NL1960:


Why can't Euro counter this US dollar hostage?. US prints dollars anyhow and expect the world to be chasing what they print locally in the name of exchange rate.

You want euro to counter the dollar, please how will this benefit Nigeria?

ahiboilandgas:
we might not go the Lebanon way cos we eat a lot of local food infact Nigerians can do without foreign food items ..we can live on yams ,patatos,beans,cow meats ,beef local chieckens ,palm oil locally made....

You forgot to mention palmwine and ogogoro.

NL1960:


Why can't Euro counter this US dollar hostage?. US prints dollars anyhow and expect the world to be chasing what they print locally in the name of exchange rate.

Serious one man, Every one is at a disadvantage
Fiat currency na scam last last..

You want to finish Europe be that. The Iran issue where US pulled out from the agreement and the Huawei where UK was practically forced to stop using Huawei product has made me realize that US as a country is too powerful to face headlong. Not just military might, just simple policies here and there and then you discover you are not so independent afterall.

NL1960:


Why can't Euro counter this US dollar hostage?. US prints dollars anyhow and expect the world to be chasing what they print locally in the name of exchange rate.

Nigsrdumb:


You want euro to counter the dollar, please how will this benefit Nigeria?

Where do we import from?. I want to import from China, i will do Naira to Euro to Yen instead of Naira to USD to Yen. I should only bother myself with USD if iam importing from US.

ojesymsym:
You want to finish Europe be that. The Iran issue where US pulled out from the agreement and the Huawei where UK was practically forced to stop using Huawei product has made me realize that the country is too powerful to face headlong. Not just military might, just simple policies here and there and then you discover you are not so independent afterall.

Americans are descended from Europeans, the fiat system is rigged to favour them as well.

Their currencies track each other all the way to Scandinavian countries, with little variations here and there.

China is the only country to counter this system in a way that it benefits other countries.

NL1960:


Where do we import from?. I want to import from China, i will do Naira to Euro to Yen instead of Naira to USD to Yen. I should only bother myself with USD if iam importing from US.

But EUR tracks the dollar, nothing changes.

Won't it be better to order from China directly?

Sholapey:
*Money Mistake 1*
Never borrow money that accrues interest to start a business . That is to say, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest.

*Money Mistake 2*
Never spend money you haven't received. Don't even promise someone money based on a promise you have from someone else. If someone tells you: "Ezra, come to my office tomorrow at 9am and pick #30K"don't go out to buy items on credit based on this promise, with the hope that you will pay off your creditor when the promised money comes; it may not come as promised and this will leave you in problems with your creditors.

*Money Mistakes 3*
If you want to save, whenever you receive money, don’t start spending hoping that you’ll save what remains. Normally what remains is zero because as long as money to spend is available, the numerous things you can spend it on are also available. And things to spend on even incite their 'relatives' so that you spend even more than you had planned. When money to spend is not available, we naturally find a way of doing without it. That's why I've learnt to save with an INVESTMENT CLUB. Once I send money there I assume I no longer have it. Before you spend any money, put your savings aside then spend what is left after saving.

*Money Mistake 4*
When you get an opportunity to meet a very wealthy person, never ask for money. Ask for ideas on how to make money. They may even choose to give you money on their own after seeing that your ideas are great, but let getting money from them never be your objective.

*Money Mistake 5*
Keeping your seed instead of planting it. Many people stop at saving. It's very, very difficult to save and have all you need to maintain your lifestyle especially after retirement. When you save, your savings are seed; plant it. When you just keep the seed (saving money) some seeds begin to die (eaten by inflation and the like). That's why I recommend that you read about the different types of investment vehicles you can use to grow your savings. I am not necessarily talking about putting the money in a business, because you can easily lose money in business. I am talking about putting it in an investment.

*Money Mistake 6*
Never lend someone money you are not willing to lose. By the time you lend someone money, be contented in your heart that should the person fail to pay, you will not die. You should not even lose that person's friendship if they fail to repay the money you lent them. If you feel the person might fail to pay you and this will not affect your relationship with them, then lend them money. If their failure to pay would make you hate this person’s entire clan, please advise the person to go to the bank.

*Money Mistake 7*
Never append your signature to guarantee someone on a financial matter if you are not willing or able to pay the money on their behalf. Do I have to explain that one? No, it's self explanatory.

*Money Mistake 8*
Avoid keeping money you don't intend to use in the short-term within easy reach. For instance, don’t walk with #100K in your pocket when all you plan to do in a day costs #20K. Like I mentioned in Money Mistake 3, there are always expenses available to gobble any money that is within reach, so if you don't want to lose it, put it away in a safe place.

*Money Mistake 9*
Avoid keeping money in inappropriate places e.g. in socks, under the pillow, in a pit, in the sitting room, in the bra, in a travel bag that you will place somewhere in a bus ... impulse buying is a devil that will keep you busy!

*Money Mistake 10*
Spending money on an item that you can do without (at least for the time being). These days when I pick money from my pocket or wallet, before paying for something I ask myself: What would happen if I didn’t buy this? If I find I can live with the consequences of not having that thing, I smile and walk away.

*Money Mistake 11*
Paying an amount for something that's not the minimum you can get that same value for. In other words, if you usually visit the Supermarket and you pay #5K for a shoe or any commodity that you can get at #3K at Your local market, that's a money mistake except for those who have achieved financial freedom.

*Money Mistake 12:*
Consistently spending all you earn or more than you earn. It's like having a drum where you have an inlet that's smaller than the outlet. It will never get full. And should the inlet ever reduce significantly the drum will run dry. If you do it the other way round and the inlet is bigger, it will get full and even overflow. Hence, we have to always ensure we are widening the inlet while narrowing the outlet – all the time. Your side hustle comes in handy!

*Money Mistake 13:*
Thinking about short-term only and forgetting about long-term or thinking about the long-term and forgetting about the short-term. For instance, Lydia was told that there's money in land. She saved money over a long period of time and bought 30 acres of land. Now she has the land but she is always broke. She is always complaining. She's disgruntled and she doesn't seem to see herself earning from the land in the near future. Now, let's ask ourselves: Having 30 acres of land and no money to feed your family or take a child to hospital, is that wealth or poverty? I think Lydia only looked at long-term needs and forgot that she has short-term needs that require money. What of those who find they are one paycheck away from salary? Are they thinking about the long-term needs?

Let’s take stock of our finances. How many mistakes are you guilty of? Do you now feel Better reequipped to do better with these tips? Good luck, savers! Share this knowledge with your friends because it will not benefit you if you are selfish with it.

God bless you as you work on your financial prudence and objectivity.

.-Spend Wisely
God be with you.

What a nice post!
Pls what book was this culled/learnt from?

Nigsrdumb:


But EUR tracks the dollar, nothing changes.

Won't it be better to order from China directly?

You need FX from CBN through your bank to convert your Naira to and CBN keeps our foreign reserve only in USD.

ahiboilandgas:
look closely Nigeria state is currently exhibiting all the signs ,from corruption,to Inflation,to unstable currency to dollaraizarition to electricty shortages

Hmm!

NL1960:


You need FX from CBN through your bank to convert your Naira to and CBN keeps our foreign reserve only in USD.

Ok understood

It will be counterproductive for EU to directly confront dollar's hegemony, because both EU and US have lots of treaties that binds them more than any other country or continent on earth. But EU is secretly hoping and praying that China pulls the last straw that will finally break the camel's back, China is also hoping and praying for Trump to win next election, Trump's foreign policies makes it easier for dollar to be replaced with something else that will fairly favour every country on earth.

NL1960:


You forgot to mention palmwine and ogogoro.

You be Scholar

ositadima1:


If every employee in ur office leaves their job(stay at home) cos of nonpayment of salaries I bet you that management will quickly rectify the problem.

It is the only way we protects our selves, acting together for the common good, all this individual complaints is getting boring. That is why we are been taking for a ride by d few.

I still wouldn't advise this to anyone with a family to support. if unions have pay protection,do it. If not,stay put.

OgogoroFreak:
You be Scholar

No o. As he forget to mention our brands, that na why i dey remind am.

No currency will overtake the Dollar so long as they hold the largest gold reserves.

You have the gold, you control the world's currency.

Hi All, trust you're doing well?

Please @ahiboilandgas, emmanuelewumi and other elder's...

I have tution fee deposit of over 20k to pay in Aud and I have from now till at most early November to make that payment.

I have been observing the USD and it doesn't want to drop, I actually had a conversation with my bank manager and he is telling me the dollar is in upward progression and its not dropping soon.

Please do you advise I pay the fee asap or I buy dollars and keep or i still wait hoping that dollar will fall a little.

Nigeria issues make my head ache, i am fed up.

Dollars is 473 the last time I checked.

So many anomaly happening out there, I pray the earth get healed soon!!

Ikjosh04:
Hi All, trust you're doing well?

Please @ahiboilandgas, emmanuelewumi and other elder's...

I have tution fee deposit of over 20k to pay in Aud and I have from now till at most early November to make that payment.

I have been observing the USD and it doesn't want to drop, I actually had a conversation with my bank manager and he is telling me the dollar is in upward progression and its not dropping soon.

Please do you advise I pay the fee asap or I buy dollars and keep or i still wait hoping that dollar will fall a little.

Nigeria issues make my head ache, i am fed up.

Dollars is 473 the last time I checked.

So many anomaly happening out there, I pray the earth get healed soon!!

475 now.

Ikjosh04:
Hi All, trust you're doing well?

Please @ahiboilandgas, emmanuelewumi and other elder's...

I have tution fee deposit of over 20k to pay in Aud and I have from now till at most early November to make that payment.

I have been observing the USD and it doesn't want to drop, I actually had a conversation with my bank manager and he is telling me the dollar is in upward progression and its not dropping soon.

Please do you advise I pay the fee asap or I buy dollars and keep or i still wait hoping that dollar will fall a little.

Nigeria issues make my head ache, i am fed up.

Dollars is 473 the last time I checked.

So many anomaly happening out there, I pray the earth get healed soon!!

what happens to form A to pay tution fees at cbn rates .....

ahiboilandgas:
what happens to form A to pay tution fees at cbn rates .....

Hmmmmm, the manager didn't bring this up in our conversation.

I just read about the form A, so I get the privilege to get cbn rate (386) anytime I'm ready to make the fee payment?

Ikjosh04:


Hmmmmm, the manager didn't bring this up in our conversation.

I just read about the form A, so I get the privilege to get cbn rate (386) anytime I'm ready to make the fee payment?

Yes, you can get forex to pay at an official CBN rate.
The bank will not pay the money into your account - they will wire the payment to your school directly.
You will not necessarily get 386 or whatever the official rate is; various banks have differing rates, but these will be in the region of 400 naira to the US dollar.

You're forgetting the United States still has the most gold at hand. Much more than the next 3 countries combined which are all European countries.

The Central Bank of Nigeria on Saturday officially changed the exchange rate of the naira to the dollar from N361 to N379 on its website.

The apex bank had earlier expressed its decision to unify the exchange rates in the country as forex scarcity persisted.

It was however yet to announce if this would be the official unified exchange rate.

Meanwhile, the naira exchanged for N473 at the parallel market on Friday.

CBN to unify exchange rates, pegs naira at 379/$
Published August 10, 2020
The Central Bank of Nigeria on Saturday officially changed the exchange rate of the naira to the dollar from N 361 to N 379 on its website .
The apex bank had earlier expressed its decision to unify the exchange rates in the country as forex scarcity persisted .
It was however yet to announce if this would be the official unified exchange rate .
Meanwhile , the naira exchanged for N 473 at the parallel market on Friday .
Experts have continued to clamour for a single exchange rate in the country .
The President , Association of Bureaux De Change Operators of Nigeria , Alhaji Aminu Gwadabe , had said , “ It will ease regulatory supervision , ensure transparency and effective price discoveries , and deepen market perfections. ”
The Senior Partner , Regulatory and Technology , Stransact Partners , Eben Joels , said the gap between the various exchange rates operating in Nigeria created arbitrage opportunities for highly connected individuals .
Culled from the Punch

"unnecessary foreign education in countries as par with Nigeria"?

Tell me which university has the Supercomputing processing capability to test a Closed loop algorithm for 11 floating points?
Over there Many universities have their own Supercomputing labs in their IT ,Electronics and Control Departments. Not to mention their national Tech grid connected to UGC National that connects all universities processing power and deliver at one terminal.

Read below if you are still not understating my point.
https://analyticsindiamag.com/8-supercomputers-used-by-indian-educational-institutes-for-their-research/#:~:text=Virgo

https://www.cdac.in/index.aspx?id=pk_itn_spot847#:~:text=The%20Center%20for%20Development%20of%20Advanced%20Computing%20has%20just%20announced

https://analyticsindiamag.com/8-supercomputers-used-by-indian-educational-institutes-for-their-research/#:~:text=Virgo

https://www.allindiaengineer.com/bennett-university-a-became-indias-first-private-institute-to-get-a-a-i-supercomputer/

https://indianexpress.com/article/technology/tech-news-technology/india-building-20000-strong-network-to-take-on-challenges-of-mighty-supercomputers-5474660/#:~:text=Next
So spending on Education is perfectly valid thing if we want to progress in this continent.

ahiboilandgas:
For the Nigeria state (may be some readers in govt are here)...the foreign exchange demand of the economy should be look into critically .....un important items must not be funded ....item like hajj operations, tourism travels , unnecessary foreign education in countries as par with Nigeria (sudan ,eypty,togo India etc)...Then local food production should be encourage....unessary food chain like kfc, shoprites ,etc should not be encourage (we can do all that )

rationalhuman:
"unnecessary foreign education in countries as par with Nigeria"?

Tell me which university has the Supercomputing processing capability to test a Closed loop algorithm for 11 floating points?
Over there Many universities have their own Supercomputing labs in their IT ,Electronics and Control Departments. Not to mention their national Tech grid connected to UGC National that connects all universities processing power and deliver at one terminal.

Read below if you are still not understating my point.
https://analyticsindiamag.com/8-supercomputers-used-by-indian-educational-institutes-for-their-research/#:~:text=Virgo

https://www.cdac.in/index.aspx?id=pk_itn_spot847#:~:text=The%20Center%20for%20Development%20of%20Advanced%20Computing%20has%20just%20announced

https://analyticsindiamag.com/8-supercomputers-used-by-indian-educational-institutes-for-their-research/#:~:text=Virgo

https://www.allindiaengineer.com/bennett-university-a-became-indias-first-private-institute-to-get-a-a-i-supercomputer/

https://indianexpress.com/article/technology/tech-news-technology/india-building-20000-strong-network-to-take-on-challenges-of-mighty-supercomputers-5474660/#:~:text=Next
So spending on Education is perfectly valid thing if we want to progress in this continent.

even Indians are going to the uk and us to school so why would a Nigeria go to india? We should aim for the top Indians form bulk of the foreign students in Germany,canada ,Austrilia,uk ,us ,irealnd ...so Nigerians should aim for the top ....

rationalhuman:
"unnecessary foreign education in countries as par with Nigeria"?

Tell me which university has the Supercomputing processing capability to test a Closed loop algorithm for 11 floating points?
Over there Many universities have their own Supercomputing labs in their IT ,Electronics and Control Departments. Not to mention their national Tech grid connected to UGC National that connects all universities processing power and deliver at one terminal.

Read below if you are still not understating my point.
https://analyticsindiamag.com/8-supercomputers-used-by-indian-educational-institutes-for-their-research/#:~:text=Virgo

https://www.cdac.in/index.aspx?id=pk_itn_spot847#:~:text=The%20Center%20for%20Development%20of%20Advanced%20Computing%20has%20just%20announced

https://analyticsindiamag.com/8-supercomputers-used-by-indian-educational-institutes-for-their-research/#:~:text=Virgo

https://www.allindiaengineer.com/bennett-university-a-became-indias-first-private-institute-to-get-a-a-i-supercomputer/

https://indianexpress.com/article/technology/tech-news-technology/india-building-20000-strong-network-to-take-on-challenges-of-mighty-supercomputers-5474660/#:~:text=Next
So spending on Education is perfectly valid thing if we want to progress in this continent.

am an investor so the only word i know is return on investment......several boys in my area travel to india to study they are all back applying for Npowers ,govt jobs ,some selling phones .....while their counterpart that went to canada and America are all working in their fields of study and getting research grants to futher into phds .......so Nigeria state should aim for Nations with good r.o.i

Please is it possible for those fund manager like Stanbic ibtc asset management,fnbquest Asst Managament,Investment-one and their like to vanish with investors fund or should the SEC just merge them similar like what happened to skye Bank

Make use of form A, go to your bank and make enquires on how to go about it.

Ikjosh04:
Hi All, trust you're doing well?

Please @ahiboilandgas, emmanuelewumi and other elder's...

I have tution fee deposit of over 20k to pay in Aud and I have from now till at most early November to make that payment.

I have been observing the USD and it doesn't want to drop, I actually had a conversation with my bank manager and he is telling me the dollar is in upward progression and its not dropping soon.

Please do you advise I pay the fee asap or I buy dollars and keep or i still wait hoping that dollar will fall a little.

Nigeria issues make my head ache, i am fed up.

Dollars is 473 the last time I checked.

So many anomaly happening out there, I pray the earth get healed soon!!

juniorrate:
Please is it possible for those fund manager like Stanbic ibtc asset management,fnbquest Asst Managament,Investment-one and their like to vanish with investors fund or should the SEC just merge them similar like what happened to skye Bank

Hahaha... In this world nothing is impossible.. However, the situation you painted above is very unlikely to happen.

Why? It is very unlikely because fund management is regulated and also structured in a way that the money is not just kept in one hand. There are custodians which in most cases are a separate body entrusted with that.

As explained on Wikipedia;

Custodian is a specialized financial institution responsible for safeguarding a firm's or individual's financial assets and is not engaged in "traditional" commercial or consumer/retail banking such as mortgage or personal lending, branch banking, personal accounts, Automated Teller Machines (ATMs) and so forth. The role of a custodian in such a case would be to:

-Hold in safekeeping assets/securities such as stocks, bonds, commodities such as precious metals and currency (cash), domestic and foreign

-Arrange settlement of any purchases and sales and deliveries in/out of such securities and currency

-Collect information on and income from such assets (dividends in the case of stocks/equities and coupons (interest payments) in the case of bonds) and administer related tax withholding documents and foreign tax reclamation

-Administer voluntary and involuntary corporate actions on securities held such as stock dividends, stock splits, business combinations (mergers), tender offers, bond calls, etc.

-Provide information on the securities and their issuers such as annual general meetings and related proxies

- Maintain currency/cash bank accounts, effect deposits and withdrawals and manage other cash transactions perform foreign exchange transactions

- Often perform additional services for particular clients such as mutual funds; examples include fund accounting, administration, legal, compliance and tax support services

juniorrate:
Please is it possible for those fund manager like Stanbic ibtc asset management,fnbquest Asst Managament,Investment-one and their like to vanish with investors fund or should the SEC just merge them similar like what happened to skye Bank

Why should SEC merge them when they meet the requirement for their operation?
While I understand your fears but be rest assured fund managers don't go down with your funds if at all they go down. In fund management there are other parties involved that helps with the check and balances.
The trustees, custodian, nominees, Registrar and the almighty SEC. Your fund will always in most cases gets a new fund manager if the current one goes down or something went wrong. It's like stockbroking firm and your stocks. Your stocks don't go down with the stockbroking firm. You can always get another firm. Remember your money is not actually kept with the managers as in deposited (they are not MDB) rather it's invested in the underlying assets. Imagine your fund in Tbills or FGN Bonds nothing happens to them.
A recent example is the union trustees mixed fund though the former managers didn't go down but a new manager has taken over the management and all investors fund intact.

Ok, thank you!

Experience4u:
Make use of form A, go to your bank and make enquires on how to go about it.

Cyberknight:


Yes, you can get forex to pay at an official CBN rate.
The bank will not pay the money into your account - they will wire the payment to your school directly.
You will not necessarily get 386 or whatever the official rate is; various banks have differing rates, but these will be in the region of 400 naira to the US dollar.

Experience4u:
Make use of form A, go to your bank and make enquires on how to go about it.