₦airaland Forum

Incase you don't know, Nigerian-American are the most successful immigrants in the United States. We are blessed with greatness but bad leadership is the reason we couldn't succeed in our own country as much as we do in foreign land. God bless every hard-working Nigerians.

Lol..

Xbobtage:
You are only deceiving yourself. The nigerian naira is on a downtrend because people are afraid of the direction the country is going and are pulling out and our government is broke, they dont even have money to pay foreign airlines their own money in USD.

Zimbabwe, Venezuela and Lebanon loading. I have been warning nigerians about this for the past 18months.

The guy thought aboki are the ones that determines the exchange rate not knowing that his country is broke! Nigeria is broke and honestly I see dollars going to 1,500 next year. Don't forget that foreign students would need dollars January oh. My friends couldn't travel weeks ago due to unavailability of dollars even at banks.

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.

You have written well my brother....but there's more to national economic than what you've written.

It will only cost verified account $8....so if you can't pay, just get unverified. No be by force. Stop complaining. Team Elon

The real German machine

Lol

Okay

Not hating on him oh.....this act does not guarantee a happy home. I'm just passing by.

Nothing concern me with Rivers state.

XerXers:
As Onitsha born and brought up, he probably dived into the Niger for fun while growing up

No be lie! Those of us that grew up in the riverine areas only see life jackets with our eyes but never warn it before no matter the dept of the waters.

Okay

Tinubu does not know the problems of Nigerians to be honest... honestly if he does,he wouldn't be saying what he's saying. Imagine continuing this hardship, insecurity, highest form of curruption, out of the roof inflation and religious intolerance among Nigerians. May God almighty forbid the continuity of this kind of evil in our dear country.

MyVILLAGEpeople:
OP is that you @ dp ??

ME "Quickly rush to OP profile to check her out".....

Lol

Biden is sent from hell to inflict pains on the Americans....and the world....the world was relatively peaceful before he became president, just like president Buhari... Now they want to take us "from rotten situation to a bad one"

Nothing concern me with Osun.....

Okay

Naija!

okay

They have been falsefully accusing the naija delta indigenes of oil theift meanwhile they are the real perpetrators of the act. Thanks to Peter Obi for opening the eyes of Nigerians to their shady deals.
Oil is not something that can be stolen by common man like you and I without approval from the Ogas at the top.

This is what Nigerian pride has been reduced to....

Never say Never.....there are terrible situations that could lead you into suicidal thought. Make God no let us see bad thing.

What nonsense is this ?

kai! This people are just mad! walahi! whats all these nonsense ? "she/her" my foot.

azukaegopeter:
Sad

⁰

Olaoluwa112:
Our mumu never do. Our mumu never do.

Someone actually believes a politician, you need serious deliverance.

You think you can control him if he becomes the president ba? I'm sure those who died due to 13 months strike were the ones who caused their own death.

Some people believe politicians but I don't. I believe in Peter Obi not because he's a politician but because of his personality, his integrity and ideology.....I am not supporting him to control him when he becomes the president of the federal republic of Nigeria, I know he will do better for the majority of Nigeria people.

The youth are running for president through Peter Obi...That's the movement

O

Do I know you young man?

To her, that's an achievement....same as most of them, they have nothing to bring to the table.