₦airaland Forum

Emeskhalifa:
THE CURRENCY SITUATION: A MUST READ

1). So many Nigerians have stacked Naira notes in their closets and are cut up with this policy of the CBN. There is a rush by ignorant Nigerians to convert their Naira to Dollars. Naira is at all time low against dollar and it's going to go even lower. For example a man converts #10m to 12,500 USD at the current exchange rate. It's easier to keep it with himself than to deposit in a Domiciliary account with a DMB because of the stringent policies around FX cash deposits. He hopes that by December when the new Nigeria is floated, he'd have his FX converted back to Naira from the Aboki guys he bought his USD from.

2)The Aboki man who sold FX to his customers at exorbitant rate excitedly goes to the DMB to deposit the millions of Naira he got the the FX swap he did. He knows he is getting richer in geometric proportion by this new policy by the CBN. He awaits the printing of the new Naira notes so as to reconvert the Naira he has in his account today USD and continue making more money.

3). All customers who deposited their Naira notes, those depositing and those who would be depositing are eagerly waiting for December 15. The DMBs are also waiting for the said date. Meanwhile there is a cashless policy waiting to hit all Nigerians by January 2023. On December 15th, customers would rush to the DMBs for new notes so as to withdraw as much as they can before January when the cashless policy would be effected 100%. The DMBS would rush to the central bank branches to withdraw new notes. The branches would go to the H/O for new notes. H/O would release just a little to branches based on cash management policies. CBN Branches would release in trinkets to DMB branches and tell them to go manage their customers. DMBs would revert back to their customers based on the low available new cash notes. There would be slight panicking as customers who deposited old naira notes cannot retrieve same notes from the DMBs anymore because of unavailability. Remember, digital money and paper money is still money and so customers would be advised to use electronic channels to make payments.

4) The Aboki guy who kept millions of Naira is also a victim of the shortage of new notes and so he cannot buy back FX from his customers who were hoping to return the ones the got earlier ones the new notes are in place. Aboki begins to panick as well. Those who have FX and need naira notes begin to sell their FX to people who have naira whether old or new just to cash in before January. In doing so, USD begins to crash as rapidly as it rose. Much of the FX becomes deposited in DMBs as carrying the raw cash isn't useful anymore. The CBN is happy because there is more FX in the banking system to give for Forms A, M and Q. Naira begins to gain rapidly against the dollar.

5). In January, cashless policy takes effect. So even if the CBN makes available more new notes to DMBs, customers cannot withdraw above the stipulated across-the-counter limit to avoid heavy charges. Customers are forced to use electronic payments, FX policy and transfer and withdrawal is so stiff that swapping FX and Naira is no more a gain. USD parallel and black market prices crash all the way down to CBN rate. Inflation based on importation of goods and services is checked as Naira becomes strong against dollar. People who have physical dollars would lose. There would be limited access to naira notes as electronic transfers become prevalent. Enaira purchases also become more as Nigerians look for most seamless methods to do payments. By June, whoever takes over power would have a soft landing as this policy by the CBN has controlled a whole lot of inflation, corruption and economic degradation.

6). If you have Naira notes stashed with you, return them back to the bank through your account. Don't try to play smart trying to beat the system, you may become the architect of your own loss. Your 12,500 USD may fall from #10,000,000 to #5,000,000 in June, 2023. Meanwhile if you put same #10,000,000 in Treasury Bills at the current 14.5%, you should be gaining about #725,000 at the same period.

Let's try and look at the bright side of things, Nigeria shall be great by God's grace.

The aboki man can still buy USD through transfer naw. I think that will even be more easier since the aboki man have the naira in his bank account. I'm a freelanceer and I sell USD most of the time and I never collect physical naira, I always receive transfer.

Wetin black man no go hear. Upon the suffer wey we suffer for this world, they say we no go still enter heaven, chai

Yahoo ni babalawo

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Zowee10:
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SoNature:
I repatriated my Payoneer funds through my First Bank savings account.

This is the first time I have tried this though.

Much as it took two weeks to reflect, I finally got the credit alert. Yes, I am elated!

Basically, the exchange rate is $1=#360, and First Bank didn't charge ONE NAIRA.

I know some of you already know this, but I felt like sharing this information here because I am happy and many others may never know this was possible.

Payoneer charged me $15 for the transfer though.

So, exchangers and ATM withdrawals are not really necessary if you are moving huge funds

that's long oo. Mine normally reflect within 24 hours @359 on Gt bank.

Please is it possible to transfer money directly from payoneer to a naira account? I have added my naira account to payoneer but I don't know if it is possible to withdraw to it.

I was told that each wrong attempt will attract -1 mark. That is, if a person attempt all the questions and 30 out of the 60 were wrong, he/she will get 0 at the end. That's the reason why the questions were so cheap. Thank God I knew this before the test.

Patosky4U:
I don't think they want to use this CBT result for the selection because if it is the type of question I got that everyone answer then almost every body will pass 50/60 too cheap oooo so am suspecting some thing fishy

BlacSmit:
I hate when people feel they know something when they know nothing.

He should use this same theory to explain why China isn't poor,,,

Corruption is the Major reason Nigerians are poor.

China is rich because their economy depends on human resources. Nigeria on the other hand a country of 200 million people depends on about 2 million barrels of oil output per day from Niger Delta half of what Qatar a country with a population of 2.5 million people produce.

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Clone2020:
Make una bear with me o. Once phone turns back on, I go reply WhatsApp. Last week's shipment is now in Lagos. I will send password soon, please if you have any balance come and pay.

Bro pls check your WhatsApp message

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Ammc just helped me with my first fiverr withdrawal. He explained everything to me In detail don't even know that a trustworthy person like him still exist in Nigeria. I strongly recommend him to anyone who need an exchanger, hope he maintains his high standards.

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Dharniel:
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yabdulrazak15@gmail.com

yabdulrazak15@gmail.com
Thanks

Unique Reference Number: N-Tax-2017-00000956329-47

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