₦airaland Forum

GloriousGbola:
real banking?

not sure how hustling people to open account translates to real banking, unless those people are unbanked to begin with.

It's from that same hustle you get people who are loaded with cash to open accounts and do your fixed deposits. It's when they open accounts you get to sell your loan offers to them. So it's real banking.

These days, banks don't even like fixed deposit or your deposit in savings account. They call them high cost funds. They prefer low or no cost funds like current account deposits. They know there's easy money to be made elsewhere.

GloriousGbola:
People were not meeting target, oga at the top sent general warning email and someone forwarded it out of the company and it went viral

https://www.nairaland.com/722543/access-bank-md-aigboje-aig-imoukhuede


I read that AIG took the public beating then hired some forensics guys to track down who sent out the email.

The days when bankers were doing real banking. When last did anyone beg you to open an account with them?

Now they just sit back and make easy money.

Acidosis:
How so? $1 is currently over N1,600.



Interesting question. I'm wondering what the FG/CBN intends to do with the trillions of Naira though.

Although I don't agree that mopping up Naira through FDs or bonds can curb inflation in a country like Nigeria, I get the whole textbook justification for mopping up funds. But, I'm just wondering what would be done with this cash.

Sometime in 2022, The Cable reported in a caption that "FG to repay N20trn 'Ways and Means' loans with treasury bills." During the same regime, FG also reported using TBs for infrastructure.

The rate has been stable. And I can confirm that a lot of people are diverting money meant for dollar purchase to Tbills.

debbydee:
Good evening . Congrats on this. What do you suggest I do as I was not able to get the primary offer.
Should I go ahead with the secondary rate?

Thanks.

Also what bank did you use?

The secondary rate is not that bad plus there's no guarantee your bid will be successful if you wait for the next auction.

If I were you though, I'll wait another two weeks and take my chances but it's up to you.

Acidosis:
What's the real motive behind this high interest rate?

It's working. Far less naira is chasing the dollar. Dollar will need to move from 1600 to 2000 for it to be better than current TB rates within the next one year.

What I don't seem to understand is this. They mop up the money this year, are they also going to mop it up next year with high interest rates when it matures?

Nakedman:
Auction Result. 21% crazy.

Are you looking at the allotment for 365 days?

They sold 1.2 trillion last week. Many bids will fail.

How far with those who were reliably informed there's no auction this week

Never rely on what you're told in the bank. Those guys are notorious for not checking their mails.

GloriousGbola:
While I understand where Kalu is coming from, this does not tie in with the mythos of Peter obi, who is celebrated for saving money.

💯

....

raumdeuter:
If you have a car VIN you can easily get the carfax report which will show you the history.
Many of the cars they send to Nigeria are accidented or flooded cars that Insurance has written off, they take to mechanic and fix

I am sure you know of iaai.com. That is an Insurance auction where they sell those cars mostly for parts but some people fix them up and sell to Naija

Depending on the kind of title your car has, some insurance wont insure you. e.g if the car has been involved in an accident and written off but you go patch am up to reuse So the option is to send to Naija

Carfax is not free though and is not very practicable. Imagine you're looking for a car to buy. Typically, you can inspect more than 20 before you get a good one. Carfax go don chop all the money.

En.bidfax.info is a great tool. While it doesn't show vehicle history like Carfax does, it shows pictures of the vehicle at the auction yard and the price it was sold.

The limitation with it is that, not all vehicles are auctioned and not all come from US. You won't find cars bought from Canada there.

Yes, I know iaai. Bought a couple of vehicles there. The scams are less compared to copart but you can easily get scammed as well. Prices there also tend to be more expensive than Copart.

Iaai and copart have been saving car dealers since 2015

Before then, most of the cars imported into Naija were clean titles.

freeman67:
Normally, you are to do your findings before going to the bank if not. Uninformed or sometimes selfish bank staff will confuse you or convince you to accept what is not.

Attached is the 1st QTR 24 TB Calender posted here earlier. There is auction this week and they won't be any next week till upper week. If you had insisted the person that attended to you will either accept your request to invest and give you the form or call to confirm. I subscribed through FBN this week and the funds have been deducted from my account. I am just praying their beid succeeds.

I no even get power to argue. When the result comes out, we will know if there was auction or not.

izzou:
[color=royalblue]There was a moniker called Cosplay on NL back then. He was known for bursting car dealers, who usually sell accidented and flooded cars as clean titles

Nobody knows how he does it, but just from the picture (even without a LOT number), he would pull out the VIN and everything about that car

But there was one he did one day; A car that had two VINs. The used a salvaged VIN, and replaced it on a Stolen car: Same Model, Same Colour. So, the one with the new VIN was a stolen car, having a salvaged car VIN.

The Auto business in Nigeria is another Yahoo.

If not that Euro is higher, and many countries use the RWD, we for don carry our madness enter Europe.[/color]

Yes, I remember Cosplay. That guy was good. I believe he has inside information. Even at that, it's a miracle how he manages to burst vehicles with changed colours.

I wish he can come back. With the high dollar rate and cost of clearing, our dealers have gone rogue.

Those accidented cars he exposed then are 10 times better than what dealers import today.

afrodoc2:
They have been doing it for a while. There is a large racket in Canada involved. I suspect organized crime a.k.a Mafia are involved. They have a lot of sway in those ports over there.

See how I didn't bother asking how the got it out of the port in Naija. We know anything goes there.

Sometimes I have this utopian view about developed nations till things like this bring me back to reality.

Unlimited22:
To be fair to nateevs, there was a player in Odoi until he did his Achilles tendon in.

He was still making excuses for him after the injury when it was obvious the guy was done.

WhoDeyHause:
Egbon nothing like only 20. A 16 year old kid is carrying dead barka. What if James comes back and suddenly becomes fit tomorrow, he won't compete with him for gametime with non 100% focus.
If you are good show it.

Lol, you don't know nateevs. He made the same excuses for CHO

When we lose or draw the match, trust one mugu to blame the coach. That's a player on 300k a week.

Palmer is special

rooftops:
Man is just so annoying, I will just attribute to his age

Doubt it's age.

Guess the fool who played Willock in. If that had entered, would have been another goal to Newcastle

When I say Gusto is a useless player. Una go dey argue. What was that nonsense?

GloriousGbola:
And that is enough to tell you they are looking for people to run game on.

I forgot to mention, there's always one referral link or the other they want you to click. And there are so many coins. Hundreds/thousands of them. Everyone promoting the one they have bought so you can buy too and bring up the price

OasisX:
........terrible news.

If you no use your head for this crypto, they will use it for you.

I've been following crypto Twitter influencers the last couple of weeks. One thing you'll quickly notice is that, they all make money. They never lose.

BlueRayDick:
Rather, they are negotiating ; that's their first offer..... sooner or later they will agree at a price that works for all parties and ransom will be paid accordingly .

That price will be far below the 40 trillion. That's why I said they are trolling.

BlueRayDick:
E be like say these bandits wan go form their own country ni o.

https://www.nairaland.com/8027282/bandits-demand-n40-trillion-150


.

They are obviously trolling

GloriousGbola:
https://www.nairaland.com/8027298/court-orders-forfeiture-36-cars

naija we hail.

you go check double check, triple check

I wonder how they managed to export the cars out of Canada. I know US customs does clearance before any vehicle is allowed to leave the port.

GloriousGbola:
Blame for that is on yardua and gej

Obj forced all of them to buy Peugeot as official cars. First order of business in the new order was to order Toyotas from south Africa.

Ironically while the top brass of military and our senators buy foreign vehicles, the services proper (army police, customs, frsc) are mandated to use made in Nigeria vehicles.

No wonder. I've always wondered if they buy them out of patriotism

So inspite of the difficult terrain the army use, they are mandated to use Naija cars. Meanwhile, Senators are giving excuses that they buy durable Toyota SUVs due to bad roads in their constituencies

BlueRayDick:
Abi.

Most of the houses being demolished are situated in estates developed by estate companies.

Na so.

Sometimes they even have one court case or the other after people have built up. Imagine building a house only to hear that one court has awarded judgment against the real estate company you bought from.

larride:
Very correct. Less demand for Forex also.

Exactly.

Meanwhile, this idea by Cardoso to increase MPR is a masterstroke. For the first time in many months, people are withdrawing money they would have used to buy dollars and investing in Tbills. Some are even converting their dollar holdings to Naira to buy.

The speculative side has been considerably taken out. Unfortunately, they still don't have enough Fx to meet actual demand so the Naira is still expected to slide downwards.

At least, it will be better than what we used to have waking up today at 1500 and tomorrow at 1700.

raumdeuter:
Be careful when Buying land from omo-onile and not official quarters

Official quarters how? Do you mean reputable real estate companies? Because you're not even safe buying from them

safex:
I just contacted my account officer at Zenith and dude insisted there's no auction this week.

Okay o.

OasisX:


.....in short, ain't a waste of resources to buy 400 Cars for Traditional Rulers or Political Office Holders as far as they are sourced locally?!

It's better optics compared to buying foreign used cars.

OasisX:


.......Chief Ibime don talk am finish, una sha must find one yẹyẹ excuse to defend Obi. Innoson kọ, Innodaugher ni.

Wetin concern me and Obi na.

The truth remains that he bought locally assembled cars. Do you know what will happen if a law is passed that all government agencies must use locally assembled cars? Innoson and Nord will increase their production capacity, more jobs will be created, more revenue for the government, less pressure on the naira.

I'm sure even you will take that your proposal to innoson.

The main problem with the legislators was not just that they bought those vehicles, it was because they bought foreign used cars when they could have bought Innoson for half the price.

OasisX:


.............Mí ó ni sọ ń kánkán. LOL!

To be fair to him, he bought Innoson. If those ones in Abuja had bought Innoson or Nord, the backlash would have been far less.