₦airaland Forum

The country called Nigeria is a comedy anytime. How can CBN wake up and do this?

https://www.nairaland.com/6400654/cbn-shuts-down-cryptocurrency-exchange

But then what do you expect from a country ruled by animals?

Young Nigerians for once have utilised crypto to empower themselves and finance initiatives like Endsars amongst others with minimal contact with the existing financial system and the leaders are feeling threatened? Is it a crime for young people to have money?

Does the govt understand what it means to have NGN on Binance and even have them currently organising training for Nigerians and other Africans? Even the US is adopting USDC to catch up with Iran and CBN is thinking like herders?

Make I go find food chop jare.

Aphrodite007:
I second you, however why people are upset/worried is because
(1) he asked for sensitive ID
(2) he is a student and people were worried.
(3) he flared up. It was unnecessary.

People transfer money

Yep, the response made the difference. He must have learnt something and hopefully will react better next time. It's all learning and adjustments and more learning.

Indeed, people and companies still transfer money!

RalphJean:
A company which can demand for my photo ID. BRP. Passport. Personal Identification documents etc... yet you will not advise an employee (or owner) of that company to come clean?

Bros Chukwuka, the second part of your post makes some sense. The first part? Nahhhhh

No he didn't request for BRP na. He actually requested for an ID showing name for consistency purposes. irrespective though 'any' ID would do if all details excepting name is blanked. Thats just for normal AML/KYC. If CBN's policy wasn't in play he could have made available the company's name here (I'm guessing).

I know business registered with the FCA still involved in GBP/Naira transactions but I can't put them up on this platform or even tell people about them because it's obvious that they were set up for 'other' purposes.

It's not like he has a 'consulting' firm and is putting up his dets for job requests. His feesback as alluded to by a poster may have pissed off people - Learning curves.

RalphJean:
Tobi:
Do you really think I would be so wise enough to send my docs to an email address that was open yesterday?
You have full KYC procedures?
What’s the name of your company please?
Let me use my remaining data MB to run a check on Companies House.

I wouldn't advise him telling you the name of his company on a public forum. CBN has banned Naira remittance and what stops me from doing one single transaction with him and getting his Naira remittance account and reporting same to CBN to flag that BVN? Even Transferwise got banned for late compliance!

______________________________________________
@Tobexin I also think coming here on this platform to advertise your trade isn't ideal (it's not primarily a business driven forum with business minded people so abundance of caution is the default response and besides, your business is in the 'grey' area). If simple currency 'barter' like is done here, then no qualms (you may want to consider having multiple bank accounts). While I appreciate your business ideals on KYC/AML, unfortunately, you need to be registered with the iCO as an organisation to process peoples records (exemptions apply). Now you can't register with the iCO as you can't legally be a director under new Tier-4 policy. If you work for an 'establishment' then you need to be certain of the ffg:
- How are clients/ monies received – personal or business account?
- Is my organisation registered with the iCO?
- Is your business registered with the FCA (not authorised assuming turnover monthly is </= €2 million)?
- Do I work 20 hours max each week (reflected on your payslip)?

My definition of an establishment is a registered entity on companies house (with 66110 or 66190 as one of its objects).

Lastly, with regards to rate, c'mon 638! That's not fair na. As at yesterday, bulk sellers were asking for 652! Even with that, arbitrage will still give you 5-6 Naira differential. You want to chop a whopping 19-25 Naira per £. Guy, fear God o.
__________________________________________________________________

I have a problem with our people – Nigerians, we talk too much and think we know anything – WE KNOW NOTHING. You begin to realise how USELESS we are to the world when you consider that it is GAVI that is organising freebies for us in terms of vaccines etc. You begin to see how USELESS we are to the world when governors – leaders of territories can gather themselves and travel abroad to go and beg Bill Gates (a private citizen of another country) for aid. Lord, you begin to see how USELESS we are when it takes UK overseas Aid (FCDO) and USAID to roll out development projects across the country. We are very USELSSS people to humanity. The only thing we keep contributing are gigantic worship centres and stupidity.

There is a reason why foreigners think we are stupid, we act presumptuously and are very opinionated and that is always our undoing.

Whether you know someone who took out a BBL or some other govt largesse flying everywhere, what you know is nothing compared to the £billions lost through Furlough, government contracts, Eat Out to Help Out and of course the cheap loans (BBLS, CBILS, CLBILS).

Look at these characters calling out a govt official in Nigeria on something that doesn’t concern her. Look at them calling out the tax collector over issues that do not concern them. The evidence out there shows that more organised units especially from within the UK and Eastern Europe have led the trail. We do not top the charts even in cybercrime and online fraud, yet we are the most notorious. Huspuppi and co are just jokers in the game compared to low key masters who will never be known! Why can’t we shut up? How many whites have you seen calling out other whites on these issues (we briefly had the issue of increase in luxury cars and then everything went silent)? You are even telling the tax collector that you can identify a fraudulent person – what if it’s decided that no fraud was involved, and the fellow decides to sue for defamation or wrongful accusations?

Let’s be calming down and minding our own business – we would live longer. A loan only becomes an issue when repayments begin and there is ongoing support for business directors for wrongful trading and loan repayment. What’s painful is that many of these folks have never run a company and do not even know what it entails. Let the govt decide what will be. I get the feeling that there is more behind the facade for this online display of immaturity.

I’m not supporting fraud but advocating we mind our own business. Information/knowledge demands responsibility.

icon8:
These are words on marble, and I’ve got nothing but respect for you.
With cautious optimism, having a solid plan, and of course God’s favour, I believe most will make a success of the opportunity. Nigeria is already hard for the common man, I trust they will survive here, if they keep their eyes on the ball.
Thanks for sharing. Cheers

Ah, baba, mo wa ni very humble.

Indeed, we can only hope and be optimistic that we continue to make great choices whenever opportunities should arise.

Enjoy the day!

icon8:
Listen, I’m not of the opinion that Brexit is a bed of roses. Neither have I attempted to paint it as such. I’ve only sought to highlight a few points I consider are its pros, from a non-EU immigrant point of view.
If it makes any difference, the post I quoted arrogantly declared “there are no advantages whatsoever”. Hence my attempt to repudiate that claim.
Finally, I voted Remain and I still believe that Brexit is a bad idea, but to claim it has no single benefit whatsoever is ridiculous, even if the cons far outweigh the pros.

See, I get you. Weeks ago, I passionately wrote about the need not to discourage young folks back home from exploring or migrating to the UK through the study route – based on the new PSW visa scheme. I still hold this view for young folks but for others, I suggest caution.

However, we have to be objective here. Coming to the UK from next year for older folks needs strategy and tact on their part. You don’t want to get into a system at some certain age and just watch life roll by simply because you feel tied up – we have many immigrants in that trap and it’s only going to get worse. They have become locked-in to the system and have committed themselves to ‘gbese’ like mortgage and car finance that they have now become slaves to employment.

The majority of jobs that will open up will be low-level jobs. Highly specialised and managerial roles will still mostly remain with the whites then Asians (because they own a lot of businesses here in the UK). The majority of non-EU jobs will be middle-class roles. So much work and average remuneration.

I don’t hold fort for EU citizens, but I know that English Language will work against many of them.

Getting a job in the UK from Nigeria won’t be uhuru from next year. You have cost for visa fees and HIS surcharge now becoming too much. How much do you earn yearly that can support you and your family’s visa application fees and IHS for 5 years and then pay for ILR and then pay for passports? Next is living expenses and rent and sundry other charges – all on top of how much?

Spread the news about the PBS and let people know of the opportunities but also let them know that in the long run things may most likely not pan out well. As I write this, I just remember a discussion between me and my friend a year ago. We were returning from work when he jokingly told me that we were only 2 salaries away from being homeless. His argument was that in the event one’s salary was stopped for whatever reason, we could get away with the first month’s rent by arguing for grace/extension but by second month, we were sure going to be ejected. That was a sobering moment for me. Ask yourself truthfully if you can with your monthly expenses running your family comfortably save 6 months of your salary within a year (or 2 at most) as emergency spend in the event of an emergency (considering all the bills and sundry charges)?

icon8:
You just may have inadvertently made a case for a benefit of Brexit for non-EU immigrants. All you mentioned above only lend credence to the thinking that EU citizens will leave the UK for other EU countries (27 of them), when the UK becomes unattractive to them, due to the reasons you stated in your post. They are spoilt with choice (27 other countries, some better than the UK), why would they stay in a country where you’ve boldly claimed EMPLOYEES DON’T MATTER? That was exactly what I alluded to in my earlier posts, and would open doors for other non-EU immigrants (Nigerians inclusive) who wouldn’t mind the ridiculous wages on offer, just to get a foot through the door and work their way up.
For the umpteenth time, I believe Brexit will open doors of opportunities to immigrants from outside the EU. However, the overall health of the UK economy is another matter entirely, and only time would tell if Brexit is a blessing or a curse.

Three years ago, heck, infact early this year, I would have agreed with you that indeed the UK leaving the EU was going to be beneficial to employees and non-EU citizens. Today I know better.

When the UK resided within the EU, they needed to maintain a minimum standard of workers’ right and we had the European Court of Arbitration to arbitrate on issues relating to workers’ rights etc. That was a way through which workers in the UK could leverage equivalence among EU member states as an argument for improved wages. You saw a lot of such comparisons across UBI, wages, hours worked, job precarity etc. EU member states provided a basis for comparison. In fact, BoJo used to compare deaths in the UK with Italy, France and Spain and only stopped when the UK started blazing the trail.

With the introduction of the PBS, what we have is exploitation. We had it prior to Jan 1, 2021, but it’s going to be more pronounced going forward. Economics tells us that when supply exceeds demand, price will fall. That is what is going to happen from Jan 1, 2021. It isn’t just about uniform access but quality of wages.

Getting a job isn’t going to be the crux of the matter but remuneration and job security. There will be a lot of precarious jobs and different kinds of contracts to ensure that employers can extract maximum utility from them. The existing and about to be extinguished system of job recruitment made it a lot easier for job holders here in the UK to move around (despite the travails a Tier 2 visa causes).

You’ve got to look at this holistically to see the overall big picture. This is a return to pure capitalism in its entirety. With the EU, we had a mix of capitalism and socialism. With this, we are back to an economic system that favours only the employers.

Think of how much has been spent by the government and on whom – businesses. What have employees gotten aside furlough (reduced wages in some instances)? Businesses have gotten BBLS, CBILS, CLBILS, Future Funds, Grants, Contracts, etc.

I’m only concerned that years from now, folks don’t look back regretting what they thought was going to be a golden opportunity which only ended up causing them a lifetime of regrets/frustrations.

With regards to the benefits of the UK leaving the EU, there is only one side that matters – the business side. I’m both an employee and a business person and I can say with all confidence that EMPLOYEES DON’T MATTER. Labour unfortunately has never been more readily available and cheaper.

When the UK brought up the new PBS of immigration for immigrants, they introduced 2 new things that should signal to any person what is going to be the norm. First, they removed the resident labour market test (RLMT) and secondly, they reduced the salary threshold (remember this was what sent many immigrants home after 2015 when it was jacked up to 30K and employers couldn’t afford it).

The new PBS system has signified that cheap labour will be the norm from next year. Imagine a PhD holder on £23K on Tier 2 from next year (people go suffer gan). Imagine how businesses will skew job titles just to fit with SoC titles so that they can offer very low and ridiculous salaries. Also remember that talent is now in excess supply and employers with Tier 2/5 sponsor licences can hire anyone from anywhere without justifying WHY.

The UK by design has a unique place in history and has worked hard to establish major institutions that anyone would want to be affiliated with. More so, they colonised a lot of countries and by default will enjoy patronage from them (inferiority complex). Their yearly spending on overseas aid (ODA) of ~£10 billion for 2021 is still a significant war chest.

Unfortunately, the EU cannot experiment with low wages like the UK and that was why state aid was a major divergent point during discussions on the deal. There is fear within the EU that the UK will deploy and indirectly subsidise its businesses to get unfair advantages over their competitors within the EU – think US/Boeing and EU/Airbus wahala.

Unfortunately, employees will suffer more from this deal. The idea of skills (professionalisation) and job security has just been lost. When your lawmakers can freeze pay for public servants and still receive salary increment without shame, you begin to get the picture of how relevant employees are. Remember all the Thursday clapping for NHS workers and what it has resulted in monetarily – nothing for them.

If your income is Employer – HMRC – Employee route, well, prepare to experience an increase in PIT to pay back the loans and government spending on BUSINESSES. This life seriously is not balance. Also for the contractors, IR35 is just smiling at you very broadly. Welcome to the new UK.

Kingp91:
Please can yiu shed more light on this. I mean the benefitsfor you guys there and us way just come or still dey road

Oh for me it's purely business. Now the UK can set up free trade zones across the UK which I'm eagerly awaiting and building capital for. I'm going to be hitting my DIT and FCDO contacts and hiring a consultant in the new year to advise me on the best step.

The beauty of the break up is that the UK will need to build its market outside of the US, EU and China. This market is found in Africa and South America (and few across South East Asia) which in the next decade will emerge as the dominant markets (China is predicted to supercede The US economy by 2038).

To encourage export, the whole export is great campaign will be ramped up and foreign aid will be used as a carrot mainly for trade purposes. As an entrepreneur this is great for me as I can explore potential free trade agreements between both regions and potential tax incentives for both exporting and importing.

Also, the FTZ can offer me the opportunity to ship products from FTZ in Nigeria and rebrand here in the UK FTZ as UK products (after some considerable input) and re-export. This will help me beat existing bans on certain exports from Nigeria and avoid taxes.

Opportunities like this last presented themselves after the breakdown of the soviet regime.

Congratulations All

The UK and the EU have a deal!

While we await the implications of the fine prints, we can also be glad that alot of opportunities will be created in the coming days.

Cheers to better days.

Igbosmoker:
maybe.

It seems it's only doctors, law and IT related courses that's profitable outside nigeria.

I don't want to be carrying a useless degree

I wish we could go to a quiet place by the sea side and have some nice wine and I'll tell you how comical life is. It would be a perfect time to condemn my last bottle of the Grand Constance (Groot Constantia). I'll go down memory lane to show you how the pursuit of a course of study has trapped many friends and acquaintances.

I'll show you real life examples of the so called professionals even those working in the multinationals and how incomparable they are to the 'riff raffs' who read language courses and those odd courses in Arts that universities introduced to give some people that had been Jambed hope in life and who have now made immense sense of their lives.

Infact many of these 'riff raffs' have done well for themselves and are creating value across the country especially in job creation and poverty eradication. Many of the perfect graduates are today working for these 'riff raffs'.

Please note these:
1. There is no useless course in life. The essence of education is to stimulate your creative thinking.

2. Don't come to the abroad with the mindset to work. It's good to come over for exposure and to observe what sanity and serenity looks like but please don't come here to work with a qualification as your main and only goal. You would end up very frustrated in life. Coming here with a prepared mindset enables you to explore the infinite hidden opportunities and maximise them fully. When your eye is single, your whole body will be full of light!

3. Don't hop around looking for the best courses to study. Courses and skillsets are getting obsolete very fast. While you are in Nigeria why not make the best of that education degree and experience and finish with a 2.1. Use your spare time to build side skills and side hustle. Try out different things - business and ideas and learn. When you come here for whatever purpose, you will be able to leverage this environment to give meaning and life to your skill and business ideas.

Yesterday, it was OK to just learn something and you'd be fine for life. Today if you have a limited scope about life you would suffer. Try out different things and keep tabs of the UK and other exciting countries of interest and routes to coming in. I have acquaintances who are coming around for MSc programmes now simply because of the post study work visa. They do not need the degree but are leveraging the extra years to bring their families here, open up businesses across import/export, trading, crypto etc., accessing cheap credits, venturing into other markets across Africa, Europe, North America using the UK as their base and are doing OK for themselves.

Rather than wasting time pursuing that perfect course, use the knowledge and skills you acquire along the way to create wealth for yourself when you get to a sane environment.

Lastly, you'd be fine. No rush in life. Take it one step at a time and enjoy every stage in life. Do your best at each stage but overall be very optimistic and ambitious about life.

Goodluck.

valcorp:
Compound people Una good evening ( including the ones wey dey fight I wan hask kweshon fes, Una fit kwantinu Lara). Please does anyone here use an Amazon Firestick TV. Made a mess by buying a Large TV at a reasonably small price ( 50 inch Samsung at £80) and after unpacking I saw noticed it wasn't a 4k TV and can't return(long story). I need something that will allow son of man watch football weekends (I have missed the disgrace of Arse-anal, d confusion of shelshit, every the horrifying displays of VARunited). I go dey read with phoney abi diction...

You just made my day with the boldened.

Go for a smart TV and connect to your broadband or hotspot and get registered for amazon prime and you are set. All those stick and brushes and physical addons are burdensome. Beauty is that you can watch on your pc and TV and even share login details with folks back home. In time you can add Netflix and enjoy life!

You can even split the bill for monthly subscription and share login details among friends and nice if you have a student around who can help you get a discount - free for 6 months then discounted monthly cost. You even get to enjoy free next day deliveries on amazon!

I see live matches on prime video but scroll by. Usually more interested in their movies.

Just thinking out loud - 50 inches TV for £80 and Samsung! This is serious budgeting.

Mimzyy:
So Barclays decided to be unfortunate today and blocked my account. I didn’t even realise until I went grocery shopping and wanted to pay. Thank God for alternative bank accounts!!!

I called the number and was told it will take 7 working days for them to unblock it. The rep couldn’t give a plausible explanation as regards why it happened. He asked me silly questions like did I receive a lump sum recently and I told him I did and I have proof of its legitimacy so kiwani problem yin

Is that a reason for my account to be flagged

He however, gave me an alternative to go over the counter tomorrow to withdraw my money. God knows I’m withdrawing every penny there. Rubbish bank.

May we not be unfortunate in life by experiencing some useless attitudes from these UK banks. Only God can quantify how much losses businesses have incurred from these clowns due to their accounts being closed and funds withheld in some cases all based on computer programs classifying one as risk. I don tire for UK banks. Their madness and robotic set up is now appalling. Sincerely, them be one chance.

As you don enter their red book, it's better to avoid them and have more bank accounts open. What is funny though is that the real maye's who are known criminals would be allowed to continue banking with them and receiving their funds all because of what the bank gets from them (serious commissions). IF HSBC weren't fined billions years ago by the US, we for dey think say them be saints - awon werey.

peterveo:
Hello everyone, please I need advice on how to handle this situation.
I got into UK in October through student Tier 4 visa. After completing visa verification from school, they sent a mail that my brp was not produced due to home office technical issues.
I have sent mails and called for help till this morning, school keeps saying they can't fast track home office process.

What can I do in this distress?
Is it wise to contact the home office by my self?(school advised I let them handle the situation).
Has body experienced this before?
Your experience and advice will be of great help. Thanks

Hiya,

Raise hell! Call Home Office and send emails and copy your school. Mine was delayed when I came in as a Tier 2 worker. I sent emails and emails and called and called. I may have looked and sounded stupid but hey when push comes to shove tomorrow, everyone will clean up their acts and ask what you did. As long as your visa (vignette) was issued, please follow up AGGRESSIVELY with these guys (International Office and Home Office) with formal emails and copy everyone necessary. Let them also know the mental and health impact the delay is having on you. It is not your fault that they gave you visa and are overwhelmed with backlogs or have technical issues. You paid and you demand services be rendered (abi you never complete your visa payment?).

Your guiding rule when dealing with the international office of your HEI is that they are mostly British and Europeans who don't need a visa and don't understand the implications of a delayed BRP. They will follow their guidelines religiously like robots - it is your responsibility to follow up carefully and persistently.

LagosismyHome:
Strangely enough if you read about the vaccine, it almost pointless ,

Do the vaccines prevent transmission of SARS-CoV-2?
In addition to the Pfizer vaccine, regulators are poring over data from a similar vaccine made by Moderna of Cambridge, Massachusetts, and a third produced by AstraZeneca of Cambridge, UK, and the University of Oxford, UK. All three have been tested in large clinical trials, and have shown promise in preventing disease symptoms.

But

1. none has demonstrated that it prevents infection altogether, or
2. reduces the spread of the virus in a population.
3. This leaves open the chance that those who are vaccinated could remain susceptible to asymptomatic infection — and could transmit that infection to others who remain vulnerable.


So the only benefit is shown promise in preventing disease symptoms.

Humanity has never had it this bad - irresponsible leadership across board.

Imagine how the UK (MHRA) shamelessly rushed approval for first position. They had to use diplomatic channels to force Fauci to recant his earlier bashing of the MHRA. Nonsense.

Imagine the nonsense surrounding the AstraZeneca and Oxford vaccine and how they attempted to use optics to lie about the efficiency. They got 62% for general trial (over 20k and across all age groups) and 90% for 3k people under 65 and did an averaging to get 70%.

If they weren't called out we would think they were as efficient as the others. I even read that BoJo was requesting that the union jack be put on the bottles, what nonsense.

Its quite a pitiable state. Confusion everywhere. Rudderless leadership and a cornucopia of inept leaders is what the UK has been blessed with.

20 years from now we would look back and weep when we observe how bad decisions resulted in mass damage of humans all in the name of science. Unfortunately, the govt is owning more of its citizens - increasing population on benefits/support and rising household debts. These give the govt some leeway in forcing through mandatory policies while using the fear of joblessness or homelessness to coerce compliance.

Unfortunately, 20 years from now many of the culprits will be resting in their graves as celebrated heros. Nonsense.

omopapa:
Pfizer got indemnity from the govt, meaning no patient can sue them for any side effect

Data for the last stage of the clinical trial have not been published

The effect of the vaccine on fertility have been quarried, no data result to counter it

Lastly, rumour has it that, employers could force employees to take them and people might be refused by airlines to board if they can’t provide evidence that they have taken the vaccine

That was a red flag and a reason for caution by anyone who still remembers what Pfizer did in Northern Nigeria when they used kids as guinea pigs for drug trials.

Even Switzerland says they would wait months to both conduct extensive reviews and observe effects from countries around the world - thats another red flag.

Since lataro we have been waiting for the peer review publication of the Pfizer vaccine but alas no show yet - Nature or Lancet or Science will gladly publish pronto.

With regards to work I really feel for immigrants. My worse case scenario planning is that I'll resign but for taking that vaccine - Never! I'm expected to begin field work from Q1 next year outside the UK but will be discussing with my line manager why I wouldn't be taking the vaccine and exploring if interviews can be conducted remotely. I won't be another statistics for any irresponsible government or drug manufacturer. God helped me survive thus far, I won't use my hands and scatter His work.

Imagine the nonsense - £120K as indemnity if permanent damage occurs. Rubbish! Money that can't even buy decent accommodation in the UK is what you will pay out when CEOs are taking £ms as hush money. This govt is vile, greedy and heartless. Using residents as lab rats for what - first position.

Tinkulala:
So a family member abroad sent me 3m and I am to return it to her next year November without any interest (interest-free loan).

I need an investment that RETURNS CAPITAL after earning monthly interests for a specific tenor.

I need the CAPITAL back,your suggestions are most welcome.

You posted a video on Dec 1 on 5 businesses anyone can do. In your own words you said even a mumu can do.

Don't you want to put your money where your mouth is?

Chumachu:
True but this will be worse if left in the bank which gives 1.25%.

The better option is to save in dollars with a 5% interest rate. God help us. We are all looking for a way to preserve our wealth.

Do you get to handle the actual dollars (can you transfer it to your dom account)?

If yes, do you actually spend dollars (import or travels)?

If No to Q1, you stand a risk (like you highlighted) of losing on reconversion to Naira.

Investments in the real sector while risky is a more viable option of turning capital and making profit off it. You get to affect a whole lot in the value chain, indirectly create jobs and boost inflation which boosts your selling price and profit (mind you your interest rate remains the same).

Piggyvest and ors all invest your money in other businesses like agropartnership that give them up to 30% or even more per annum - why can't you take that risk yourself?

Ugmama:
People vote wetin?

Election that wasn't free and fare is that one election?

Despite the electoral malpractices Buhari still had massive support. There is a limit to rigging and the support they had meant little effort was needed to get reelected.

We have a pandemic of uneducated and unenlightened Nigerians who constitute a significant mass of the voting population and are in a position to elect our leaders.

If this group vows that Patience Jonathan will be Nigeria's next president, they are almost certain to achieve it.

Olalekank:
Thanks for the insight Chukwuka16

It has only gotten worse. I was in support of Buhari in 2015 and it's a shame to think I believed these 'promises'. Reading them now, it's a f*cking joke. Stabilise oil prices? LMAO


What pains me more is the fact that people still went ahead to vote the same people into power come 2019. I must agree that we are really stupid in this country.

Sincerely speaking you can't really fault Nigerians. What options did they have? Also, MOST Nigerians are unenlightened and do not even know what governance entails or what to demand of elected officials.

It's painful to watch millions of Nigerians get thrown into the poverty cycle monthly and yet we can't demand answers. Hard times unfortunately are coming and I fear for millions more of Nigerians.

If Piggyvest gives you 10% on 100K and inflation is 14%, invariably your 100K is worth 96K by year end in terms of real pricing power.

Investment trumps savings in an economy like Nigeria where interest rates now underperforms inflation by significant margins.

nihilistjnr:
This is where you're grossly mistaken.

The IT market right now is generally in a state for great depression.

The guy that is just coming from Naija is probably looking at the job offer and mentally converting the sum to Naira and thinking "wow this is great"

I would like to get a sense for is whether the salary was actually market rate for the region.

Sincerely speaking I like your reasoning and this shows you are quite experienced in the job market.

Salary matters and your starting salary really affects how quickly you rise in the job market.

I remember someone back home rejected a 40K job last year and decided to remain in Nigeria as a senior lecturer. When I told my former boss that this guy wasn't interested he was aghast - but I'm paying him 40K. I was like sir he is married with 3 children!

Anyways, for a start you sometimes have to start somewhere.

justwise:
Check moneyfex..605, Ace money ..600

As per CBN's new policy, naira remittance is a dying breed. All aboard the cold hard $ remittance train.

RalphJean:
First term: Mr A scored A* in Economics while Mr B scored B*

Second term: Mr A scored A* in Economics Again, but Mr B scored an F9.

Third Term: Mr A scored A* yet again, while Mr B scored C-

Mr B now goes gaga in joyful exultation and Doxologies, claiming that his F9 to C- ‘improvement’ meant that Mr A is falling down?

Ahdongerrit.

See lets not use that analogy for Nigeria.

You are right to note that the improvement isn't at par with its stance at beginning of the year.

My take is lets view from another perspective considering that Naira was going to the dustbin at 700-1000 to £1.

What CBN has done is target the month of excess forex inflow into the country and use fiscal policy to force a readjustment of the currency. Hopefully by 2021 fluctuations should be within reasonable range.

Don't forget that this is the first in a very long time when the spread between buy and sell is negative (reversed).

I'm beginning to respect the CBN governor. He might have his issues but it seems for once the govt is getting its act together.

In case you don't know, the new finance act should be signed into law by year end while CAC is going fully digital. I'm not saying they deserve a pat on the back but it seems sense is gradually coming to the fore.

Mamatukwas:
This would be lovely oh but my Abokifx is still showing much higher rates. Am I checking the wrong place

Check the BDC rates not parallel market (these ones will adjust on Monday).

RalphJean:
I ain’t no economist, but the bolded sounds like voodoo economics to me.

The powerful currencies of the world ARE NOT FALLING against the naira. It’s the Naira that is regaining from its woeful performance.

Voodoo economics:
At the beginning of this year, £1 = NGN 450
Today, it’s 565.

As per your enonometrics, if it ends the year at 500, it’s a Win for the naira.
But that’s not true, it will be a lost for the naira, year-on-year.


Like I said, I’m not an economist but (IN MY OPINION), this your analogy get K-Leg

I'm actually over excited because of the heat its having on some acquaintances.

In real sense folks had hoarded forex to create artificial scarcity putting pressure on our foreign reserves while their accomplises were shorting naira.

The reversal of remittances back to cold cash was unexpected and so to avoid making significant losses there is serious or should I say massive dumping of forex.

If Naira goes below 500 to £1 that will be suicidal for many hoarders. Christmas will really be a two-pronged fork.

Let's sha celebrate little little wins. No be everyday good news dey comot from that country.

Permit me house this evening to modify this old time song just for the moment.

Falling down, down, down,
Falling down, down, down,
All the powerful currencies of the world (£ and $) are falling down,
Me as I dey here I dey smile,
I dey thank God everyday,
All the powerful currencies of the world are falling down.

I have just checked abokifx (BDC rate) this evening and it is 565 buy and 530 (100 Naira drop in 24 hours) sell for £1. It is now cheaper to buy forex than to sell it.

500 loading as long as spending restrictions are not lifted from our Naira cards.

It seems adversity will finally reset the brain of this government.

Back to my hymnal......be still for the power of the Lord is moving across Nigeria!

Dear Sirs/Ma,

The recent CBN's fantastic policy on foreign remittance that has led in recent days to a significant and ongoing improvement in our treasured Naira kicks off today.

The policy entails that recipients back in Nigeria can receive the money in the currency it was sent - mostly dollars I would presume.

To enable members of this great family keep up to date with practices back home and take advantage of banks and international money transfer companies offering the best services, kindly update us with your experiences in real-time.

Please be kind enough to tell us of banks back in Nigeria and the location (branch or LGA or State depending on how evasive you want to be) not agreeing to such policies or forcing recipients to take Naira or asking for impossible documents and also IMTCs deceiving senders from here in the UK that recipients will receive forex when they will be sending Naira. Your real-time info will be necessary in guiding subsequent senders.

As at this morning I have tested 5 platforms - Ria, Western Union, moneyfex, radiantlife and Moneygram. Both Ria and Moneygram have the end cash in usd. Lets see how the others align asap. I shouldn't be filling in bank details of recipients. It should be just like old Western Union.

Welcome to better days!

davide470:
Care to elaborate, boss?

..and thank you for the write-up.

Ah, let's not shame anyone today. I still believe said company will get it right. I remember calling up my lawyers to find out the cost implication of setting up such a service and when I saw the CBN capitalisation base of something in the realm of 100 Million Naira for even basic services, I jump and pass.

My major grouse with them was that there was no one I could pick up the phone and call and abuse and shout and threaten when we couldn't access our funds. They didn't even have a physical address considering that their office address is a work space! Our major issue centred around cash inflow to a business account. Their system shut off access when our balance hit 5+ M few hours after the account was opened. It means if my business blows tomorrow and someone makes a payment of 100 M, they would collapse. Today I now know why companies ask for your share certificate for your company and gives you contract based on that - capacity. There is a reason it is called Mobil Producing Nigeria UNLIMITED. Only the main street banks can handle business transactions for now. These willy-willy fintech banks should focus on susu and onidara.

Lexusgs430:
Chukwaka16 - Would you deem Alat, a fintech bank? Would you bank with Alat?.....

Yes. I would say Alat is a fintech bank - they incorporate financial services with technology (https://www.quora.com/Is-PayPal-a-fintech-company). I WOULD NEVER BANK WITH THEM for the foreseeable future. Today I bank with the Main Street banks in Nigeria. I have an account officer for all my businesses and my lawyers can call her private number anytime of the day to complain. That's what makes banking quite seamless for businesses. If e no be main street banks, pls avoid them. These willy-willy fintech banks seem to have a low threshold/tolerance for what makes for suspicious transactions because of CBN's hawkish and micromanaging stance.

marylandcakes:
Two years ago I opened a bakery in Lagos with all mod cons. I just sold it all at a big loss couple of months ago. The economy of Nigeria is too harsh. It makes some people result to unethical means to survive. From what I found out I know I can never eat bread from any Nigerian bakery because of all the poisonous and banned chemicals that they use to enhance their profits. It’s only God that can save that country. In my eyes it’s finished.

Sorry about that. It is also ironic because during the lockdown period in Nigeria, bakery owners made astronomical profits. Any lessons from your bakery journey? Have you discussed your investments and findings with a thriving bakery owner and a financial analyst (street savvy)?

LoL. You guys/ladies are very funny.

Yeah, let’s get this right – first, business is a risk. That’s fact.

Second, let’s not get too sentimental so that we can be objective. Nigeria never banned car imports, she banned importation of cars through the land borders. Cars still came in through Lagos but now the right rates had to be paid. That threw many businesses who were cheating the system off track.

It has also become imperative to highlight what erico2k2 earlier alluded to. Most Nigerians need to learn how to do business.

For instance, I’m not God and do not know the future, however, when I invoice customers, I ensure that my costing can accommodate FX fluctuations as well as inflation. That’s in Nigeria. The UK is simpler – cost and VAT.

Take business A which installs and runs solar inverters for SMEs. We own all the installations (panels, batteries, chargers etc.) and are only paid a fixed amount for a length of time – usually 3-4 years (renewable). When coming up with monthly costs, we ensured that our capital, labour, admin & profit costs where all lumped together and multiplied by inflation over the contract duration. Another thing we incorporated was to ensure that by month 18, we were cash flow positive (CPI benchmarked). That was our safe way of hedging losses. We have had hiccups along the way but overall, we are cool.

Nobody says you should package cars as sachet water. What we are suggesting is know your business environment and don’t be afraid to cost goods and services appropriately. Why should the ban of cars import through land borders bother your oga if he was legally importing the right age of cars through Lagos port and paying the right dues?

How do you bill customers for hair without understanding FX fluctuations, FX availability and even customs/fines/levies. I moved capital from the UK to invest in Nigeria and my worst-case scenario planning is 1000 Naira/£1. I have 2 dependant fees to pay here in the UK and Nigeria supplies their fees. I can’t afford that here in the UK.

Fish farming – LoL. Permit me to quote from the Bible. For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him.

I also have a large catfish farm and it cost me millions monthly feeding them. Just within 2 weeks, 2mm fish feed (Blue Crown) has jumped from 6500 Naira to 7800 Naira to 8400 Naira per bag (15kg). That’s a huge differential on a monthly basis. I did not start the journey without considering all these. They form part of my planning. What’s the range I can survive and that’s what determines my stocking. I will start producing my feeds next year God willing (to cut down on feed cost). However, the current farmer-herder conflict means that raw materials (groundnut, corn, soyabeans, garri etc.) may be expensive. I have to start thinking and calculating the cost-benefit for their bulk purchase early next year versus other months of the year and continuing jejely with Olam fish feeds.

I am not speaking theoretically as opined by Ace2013. Yeah, I have a PhD but that’s even in CS. Today, my spare time is spent understanding how the majority of Nigerians think and looking at how to extract something from them by offering them value (meeting some needs). In fact, my greatest barrier to being an entrepreneur has been my education. I’m not an armchair investor. We dey ground dey find money.

I do not invest for people. Even me dey find startup with potential to put money inside. Just take time to understand what need you want to meet, learn thoroughly about it, get dirty and carefully invest in a diversified way to hedge losses. Take losses as learning curves and build momentum from them. At least I now know that my business accounts won’t EVER be open with fintech banks in Nigeria – that was a 1 million Naira lesson. If it isn’t main street banks, forget it.

wallg123:
There’s a saying “If dog bite you once that dog dey craze, but if you allow that same dog bite you again, na u dey craze”......

We all know how hard we work in this country (Uk/Europe/US) before we can get enough funds to think of investing back home in Nigeria.
Before you can even think of investing in Nigeria as a migrant, you must have settled all your bills in here the UK..
So if say for instance someone on minimum wage manage to save 5M Naira to invest in Nigeria and next thing you hear government want demolish or land sellers done change the agreements, would you still be advising people to invest again in the same failed endeavour?..

You are right that a lot of Nigerians in the diaspora have lost money. You know even me had some of my funds (6.4M Naira) trapped by one of these fintech banks all in the name of money laundering and anti-money laundering check. Up till now, I have only been repaid 5.4M Naira. In fact, I have 'dashed' them the balance. That's the cost of doing business in Nigeria. The implication of that delay meant that a new business initiative that was to be started as early as September was only started 1 week ago. That's life. That's business.

With regards to investments, we have to be VERY CAREFUL. If you have 5 million Naira to invest in land, then save an additional 1.5 million Naira to employ STANDARD lawyers and land experts to investigate and carry out due diligence on your land to see if that land is genuine or not. Second, ask questions and put everything in an agreement - that's enforceable. If I have an agreement with an estate that extra costs won't be required, they must be willing to sign that agreement so that it's enforceable tomorrow. Use qualified experts - they are expensive but get the job done. Also, pursue C/O for any land. This is Nigeria. Invest in securing that land so that tomorrow when the government wants to demolish or take over that land, your C/O offers you SECURITY of adequate refunds compared to just ordinary agreement (deed of transfer etc.) and land survey.

SMEs and cottage industries are what will mitigate poverty in Nigeria. There are hundreds of millions of poor people in Nigeria who need means of livelihood. Your FDI and investments back home is what they need to earn a living. The more the FDI the more the growth. Will there be lost investments, yes - hedge them.