off


The current buy rate for dollar stands at N460/$ while the buy rate for euro is N450/€ (This is economically impossible, euro is stronger than dollar anywhere in the world and has always been, and will always be EXCEPT in the manipulated Nigerian black market), looking at Aboki even though dollar seems to sell at N460 even though with some contacts you can buy dollar at N400/$ but it will not be in your best interest due to ;
1. You may be scammed (you lose all or part of the money).
2. Buying now only enriches the black market hoarder's pockets, take for instance your Naira is already devalued, you use the same devalued Naira to buy dollar at high rate to put the dollar under your pillow while waiting for a huge rise so you can sell and make profit, while you are waiting the CBN starts intervention and rate stabilises at N430/$, you make losses under selling your overpriced dollar, you make loss in unearned interest on your initial Naira for the period the dollar was under your pillow.

Even though dollar is rising uncontrollably it will be at your own loss to buy now, grow your Naira, worse case, use the Naira and buy a domestic property and mitigate your loses.

olujaidi:


How did you determine the relative strength of the Euro? What objective criteria did you use?

emmanuelewumi:


Correct

Easier for a frugal top corporate executive who earns N24 million and above to save 50% of his income, than for a civil servant who earns N3 million to save 50% of his income

kristien4:
People earn 24million naira per month as salary in Nigeria??

kristien4:
People earn 24million naira per month as salary in Nigeria??

naijaoyibo:
Note. You can liquidate your T-bills before maturity. You will only be paid interest accrued to the date of liquidation.
I invested in T-bills August last year at 12.3%. Date of maturity was meant to be 3rd quarter of this year. Immediately I got intel about the devaluation from 360 to 380 back in March, I immediately liquidated, managed to get 6% interest in total and still converted my money to USD at 360 before the devaluation came into effect.

ahiboilandgas:
Worst scenerio, u convert your naira to dollars and keep where ...dorm account...it still in the banking system the banks can deflaut and only give u naira equivalent at 380....or limit your withdrawals to 100 dollars per days ....if u keep inside your house risk of arm robber...lebanon central bank has used up 100 bn dollars of people saving in dorm accounts ....so u only have it as electronic balances but not physical...Lcb is now te ll people if u want your cash u must accept the labanese pounds

ojesymsym:
This your statement about electronic money and limiting withdrawal from domiciliary account is one of my fears about having money saved there.

ahiboilandgas:
Watch bbc news and see Lebanon...currently u can withdraw from your dorm accounts (suspended) the banks have used all the saving in dorm accounts to buy dollars bond issued by the govt ....now the govt doest have dollars to pay back ( cos they dont print dollars) so if u need u money (dollars) u have to collect the labanese pounds which is devalued by 60 percent...now with a huge dispoary community ...no body want to wire money into Lebanon....Nigeria is currently having same symptoms...unless crude oil goes back to 70 dollars

buJu234:


I dont believe this scenario can work in Nigeria worst will b $$$ withdraw restrictions..

buJu234:


I dont believe this scenario can work in Nigeria worst will b $$$ withdraw restrictions..

buJu234:


I dont believe this scenario can work in Nigeria worst will b $$$ withdraw restrictions..

XiaoLi:
Hi guys, does anyone here have idea about catfish farming in a large scale in Nigeria and how lucrative it is, your advise/ideas is much appreciated.

buJu234:


I dont believe this scenario can work in Nigeria worst will b $$$ withdraw restrictions..

emmanuelewumi:


Are you trying to do this as a hobby or business

XiaoLi:
As a business

ahiboilandgas:
http://thenewsnigeria.com.ng/2016/03/shocking-20-billion-idle-in-banks-as-govt-begs-for-5b-external-loan/

emmanuelewumi:



Try and learn the business, there are lots of tricks in Agribusiness.

When you are starting, please start small, learn and grow.

naijaoyibo:
CBN just made the following announcement:


In view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria, the Central Bank of Nigeria (CBN) has resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay schools fees and SMEs wishing to make essential imports needed to revamp economic activities across the country. In particular, the CBN is resuming the provision of over US$100 million per week for both categories.

https://www.proshareng.com/news/Forex/CBN-Resumes-Dollar-Sales-For-SMEs,-School-Fees/50743

Olaide1295:

I listened to GTB earnings call days ago, they have $1.3Billion in dollars(not customer deposits). They are also hedging against devaluation.