₦airaland Forum

InaNla:
You welcome sir.

Let us know how it goes... Once you have the USDT.

But dont buy BTC on spot market yet ooo. my opinion thou....

May b I should follow you to get a better update on crypto related investment

InaNla:
check below video from 12:00 to fund your account on Binance P2P.


https://www.youtube.com/watch?v=Yslgpn8a_ZY&t=952s

@htdot

Thanx much

InaNla:
Great.

Let me know when you are fully set we can run it together here or I share a video guide youtube for your review.

I dont know if I am at the right place...

InaNla:
Please do the verification if not done.

My phone no. Has been verified

InaNla:
I can only recommend Binance platform itself. Anything outside that is FRAUD.

Buy USDT on P2P. I can guide you here.

Ok... I have a binance account

LauraClasikVibe:
do you have an account?

Yes

InaNla:
Our dear CBN has made that now impossible.

The only means is to buy USDT through P2P or transfer crypto from another exchanger to Binance.

Who can you recommend for such a transaction? I just dont want to fall a victim...

Pls I want to buy 60 dollar worth of eth or BTC to my trust wallet... What is your rate?

InaNla:
Guys let me share my small story about crypto.

First, let us forget about years past and how one could not properly invest or manage BTC as of then.

In the new era, I joined Binance in Nov. 2020.

I deposited NGN 50,000 on 22/11/2020. Bought: BTC, BNB

On the 20/12/2020 I deposited another N100,000 on Binance. Bought: BTC, ETH.

On the 06/1/2021 I deposited another N100,000 on Binance. But cryptos: ETH, BUSD.

In total I invested N250,000.

BTC Price at my first purchase: 22/11/2020 => 18,688.97 (Highest for the day)
BTC Price at my second purchase: 20/12/2020 => 23,147.17 (Highest for the day)
BTC Price at my third purchase: 06/01/2021 => 33,514.04 (Highest for the day)

I sold all today at $60,000/BTC. do the maths. In anticipation to reload in the coming pull-back.


BNB Price at my first purchase: 22/11/2020 => 31.07 (Highest for the day)
BNB Price at my second purchase: 20/12/2020 => 35.54 (Highest for the day)
BNB Price at my third purchase: 06/01/2021 => 42.19 (Highest for the day)

I sold all today at $356/BNB.

ETH Price at my First purchase: 20/12/2020 => 659.92 (Highest for the day)
ETH Price at my second purchase: 06/01/2021 => 1,209.43 (Highest for the day)

ETH as of the post is $2,008.752. Not selling yet as the rally just begin... to the moon at $3,000+


I believe I could have made more money assuming am trading like the expats here. I also regretted not putting huge amount. Anyway, I only put in the amount I can afford to lose.

Having come this far, I know better.

Guys, am here now to learn the trading path for better returns and to increase my small TKH.

Caveat:
'The risks of trading cryptocurrencies are mainly related to its volatility. They are high-risk and speculative, and it is important that you understand the risks before you start trading.' Only invest what you can afford to lose.

Pls, how can I deposit on binance?. I want to try with 60 dollar first

Pls I want to buy bitcoin or eth worth of 60 dollars... Pls someone should help recommend a reputable seller.
I wanted to get it from LadyF and I was told by her assistant that they only buy for now and they ain't selling.

Pussy on demand, smelling pussy for house.. Some guys dey mad

Liars. So unprofessional dude

blinking001:
Any body responsible for these deeds have taken a loan that will surely be repayable someday...you dont just go about killing our force men and expect to live happily ever after....may God bring immediate judgement to all the enemies of Nigeria...let their punishment be delivered to them speedily as in the days of old...may they never know peace in this life and in that which is to come..Amen..enough of all this violence already.

Are the idiots force men different from the innocent soul they kill?...

Zetty177x:
I buy and drink Nigerian stout in London

You can buy and drink whatever claimed brand you like but the true remains that there is no glo, zenith bank and Dangote company in London... However, I dont support this present government but some things make Nigeria look stupid that I will never condone

Sanchez01:
Guinness' market is in Nigeria only? No wonder you guys defend Buhari like your lives depend on it.

You let emotion becloud your sense of reasoning.... Who is buying Dangote cement in USA? As far as I am concerned, the major market of Guinness is Nigeria...

paddyDIGITAL:
What about those going to UK for medical check up?

Impeachment

SmartPolician:
I don't like Lai Mohammed for anything, but I think he has a point. If we must grow in this country, we must protect our own. This is a nice way of compelling these companies to produce their ads in Nigeria and help the local media and creative industry grow. Do you know how much Dangote, Zenith, glo and Access Bank spend to run ads and sponsor programmes on CNN?

Again, Lai Mohammed didn't ask them to stop advertising, however, he wants to encourage local content development industry to grow. That's why he made it clear that the fines will go to local content development. The half a million will go to the Content Development Fund.”


You see, Nigerian films are some of the most seen in Africa and elsewhere in the world because we like it. Nigerian music displaced American hip hop and R&B in Nigeria's clubs, parties and radio stations because the former administration enacted and implemented local content laws. Today, Nigerian music has grown to the level of winning Grammy awards.

My point is, we need to encourage local content development as a way of strengthening our country. However, other sectors have to follow suit, including the health and education sectors to end medical tourism and overseas education respectfully. While at it, they must improve our system significantly.

What I don't understand is that, their major market is in Nigeria but you are paying foreign media for ads... Dumbest thing to do.

Good one...
100000 thousand naira is even too small. How can your market be in Nigeria because of busy body, you then b giving cnn our money. Thunder fire dangote yansh

Op... Is confused

Hw will someone know if a car is not a stolen car?

Trump should not accept it.. He should proceed with his own platform...

SouthSouth1914:
Unproven allegations? Are you serious? With all his rhetorics/inciting languages? Sometimes it’s crazy to even discuss some certain issues with some people when their mind is totally biased!

Even if his new platform flies, he is still going to ban other people for the same reason he was banned on Twitter!! So what’s his point?

It's only unproven to idio t that can't think for their self...

November1857:
Dollar scarcity: Parents groan as banks delay foreign school fees payments

narrate difficulty in paying US, Ukraine, Turkish varsities, others

. explore bitcoin, black market options to meet deadlines

. National PTA to send SOS letters to education, finance ministers

The lingering foreign exchange scarcity in the country is taking a heavy toll on foreign tuition payment, as many parents and guardians groan over difficulty in paying their children’s school fees, Saturday PUNCH findings have revealed.

Last year’s outbreak of the COVID-19 pandemic and the subsequent crash in oil global prices threw into chaos the economies of many foreign exchange-dependent countries like Nigeria.

While the Central Bank of Nigeria has managed the allocation of forex to banks for the payment of school fees and other invisible transactions since last August when schools started resuming from the initial global lockdown, the situation has become unbearable for many Nigerian parents in recent months.

Saturday PUNCH investigation revealed that parents are now finding it tough to access forex from banks in good time to pay their children’s school fees abroad, with several dollar requests piling up in banks for weeks.

Payment of school fees overseas through Nigerian banks are expected to be consummated within 24 hours of filling a CBN document called Form A at a commercial bank.

The foreign exchange equivalent of the tuition paid in naira at a Nigerian bank by a parent often gets to the foreign university’s bank account within a day.

However,  investigation revealed that while the process had gone from 24 hours to over one week late last year, the lingering dollar scarcity had made the situation worse to the extent that parents now wait for almost one month, with some banks delaying their customers as much as six weeks to two months.

According to some parents who spoke to Saturday PUNCH, banks have often complained of inadequate allocation from the CBN to process the payments, a situation that has made several parents to worry over the risk of paying their children’s school fees very late.

Top sources in banks revealed that there were thousands of forex requests piling up in various banks across the country as parents wait for the banks to process the payments.

Bank officials who spoke to one of our correspondents said those requests would only be processed if the CBN made adequate forex available to banks.

Narrating the plight of the banks, a top executive in charge of foreign exchange payments in a Tier-2 bank who chose to speak on condition of anonymity because he was not authorised to speak on the matter said, “Shortly after the lockdown that started in March, the CBN suspended forex allocation because activities were no longer going on.

“Schools had closed, people were no longer travelling and most factories were shut. But around August last year when schools abroad started opening and other activities began to pick up in Nigeria and overseas, the CBN resumed allocation to banks.

However, the CBN was no longer giving us the amount of dollars they used to give us as a bank. For example, my bank’s allocation was reduced by about 50 to 60 per cent. I don’t know of other banks. So, around November and December, we started experiencing the forex scarcity more and we had no choice but to delay forex requests. But it has become worse since the beginning of this year.”

Parents narrate ordeal

A parent, Mrs Foluso Olorundara, who is a top civil servant, said her bank failed to process for over one month her foreign exchange request meant for the payment of the tuition of her daughter who is in a medical school in Dominica, a situation that forced her to move to another bank which later processed it through the assistance of a top executive.

Narrating her ordeal, she said, “I made a request for forex to pay about $7,000 tuition for my daughter who is in Year 6 in a medical school. I filled the Form A at the Lokoja branch of Access Bank Plc.

“For over one month, the bank could not process the request; they said there was a long queue and that it was not yet my turn. My daughter’s medical rotation was due and she needed to register for the next one and the deadline was almost expiring. I became worried and frustrated to the point that I had to start calling the people I know. Eventually, a brother in Lagos spoke to a top executive of another bank who eventually assisted through his bank after one week.”

Olorundara wondered why she would labour to get money and still needed to be subjected to enormous stress to get her daughter’s school fees paid.

She added, “I approached other banks including First Bank Plc and Guaranty Trust Bank Plc. They told me there was a queue and I needed to join the queue and that it would take weeks or about a month. Other options that came were parallel market rate but I could not afford them.”

Another parent, Mrs Maria Adigun, whose son is studying in a Turkish university, said she had also been experiencing what she described as “unimaginable pain” to pay her child’s school fees, which had to be done in dollars.

Adigun, a widow, said her son who is in his third year, was also finding it difficult to pay his rents due to the same difficulty on how to procure the dollars.

She told one of our correspondents that the struggle to pay the 2021 school fees of her son was “excruciating”, but thanked an unnamed army officer who she said helped her to facilitate the process.

She said, “I had put in my application for the purchase of the dollars about three months ago, specifically early January, by depositing enough naira in my account. I was asked to keep checking with them in order to know when it would be my turn since the bank claimed that there were some people in the queue before me.


“I kept checking, almost every three days since January 5, 2021, but up till March 7, there was no success. There was a day I wept openly in the banking hall because the calls I was getting from my son was affecting me psychologically.

“I would not have dabbled into sending him abroad if it were to be now, but that was what his father wanted while he was alive. Unfortunately, he died a year after my son, Ibidapo, resumed his academic programme abroad. I did not want to dampen his morale, so I had to continue paying. Now, he has two years to go. I know God who has been doing it will see me through. I wish I could transfer his schooling to Nigeria.”

Another parent, Mr Tunde Akinsola, who is an Ibadan-based civil engineer, said due to the forex problem, he almost ran into trouble earlier in the year over the delay in the payment of the tuition fees of his son, who is studying in Ukraine.

According to him, it took the intervention of a top government official to get his bank to fast-track the processing of the Form A.

He said, “There was almost trouble early this year when the payment of my son’s school fees in Ukraine was delayed by the bank. It took the intervention of a top government official in the country to get the bank to fast-track it. We almost didn’t meet up with the deadline.”

READ ALSO: Drug abuse most prevalent in South-West, says Marwa

Another parent, Mr Oluyemi Adeyemi, who has a child studying medicine in one of the universities in Ukraine, said he had been encountering difficulties paying his child’s school fees in dollars.

According to him, the delay being encountered in the banks forced him to approach the black market.

Adeyemi said, “It is frustrating to pay school fees in dollars when you are not going through the banks. What I do is to buy dollars at the black market at a very exorbitant rate to pay his school fees.

“My requests to banks have always met brick walls. Initially, Western Union was reliable but it later suffered a similar bottleneck. It is a serious matter.”

Mr Kelly Osarodion, a guardian who is responsible for the payment of his sister’s school fees abroad also recounted his experience.

According to him, paying school fees for students abroad has been a herculean task due to the difficulty in accessing forex and the delay that is often associated with it.

He said, “Sending dollars out of Nigeria has been a very difficult thing, while going to the bank here to send the money is trouble, and getting someone to withdraw it abroad is also another problem.

“Before now, I used banks in Nigeria but you buy dollars from the bank with naira at a very high rate now because the official rate is also going up. I even tried the option of telling my sister who is schooling abroad to use her MasterCard issued in Nigeria abroad but the problem didn’t get solved either. It is still expensive because of the charges by Nigerian banks.”

Osarodion explained that the development forced him to explore the option of Bitcoin. This, he said, had saved him from a lot of stress.

He said, “I eventually resulted in using Bitcoin to pay school fees. So far, it has been the best decision I made with regards to paying my sibling’s school fees abroad. We both use the Bitcoin platform, so whenever it is time for her fees to be paid, I simply transfer my coins to her and she sells them. After selling, she uses the money to pay her fees.”

An Oyo State-based businessman, Mr Sunday Ogunniran, also said he was forced to buy forex from the parallel market which he later sent abroad through his domiciliary account in order to meet the payment deadline for his son who is schooling in the United States.

According to him, the stress and delay associated with sourcing it from banks via the official market often push him to the parallel market.

He said, “Whenever I need to send the tuition urgently, I often resort to the parallel market. I can’t continue to wait on the banks whenever the payment is urgent. I have two children schooling abroad and most times, I wait for banks when it is convenient to do so.”

Also, a man whose distant relative schools in Ghana, said the pressure of sourcing for the elusive dollar contributed to the untimely death of the student’s father.

He said though the son school is in Ghana, the school fees is paid in dollars. He said, “My brother had what I would call chronic hypertension. He was always going to hospitals to manage the illness. I think the pressure of not getting paid enough from where he worked contributed to his death. Then, ultimately, the pressure of sourcing for dollars for the payment of his son’s school fees contributed. He was overwhelmed. Now, he is dead. I pity the son and his mother who are to continue carrying the burden.”

Meanwhile, a former Chairman of the Peoples Democratic Party in Lagos State, Captain Tunji Shelle (retd.), also told Saturday PUNCH that he experienced challenges obtaining foreign currency ahead of his trip.

He said, “That (foreign currency) is what I have been trying to get. I needed to travel (overseas) and I even went to the bank yesterday (Thursday) to request for foreign currency but they asked me to come back next week.

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“The last time I travelled overseas in March 2020, I couldn’t get anything. That is why I had to give them advance notice this time round. I went there yesterday and they were proving difficult, though they told me they would see what they could do by next week.”

NAPTAN to write memo to Education, Finance ministers

The National President, National Association of Parents, Teachers Association of Nigeria, Haruna Danjuma, said some parents had complained to the association in some states and that the association was set to write a memo to the ministers of Education and Finance to enable them to look into the matter.

This, he said, would enable the government to address the problem with a view to fast-tracking school fees payment overseas.

Danjuma said, “The matter has been brought to our attention in some states. We will write a memo to the Minister of Education and that of Finance so that they can look into the matter and help this set of parents. Education is very important and there is a need to address anything that would affect the children’s education.”

Bankers react

Several of the banks contacted on the development declined comment while some others promised to get back to one of our correspondents who contacted them.

However, they had yet to get back over one week after they were contacted. First Bank Plc, Access Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc who were contacted failed to get back to Saturday PUNCH after one week.

However, some officials of the banks told our correspondent on condition of anonymity that the situation was a reflection of the forex scarcity in the country which was caused by the COVID-19 pandemic and the subsequent crash in oil prices.

A First Bank official said, “We don’t have enough forex as a country and CBN has no choice but to ration what the country has. We can’t afford to deplete our external reserves anyhow. It is part of the dollar stock as a country we need to service our foreign debt which is a bit high now.  This is why there is a queue for those who need forex in banks.”

Also, an Access Bank official, who spoke on condition of anonymity because he was not authorised to speak on the matter, said, “We can’t treat all forex requests immediately. There is a queue and backlogs must be cleared before it can get to new applicants. Don’t forget, the length of these queues differ in banks depending on your customer base. This is why there is a delay.”

Also, a staff member of GTBank, who chose to speak off the record, said, “Parents and other people seeking forex have to wait. There is a queue. Don’t forget that we also depend on CBN to get dollars.”

Also, a UBA official said, “The banks work with CBN when it comes to forex. I’m sure you know there is an issue with forex as a result of last year’s outbreak of COVID-19 and the subsequent fall in crude oil prices. But now that the oil prices are going up, things should improve soon.”

The Acting Director of Corporate Affairs, CBN, Mr Osita Nwanisobi promised to get back to our correspondent.

After one week, he told our correspondent that the request for explanation on the reason for the scarcity was still pending with the Trade and Exchange Department of the regulatory authority. He had yet to respond as of the time of filing this report.

Hoarding, international pressure fuelling dollar scarcity –Economists

Notable economists and dons have said the activities of some players hoarding the greenback are fuelling the current dollar scarcity which has also taken a toll on school fees payment overseas.

They also said that increasing pressure by international organisations like the World Bank, International Monetary Fund and the World Trade Organisation on the CBN to devalue the naira was also fuelling speculation against the local currency.

A Professor of Economics, Leo Ukpong, said speculators were hoarding the greenback in anticipation of further crash in naira against the dollar at the official and parallel markets.

This, according to him, is fuelling the current scarcity of forex.

He said, “Part of the reasons parents are experiencing this challenge is that some people are buying dollars and keeping them in anticipation that the CBN will soon devalue the naira. They believe the naira will fall further both at the official and parallel markets very soon. You know that the World Bank, IMF and World Trade Organisation have been putting pressure on the CBN to devalue the naira. This is making people to believe that the naira will fall further. As a result, a lot of people are hoarding the dollar. Imagine you buy the greenback now at around N410 and later you sell at N600 per dollar. This is part of the things creating the imbalance in the system.

“My recommendation is that in the long run, we should reduce our consumption of foreign goods and services. Also, foreign inputs into our manufacturing and construction should be reduced. In the short term, the rise in oil prices may give a little relief but it may not last long.”

Similarly, a former Director-General of the West African Institute for Financial and Economic Management, Professor Akpan Ekpo, said the factors fuelling the scarcity were “mysterious.”

He also explained that beyond the general forex scarcity occasioned by the pandemic, the activities of some unpatriotic players in the system were making the greenback more scarce than necessary.

As a result, the don advised the CBN to devise a means of dealing directly with foreign universities and schools in the payment of schools fees.

He said, “It is sad when parents can’t get forex to pay their children’s school fees overseas. The CBN has said it overtime that it will ensure schools fee and medical bill requests are taken care of. However, some banks prefer to allocate more dollars to importers instead of parents who want to pay school fees. This is part of the reasons the situation is getting worse.

“My advice to the CBN is to devise a means of dealing with foreign universities directly by designating where parents can easily make the payment for school fees.”

Also, a professor of Economics at the Olabisi Onabanjo University, Sherrifdeen Tella, said high import bill and external debt was draining the country’s external reserves.

He said, “There is shortage because the country is servicing and repaying heavily her external debt and paying for imported raw materials.”

By Oyetunji Abioye, Tobi Aworinde, Tope Omogbolagun and Peter Dada


https://punchng.com/dollar-scarcity-parents-groan-as-banks-delay-foreign-school-fees-payments/

Only send your kid abroad when you received in dollar... We can't waste our dollar on foreign soil.

saphiere:
Does this worth fp? How is it even news sef?

Hypocrite... https://www.nairaland.com/4771516/toilet-paper-donald-trumps-shoe

saphiere:
Does this worth fp? How is it even news sef?

Until you are wise.... So Trump taking two scoops of ice cream was news?

If it were to b Trump by now... Nagaland mod would have fixed it 10 x on front page.... Buhari... Promax

chatinent:
I'm not your father please.

Have a nice century.

Just like the way u can't think for your sef.

firstratedcitiz:
But indeed Africans are gluttons. Must we eat everything? Personally, I can't eat this.

Sayeth the hypocrite that eat beef.

chatinent:
You still failed to tell us the price.

What price do you want him to tell your dumb brain?

Nickshrapnel:
They would only pay the fisherman $924k if he paid the $20k fee for the tournament. And the fisherman will only receive the payment if his fish is the biggest in the said category

No need to explain to idiots how the 2.6 mills came about. Is like saying we should play fifa ball because the fifa ball worth millions in UK..

stano2:
Yes..,.we know say na false.
We shared the post, so nigga would be shocked.....One day, even squirrel no go remain for this country, we kill anything to eat

You will die the day you eat anything that breath.

Slynation:
So what's the point of this counter post....just to justify the fact a man ate something that would have fetch him lots of money abi!!

You are ignorant... What would he have done with the fish?.... Sacrifice it to your village zozo?