₦airaland Forum

The Vice President, Prof. Yemi Osinbajo, who stressed the need for banks to invest in housing and electricity projects, said the banks were not doing much in supporting the federal government’s efforts in the areas of housing and electricity.

According to Osinbajo, “It is either the finance sector is shy to invest in housing projects, or have not found the right housing finance model that will work for them. Nigeria do not have a functional mortgage housing system, which is the most reliable source of generating capital for individuals.

“Banks should come up with innovations such as housing financing, by supporting poverty reduction and economic growth. Ubiquitous housing for example will create employment and generate demand for related services.”

Also, similar to my reasoning earlier, it's good to see our VP question banks regarding mortgage...

If there was one industry in Western, I believe does hold the potential to lift at least a million Nigerians out of poverty with far reaching implications for the state, it's the mortgage industry...

Lets take a well paid FG young worker for example... If that person wants to own a home today, they'd need to save for at least 2-5 yrs to buy land. Then they process papers >>> look for an architect to draw a plan >>> pursue approval >>> look for a builder >>> take the next 10 years trying to build an apartment block by block ... All this while, the person is at the mercy of the builder/architect as its not his field. Also, the well established builders are not willing to get bogged down on a single house for years I've seen well earning families struggle for over a decade to build their house. This impacts heavily on their disposable income for things like holidays e.t.c during that time....

Now compare th above to another system where Julius Berger discusses with the government for land title, builds standard apartment with facilities leveraging on the economics of scale, and put these up for sale. That same young civil servant goes to his bank and gets a loan of 75 million at < 3% interest (which he could realistically payup over his career), buys that apartment in a good area with a proper title, pays a little amount monthly (which most times is less than what he'd have paid as rent), has loads of spare cash for other things... With time, if the price of the house appreciates, he could even sell it, pay the bank their loan and have more money to go for a bugger one...

The government benefits with such a streamlined process... Building laws are adhered to, things like ground tax e.t.c are paid, with the right database, the government can target certain groups to support e.g first time buyers can pay little or no tax e.t.c...

Comparing the age-old buying land and building to tge mortgage system is like comparing cocoa pods to its refined components like bournvita, chocolates e.t.c... The mortgage system can be an economic miracle...

But then, the CBN could help in kick-starting that process by encouraging/funding credit rating systems... When you have that, the banks know who they could safely lend to.... The construction companies can then get to work

He was also upbeat about the proposed central bank degital currency, known as the e-Naira which is expected to be unveiled next month, saying it would foster greater inclusion using digital channels, supporting cross border payments for businesses and firms as well as providing a reliable channel for remittances inflows into the country.

Emefiele said when fully deployed, the e-Naira would ensure that Nigerians in remote areas conduct financial activities using their digital as well as feature phone devices.

He, however, pointed out that the support of the financial industry would be critical in the deployment of the electronic money, adding that efforts were ongoing to encourage continued partnership between the CBN and stakeholders in the financial industry.

https://www.thisdaylive.com/index.php/2021/09/15/buhari-rallies-banking-sector-support-to-lift-nigerians-out-of-poverty/

As I postited earlier, CBN has come out clear on the main reasons for the enaira. Foreign remittance was major... Unfortunately, measures put in by CBN over the past 1 year drove remittances into Nigeria via the crypt0 world. Though this is new, it does hold potential. While the enaira would still be equivalent to the naira, being CBN backed does give a platform for other crypt0 backed projects to grow on. For instance, things like quick loans, good interest rates e.t.c in the crypt0 world, just holding similar non-volatile coins can attract interest rates of upto 12%.
Also, I'm sure other countries will be closely watching the CBN experiment

dogtails:
Please my people I have a question about SUSHIUP oh,it was around 134$ February this year and now it's less than a dollar...Do u think it will go back up any time soon and what drives SUSHIUP to pump??

It's advisable to stay off leveraged token (i.e up and down coins)... You'd very likely lose money on them...

If you want to buy sushi, then buy the coin itself

Ibime:
I cut my loss at $160

I fit set bid around $120 area

With long wicks so far off the daily support, there's a good chance it bounces off the daily to retest 200... A daily close above this level could bring a new ATH...

Hopefully betece doesn't comit some fvkery in the interim

Tyche:
Make I set SL on my profit so far then. But will continue to play it till the eve of burn.

Thought we were discussing sxp (swipe) not srm (serum)

Ibime:
E be like say I go join you on BTC train sef. I'm almost out of ideas on ALTS that can moon apart from XTZ and Luna

The thing is that when bitc0in starts doing it's thing, most people will be buying more alyts thinking they're lagging... It's usually not until 2-3 months ahead that it becomes obvious that bitc0in was the play....

With bitc0in, there's no hurry... Likely it'd come down to low 40k to really test support.. lets hope it holds...

In the interim, I'm hoping a few alyts give good opportunities... Eyes on dot, one

Tyche:
Stealth burn and release on 30th. I have started DCAing

So far, it looks ok on the usd weekly... Not as well against betece

Wouldn't take a position yet as I'm limiting my alyt exposure for now

Ibime:
I fück up mehn. Was just frustrated with no selling the top for ETC, Matic and EOS and wanted something to quickly give me a quick break, recover my unrealised profits and exit into stables. We live and learn

Finally, my brother this market na school...

I'm more focused on my alyts retaining their bitc0in value....cos I know if bitc0in goes on a run, the alyt rally after that will make current prices look cheap....

Sol right now is a difficult one... It might find support and bounce heavily or it might have topped out... Also, from posts here, it seems a good number of people are stuck with bags.. The daily support would be a good place to expect a bounce...

Lucremoy:
made some very terrible choices this past week
my portfolio is bleeding
I am honestly tired

Look at the larger picture and rest well

Tyche:
Watch Matic, cake and SXP. Saw some upcoming events that could bring some rally on these coins.
The matic and cak I pick last night are doing great, cut myself off FTT and Sol. My staked FTT on FTX should do

What's the event on sxp? It's a coin only good to buy after a selloff

Ibime:
@ Jedisco

Which Alts are you watching?

Looking to extricate myself from my poor choice on SOL for something with better ROI

Was surprised with your entry on sol.... You run enter local top of a coyn that has done 4x...


Currently, I'm looking to cycle most of my alyt positions into bitc0in.
Bitc0in dominance is about the lowest it has been and most folks are heavily exposed to alyts... Good chance the next 3 months is dominated by Bitc0in eith by reason of a pump or dump...

I had a good stash of bnb and swapped sone into cake and ada as I like their structure against it...
One coyn I'd average quite well into is one... Will look for a range between 0.15- 0.16...

Lastly, dot seems look good... I had converted some of my betece loot from sol into it at 0.066... it's currently at 0.08 resistance... Next would be 0.01

Kealmin:
Sign of more dip bros on sol abi

It's a pattern which most times is bearish...all I do is wait for confirmation

Blesser28:
@ibime openheaven jedisco
Any youtube tutorial link or pdf for indicator for scalping

No idea... I don't scalp... Some do it quite well though

chigo4u:
Besides I wonder why people would think CBN will seize FOREX in dorm accounts in a country like Nigeria. Yes someone like Buhari can muster the will to do it being reckless but it would not save the Naira.
A policy like that can shoot up the exchange rate to over 1000 overnight. I want to be wrong but I don’t see that ever happening.
CBN will even end dollar subsidy before thinking about that line.

In investing, sometimes it's good to take away emotional opinions and look at facts for what they are...

CBN has banned everything they could ban yet the official rate is around 410 and the market rate 550. Likely, they'd be forced to act soon enough... If they go ahead and devalue the official rate without touching something else, the market rate will tick up higher making more people to lose faith in the currency and head for dom accounts. That will in essence be rewarding those with forex accounts.
There is a reason why most countries who ran into forex issues they couldn't control ended up targeting dom accounts. We know the resulting consequence will be catastrophic but truth be said, they're running out of options...

I wouldn't be surprised if the leaked memo was real and the effect of one or two powerful people leaked it. This gap may be to allow those powerful people make alternate arrangements.

I have no dom account...but one has to be realistic. If you have one, then there's a non-negligible chance you'd wake up soon and hear your usd has been 'forcefully' converted to naira at a rate of 410 per usd...

Trust me, majority of Nigerians will praise such a move.... All CBN has to say is that dom accounts are used by corrupt folks and it was worsening the forex issue.

PresidentBuhari:
The dollar wey I buy in Jan 2020 has gained 50 percent in value while the Naira wey I put for bonds has lost 50 percent (we could say make we add 10% annual yield and $5 percent reinvestment interests but still 35% loss in value).

Anyone who has held Naira since Jan 2020 up till date has lost 50 percent of its real value.
Jan 2020 - $1 bought at N370
Sept 2021 - $1 bought at N550.

Some of these facts have been there but are only becoming more obvious now... Folks who invested in TBs and bonds over the past few years have infact lost value.

Even when CBN was offering treasury bills at over 12% and everyone was happy, people's investment were losing value in real terms without them knowing....

Nobody asked why the TB rate of their country remained that high... The currency was losing value at a higher rate.
The TB and bond rate in nations with a strong currency hardly exceeds 3%

Head n shoulders on sol betece

Out of trade for a while....

Things happening in Nigeria makes me believe that unfortunately, countries who don't manage their economy well will drive the next adoption of crypt0 whether they like it or not....

Take for instance the recent debacle with domiciliary accounts which the CBN might soon target...
For those looking to hedge inflation, the process of opening one in Nigeria is quite cumbersome....then you have to source usd yourself and pay in. The usd there earns little or no interest... instead, you have to pay maintenance fees... The downside is that the usd there can be seized when the govt chooses

With crypt0, one can buy nd sell usd equivalent stable coyns at the click of a finger... Better still, you can stake it at rates of upto 12% pa. With some offerings, term is 3 monthly or less which gives good flexibility. 12% pa is well above what Nigerian TBs and bonds offer... If you're worried about security, you can put it in a hardware wallet and keep which is equivalent to carrying your funds on you. Only that it's in a secure usb stick... Which thief will steal a usb stick..There's a reason why when folks understand crypt0, they hardly go back.
Downside is for those lacking the tech knowhow and potential risk of leaving funds on an exchange....


Like I said, I've not seen anyone whose target in crypt0 was 10% pa like in traditional markets and had stress trading it

I've not really benefitted as well from current breakout coyns...

Asides sol which gave 2.5-3x, I've been an onlooker for most... Usually, breakout coyns are easy to play and give good profits....

One coyn I'm now on is one... Already given me a 2x.... But then, it's broke ATH and is retracing....

I made a tiny purchase at 0.18... but then, most of my buys are laddered between 0.15 and 0.16.... if those bids are filled, I'd let ut be for a while

freeman67:
That said, we as citizens have all always been part of the problem. Nasco corn Flakes has been producing here for a while instead of demanding that the company improve on where we found it lacking if there is, we started importing the more 'Crispy' expensive alternative Kellogg's Corn Flakes produced elsewhere. We were eating our local rice mostly every Sundays, we de-stone it manually and prepare it. If only we had improved on that. No we didn't, Instead we went for Uncle Ben's and other Thailand brands.

While I agree that citizens do have a part to play, my issue with your submission is that it was same story that was sold to us in the early days of this forex crises. Hence, while citizens were blaming those eating rice for our forex issues, government officials ate fat on access cheap forex.

Talking about force... It's interesting that with our history, we believe that force develops any economy. If it did, Nigeria and other African nations would be the most developed...
Economies develop on the basis of sound macroeconomic policies. All force can do is get people in line and hasten a process. If you apply force to the wrong policies, you have a Zimbabwe..
Let me ask, throughout the military regime when max force was used, what economic benefit did it achieve?
Even in this regime, we've forcefully locked our borders because of rice... Again it did not achieve anything

There is no nation in the 20th century who have been developed by virtue of force. The last nations who developed that way were the colonial nations who plundered resources of other nations.

Look at UAE, China, Malaysia and even India of late- their development is all on the basis of sound policy.

Like I've said multiple times, I cannot imagine any of those nations giving cheaper forex to their citizens going for holidays on other nations or for pilgrimage...

We have had a forex crises for years... And while we blame those eating rice and wearing okrika clothes, have we ever asked how much cheap forex the CBN spends yearly on those going for medical treatment abroad... How much do they spend on those going for pilgrimage.... How much do they give to those traveling abroad for whatever reason.... If we have those figures, let us compare it to forwx used on rice then we see wher the problem lies.... How would the forex crises end when the privileged few feed fat at the expense of the poor majority..

Still on devaluation....

When you're in the center of everything, it can be difficult to see how it just makes citizens poorer... Focusing on one metric makes it clear

Using cars for example... 8- 10 years ago, a young graduate (without other commitments) earning 150k could save over 12- 18months and buy a 2004 toks vehicle.... As of then, a 2004 vehicle was 8-12 years old....

Over the last decade, most jobs I know that payed such amount are still at same rate or marginally increased to between 180 - 200k.


Right now, same graduate earning 180k would need at least 2 years years to save and buy same 2004 vehicle which is now 18years old. Funny enough, that car may be more expensive now than it was 8 years back.
That same vehicle has also become much more cheaper right in the West and not unusual for them to be scrapped out when they have issues. As they'd consider the cost of repair more than the cost of the vehicle.

This is worrying cos cars should depreciate not appreciate. If this trend continues, vehicles on our roads will get older without most noticing... similar to what we see in poorer African nations...

As we know, purchasing power is a marker of a vibrant economy and middle class...Similar scenario can be seen when we zoom into specific items....


This just reminds me of the state of the common man before 1999.... I'm not a fan of OBJ... But his regime did loads to improve the buying power of the genral populace. This was largely due to macroeconomic measures put in....

This latest devaluation (though not the worst in recent memory) has come with alot of media frenzy... This solidifies my belief that somewhere between 550 and 700 lies the tipping point- the point of no return. It's at this point the average Nigerian will look to have their savings in forex and usually where things spiral out of control..

Right now, the arbitrage between the official and market rate is about 35%. Anyone who CBN gives forex can effectively resell it at 35% interest. In a country like Nigeria, that could be a bottomless pit of corruption. Sooner or later the CBN will be forced to make a big move...

Lemme speculate on possible things they might do and attendant effects...

1. Start funding BDCs- with the back and forth on this, this route would show they've run out of ideas.... Already, it's clear how it ends.... Except they give excess forex to fulfill demand, all they'd do is enrichen BDC operatves.

2. Go for domiciliary accounts- With this, the CBN converts all forex there to naira at their rate... In most cases, this is usually followed by a devaluation. This option is now looking like a matter of 'when' not 'if'. With the amount of popularity CBN has lost with the public, this is something, the average Nigerian might favour.. There is a hoard of dollars sitting there and the question would be what they're using it for? I believe the last memo leaked was genuine..
So far, Nigeria seems to be following the case of Lebanon. In Lebanon, after the ban on dom accounts, banks connived with some rich folks to ship out their forex... Already, it seems rich folks here have got the signal and are moving stuff already. The downside is that markets react badly whenever this is done.


3. Devalue the naira further- Again as we've seen, this would just be pushing the can down the road. If the CBN devalues without increasing forex supply, the market rate usually goes up too- more like a chicken and egg.

4. End the dollar subsidy- This is something I'd favour moreso if it's followed by a complete float of the currency. Cheaper forex for folks going abroad for mefical care or for schooling does not offer any benefit to the economy. Everyone should access forex at the same rate. Let the nation determine whats important and not. CBN can intervene via other means


5. Float the naira- This to me is the most sustainable option long-term. Here rate is typically dependent on market forces. Suspending dom accounts+ dollar subsidy + a float could bring long lasting stability we want..

6. Wait for the enaira and see the effect- This would seem like a gamble on something new. Moreso even if its eventually successful, it'd need lots of time to gain traction...that time we do not have.

And finally... Sit and do nothing..... Sometimes, this is the best option...

Eitherway, the next few weeks look like they're going to be interesting

Sometimes... It's good to place sell or buy orders based on HTF levels especially on majors and let them be... Cos mostimes with alerts one gets emotional when targets are hit and not action them


Signed in this afternoon to see my sell orders for ltc into betece at 0.495 were hit nicely just before the dump.... With that, I've sold 75% of my ltc into betece... The remaining 25% will be used to keep tabs on the market.... Anytime it pumps, I know a market correction is around the corner....

In all, I got 35% more betece from trading ltc within a month... Not bad for a useless coyn like ltc.... Wouldn't trade it for a while

In times like this when the market is uncertain, I just focus more on increasing my Betece value.....either via breakout coyns or majors.... When the market becomes clear, we know what's left

luvlyoracle:
Do you think we should still wait for more dip?

If a coyn that has been holding the 4hr support loses it, I either wait for it to reclaim that support or look at the support on the next timeframe which in this case would be the daily

nonut:
In simple terms, they're about to strike

Not necessarily... Just a guide I use when I want to hop in or out of a trending coyn so I can better define my point of invalidation

Sice the rally from 66, sol has been holding and bouncing off the 4hr support against usdt, bnb and betc... Its has lost it on all pairs.... Doesn't look good

SUPERPACK:
Don't be too attached to a coin, always sell some whether red or green to solve sapa issues, crypto is highly manipulative and until you convert that your profit into Fiat you have no profit, even stablecoins is not guaranteed. Remember; Only the whales with at least 3000 BeTC can determine the top or bottoms of coins, our own is to collect small profit as we can.
As we go out there to to seek for profit from crypto may we not meet what will eat us for Breakfast

I'd partly disagree with this....
It can be termed as partly manipulative- so is evey other market...

But then bitc0in is the fastest growing asset of the last decade and it's set to increase with time..

In the world of investing, having an asset that appreciates at even 10% yearly can be a gold mine... Bitc0in far outperforms that... If you look at the big picture, crypt0 can be a blessing...
Looking at the small picture is more of guesswork

idolda:
Thanks so much for the mention of Coinbase pro, never knew anything like that exist until you mention it earlier and I checked it out. The rate is great 0.5% and it has more coin than the basic version. It is also simple and user friendly to beginners like me. Got Algo from it now. I am still playing my way around Kucoin and getting to understand their interface better.

Coinbase pro is 0.25% I think..

Reason I like it is that their withdrawals are cheap...

Binance has about the lowest exchange fee moreso when the fees are paid in bnb- 0.075 I think

I'd definitely consider anything above 0.5% as being too high

Mayboy:
How do you mean? Please, I don't understand sir.

I mean that of recent, when ada pumps first, it tends to pull the market up... So ada begining to rally yesterday looked like a good sign...

Secondly, even if the market does rally from here, I still think it comes down to retest 40-42k which was where the selloff bounced

idolda:
Sure. It is open and transparent process, they charge 1.5% per purchase which to me is not an issue (Kucoin charged me 1.9% when i deposited the fund through the purchase of USDT). The simplicity is superb and a layman can successfully navigate the system without any hassle. I didn't even watch a single video or ask a single question when I downloaded the app, opened an account and made my first purchase. Only that they don't have many coin like others.

Hmm... I used to wonder why people will buy on the basic version of most exchanges and pay 1.5- 3% when the rate on the pro version is less than 0.5...

I cant remember trading crypt0 at more then 0.5 fees... Right now, I hardly use any exchange that goes above 0.25...

Look at it this way, if you learn to use it, then you've learnt it for life... Also, the interface on most pro exchanges are similar hence you'd be able to use any

idolda:
Kucoin is the most complicated crypto market on earth lol. I have been battling with purchasing from the app since morning with no luck. I have watched several videos on YouTube with little success unfortunately I already moved money into the app. I don't know why they can't make their platform simple like coinbase. For coinbase you just login and purchase crypto with your card directly without converting to USDT, transferring the fund from main account to trading account (chai the thing really wasted my time before i can figure this out) i was watching as SDN price dey fly but can't still buy due to the lack of simplicity of the app.

Have you bothered to confirm what the transaction fees are for purchasing crypt0 on coinbase (not coinbase pro) moreso with a card