₦airaland Forum

The cycle of devaluation has become quite typical.

Last 2 weeks I got an email from my bank updating me on some new restrictions on PTA/BTA- this is usually the first sign and so I eased off the naira...

Unsurprisingly, after a week, the rates started pushing up... typical!

CBN threatening folks shows they're panicking. In the past, they'd have blamed crypt0 traders for their ineptitude. Also, some of the news filtering thru about the economy (debt servicing more than revenue) doesn't inspire confidence.

Thirdly, CBN rapidly increasing interest rates for the first time in years looks like they've sensed rapid inflation is beckoning.

I've always held that with rapid devaluation, around the 700-750 mark lies the point where the average Nigerian losses hope in the naira. This is usually where things begin to spiral out. If the gallop we saw this week continues into next, then that number is not far away.

What's worse is the inflation that follows any major devaluation. There's usually a 2-3 month lag for this. Inflation currently at 19% would easily reach 25-30% should the exchange rate reach 700. When handling a building project I usually like to be in usd preceeding this kind of devaluation and buy items in naira once things stabilise. If caught in naira, I buy up items quite quick cos prices would soar in the coming months..

Finally, over the last decade and half, the naira has averagely lost 10- 15% of its value against the usd every year (i.e 50% is lost every 6 years). This year (just like 2015) was going to be tough mainly due to the general elections and the money politics we play which is sadly now done in usd. All said, it's my duty to protect my wealth. Our leaders (and populace) do not care.

skydiver01:
Yes rates wise but it was not oversubscribed which is unusual.

Except folks are taking their money elsewhere.....

With CBN now issuing threats, likely folks are pulling liquidity. It'd be interesting to see how the interest rate increase by CBN would affect things locally


https://thenationonlineng.net/cbn-to-sanction-customers-converting-naira-to-dollar/

ositadima1:
I hope u read my initial post. Investing in bitc0in is ok, but the bulk of ur money shouldn't be in it(most gurus advice 5 to 15% of ur assets). I was responding to @jedisco who was implying that moving ur assets to crypt0 was a good way to edge against naira devaluation.

Like I said before, crypt0s are purely speculative in nature.

I still see bitc0in as a good hedge against devaluation of the naira. Over the last 10 years, it's proven to generally trend up with time. Buying and selling at the right time have generally brought good returns. The naira OTOH has lost at least 10% of its value yearly against the USD. This year alone it's lost about 13% and we're just halfway.

As regards diversification, that's common sense.

skydiver01:
Kindly find below the NTB auction results.

Demand is finally merging with supply... Took a while....

aaking:
Make her sign a written document that
1. If she purpose to leave you in UK you are entitled to the Children on the said document write that " I am not fit enough to withstand the problems of the Children and don't need them around me"

2. Every of your assets and finance wouldn't be shared between both that "am ready to go for free"

Noted !!! Don't tell her about this info but give her to sign that is part of the document she'll needs to get there.

Another method for her to sign without she noticing what she is signing.

Type the following agreement document with all the wordings in it and the signatures both of you right and left side. Then input two witnesses from both families.

Then start this method.

After typing the following headings leave it blank without any inputs then go down to put the signatories . Same pattern
The headline should be in your own surname e.g your name is John book while she is ciara don. Your headings MOST be AGREEMENT BETWEEN JOHN AND CIARA BOOK.

I am giving you the experience of what my cousin went through.

And who told you such agreements mean anything in the event of a divorce?
If the man presents such, it'd even count against him

KingOfTheDamned:
When UK threw it's borders open to Nigerian doctors during COVID what did they think would happen?

All manner of quacks and nitwits have entered UK as so called doctors . Even those who failed their residency have gone to the UK to claim being a medical professional

If they are really quacks, how then do they pass qualifying exams?
Do you know how long the said doc has worked in the UK?

The governor has put out an advert for private refuse collectors all around the state..
He should be fast about it.

EFCC is becoming SARs... what is the basis for this arrest?
How are game consoles, phones and laptops now exhibits?

If there is relevant information on those devices, they should take the chaps to court else they should be released. EFCC should let us know when they are in court and not this illegality. This habit of rounding up young people, taking their pictures and extorting them is criminal.

Thinktwicemybro:
Though am not a tinubu fan, it disgust me to see the attempt by buhari and his cabal to betray him. Tinubu cleaned buhari tears after he cried foul on television and made him president. Why did he not become president with his CPC? One good turn deserves another. Within the APC tinubu should be the undisputed person to give the ticket,he has paid his dues . He stayed away from buhari presidency and never distracted him. It's a pity osibanjo who was picked from the gutters of political relegation still have the guts to pick form in the same contest with his benefactor. As a Christian the Bible encourage loyalty. Spit on osibanjo! His action may cost tinubu the ticket. However, I only pity APC although am happy at the same time because if they did not give tinubu the ticket he will support atiku or obi and that will be the end of APC. Let's see how buhari anointed candidate will win without tinubu. His anointed candidate will loose just as he lost 3 times before tinubu rescued him. I love the fact that tinubu is talking out now because if he close his mouth they will push him out.

Push tinubu out let's see if APC won't enter political coma forever.

Keep shut! The number 1 sit of 250 million people is not something to be handed around like a bowl of soup with no recourse to competence.

Hdanny:
It’s not even about how cheap it is to live in Nigeria, the problem is no where the money is coming from for a layman in the country.

Partly true. All said, money is just a piece of paper. A loaf of bread used to cost thousands of Zimbabwean dollars while in the U.S, it cost few dollars

richidinho:
The amount you see there is for a month not yearly

Yes I know.
Even if it's daily, the question you should ask is how are people there ae to afford it and other luxuries while folks in 'cheap' nations can bearly feed

thebosstrevor1:
Most cheap places are in average or poor countries but your money will be well spent.
most low tax places are in average or poor countries, i could still have money left to save.

Cheap is relative...

Bobmarie:
Nigeria is not cheap but expensive to Nigerians according to our earning power. It only cheap to outsiders with ten times our purchasing power.

Nigeria is more expensive to live in to an Average Nigerian, than America is to an average American.

Exactly... folks who have never stepped out of the country fail to understand that cheap is relative... They convert stuff in absolute terms and fail to factor in purchasing power and living standards which are more important.
The sticker price on an item is just a number. It means nothing until you put it in context.

thebosstrevor1:
Someone is paying 800k per year for a 1 bedroom flat here in a good area in Nigeria.

A 2 bedroom goes for 650k to 700k per year in a not so good area.

A 3 bedroom goes for 1.2 to 1.5m per year in a not so good area here in Nigeria.

Nigeria is cheap

If Nigeria is cheap, why do we have a huge chunk of people classed as poor.
The sticker price paid for an item means little. Relative affordability is important.

I like the simplicity of the table and what was served

If true, likely so courts wouldn't hold and distort any sharp moves

Legendoo:
This is some bullshit. Really in this same abroad where we are like second class citizens.

When did you arrive in the uk cos I know you used to trade bitc0ins.

Don't make the mistake of using your circle to judge the majority of Nigerians in the UK. I can easily count over 10 Nigerian folks/families in the UK, all less than 6 years in, quickly rising up the economic ladder. All have taken up good mortgages and a number have even moved to their second homes while the rent from the first services its mortgage. I know well paid folks in the UK who moved on to Canada and the U.S for much better pay without even waiting for their ILR. Some are only being delayed by their ILR before thay move.

And all that is not surprising. Generally, Indians seem to have done even better. I know alot of first generation Asians in the UK doing very well legally.

Like I said, this thread is not about me. But since you know I trade bitc0in, then you should have come across my trade volume on a single exchange over a 1yr period.

Talking about second class citizen i.e discrimination. The discrimination I experienced in the UK is miniscule compared to what I saw in my own country. Try rising up the ladder in any federal agency outside your region and tell the story. The UK/US is much more likely to reward the hardwork of a 'nobody' than Nigeria.

All said, outside your personal attacks, you were unable to outline what made my post bvllshit.

sukkot:
i hear ya bro but it is not my business how other people live their lives. everybody with his or her own cross and karmic debts. i plan to carve my own little heaven in hell. there are many places in nigeria with better standards of living than the UK. better soup na money kill am. make your money and go move to a gated estate in lekki phase 1. they have swimming pools 24 7 electricity, gym, shopping complex, restaurant etc inside them. and you dont have to deal with racism. or beng second class citizen

No wahala, to each his own. For many voluntary retunees, experiences and finances gained abroad does help give them a higher pedestal to launch from on return. I also may retire in Nigeria, but I hope the nation doesn't continue in it's current downtrend. Eitherway, leaving early for ne has been worth it.
But seriously, going to a gated estate i.e boxing yourself up is not the longterm solution in 9ja. Things are much better if the nation is in an upward trend. You could ask rich nothern folks. The heat is slowly closing in.

sukkot:
and come to lagos the whole streets is full of 2 or 3 year old northerner chldren in traffic begging for money . you will see millions of tiny cute 2 year old hausa kids dangerously chasing traffic trying to wipe your windshield for money. so i dont understand what point you were trying to make with that comparison

as for the other thing you said i dont doubt that you have a better basic livng standard in the uk but this is for people who want basic living standards. me while i am a minimalist but yet i dont want a basic livng standard. i dont need much in life but i dont want to live my life tied to bills and work

My point is that the reason why the UK is less than that in Nigeria is not down to cost of raising kids. As nations become more developed, their birth rates drop. Even the well off in the UK are not birthing kids anyhow. Infact, the richer folks have less kids

What's the future of these kids tomorrow? We're here blaming a country that has been able to take care of that. Due do my area of work, I have seen how devastating poverty and income inequalities can be in developing nations. I remember Sanusi once broke down in tears because of the number of kids that were dying as their parents could not raise ridiculously small sums (<500 naira) to transport their children to the hospital.

In Nigeria, you could get a 8yr old, maltreat her, make her a house slave to your kids and even a sex slave as she grows older with no repercussions. Not same elsewhere. That's the reason why I value the social care system/child safeguarding system elsewhere and I dont see the tax paid in maintaining those as a waste. A good society is one everybody benefits from.

It's good to have luxury in life (I also do) but it's more important when majority around are also comfortable

GloriousGbola:
And you think Nigerians in the UK will go for used clothes? Maybe you dress your kids with clothes from oxfam

This is the same problem highlighted in every immigrant conversation. People assume that they can somehow replicate their exact situation and expenses in Nigeria in the UK.

Do you also buy your electronics as 'tested'?
Do you buy your cars as 'first body'?
Do you casually pirate movies and other media over your isp?

This is the kind of nonsense thinking where we will hear I am earning 2 million naira in uk

You miss my point.
My point is that you don't readily have used clothes in the UK because there is no market for them. Clothes are clothes. You can decide to buy Gucci shoes for £1k per pair.
For heaven sake, kids clothes are extremely cheap in the UK and always on a discount. You could easily get discounted Clarks shoes for about £10. Those shoes would would be used by two kids at least and still be in good condition.
Like I said earlier, if you are working in the UK and what your kids wear is your problem, you should be asking yourself serious questions.

My significant expenditure when I come to kids are these:
Childcare
Private schools (if you want to)
Enjoyable holidays
What support I'd give to those kids as they launch into life- houses e.t.c.

Things like food, clothing are extremely negligible

sukkot:
i did. am in naija as i speak to you

am in lagos though

Lol... why you no pursue cheap state.
I'm sure even in Lagos, you would not be in cheap Ajegunle

sukkot:
tell me the percentage of peoplein the UK who have 4 children ? less than .00001 percent which is why it is an aging population. my pont being the poverty in the UK is not so obvious because people dont have children to complicate their own circumstances. however if you have 4 children, to be above poverty level you are on a higher threshold of what you need to earn than the average brit because the average brit does not have 4 kids. and so for 4 kids you need to earn at least 6000 pounds a month or you are finshed

You misunderstand how populations develop. In Nigeria for example, the birth rate in the south is much less than that of the north even for monogamous homes. It's not because northerners are very rich or southerners are scared of the cost of raising kids.
That is also thesame reason why most families in the UK have less kids. Look over Europe, Japan e.t.c. it's thesame story.

A family in the UK saying they're poor is much different from same in Nigeria. I know a number of families living on council homes freely with extra financial support and the kids attending good public schools. After schooling, those kids can apply for student loans if they want to go to uni. In the end, the society bankrolls them thru it all just because their mum said she has mental health problems and hence can't work. Now compare that to Nigeria...

I can go on but it seems a waste of time comparing poverty levels in Nigeria to the UK. Very soon, you'd compare electricity supply.

GloriousGbola:
Well, growing kids will go through clothes so fast your head will spin. My son is going through a growth spurt and within 3 months his trousers are jumping.

Hehe... sometimes, some statements surprise me.
Seems it's only in the uk that children grow up. Kids in Nigeria are all stunted right?

May I remind you that most Nigerias rely on used clothes from the west. Almost all those clothes imported to Nigeria are clothes that were thrownaway or donated after use. If clothes are your problem, you'd get same used clothes people buy in Nigeria for free in the UK

sukkot:
yeah thats not me. i need freedom. money is freedom. if i wake up today and feel like being in bali i want to be able to be there. if i want to be n venezuela today i want to be able to do it. i need that freedom that excess money brings. the UK is a trap. no freedom. you are trapped in a hamster wheel cycle of work and bills, .THATS NEVER BEING FOR ME. i hate prison ( invisble prison walls )

Then why not leave and enjoy tax-free freedom in Nigeria?
And when in Nigeria, make sure you settle in the 'cheaper' states like Gombe, Jigawa, Kogi...
Nigeria is even expensive. I heard Niger and Central African Republic are much cheaper

sukkot:
TOO MUCH VAWULENCE . anyway you know to say that you are a high income earner in the UK MEANS ABSOLUTELY NOTHING. because high income earner in the UK starts at 40k per annum but truly 40k is nothing after they remove tax and rent and council tax etc etc. and speaking of basic amenties in the UK to be honest with you unless you are just a sickler who needs the NHS all the time,, i dont see any special basic amenities in the UK. as per 300 per clothes weekly you cant understand it because you dont have 4 growing children who need to upgrade school unform and house clothes and pajamas all the time. E GET WHY OYINBO PEOPLE DEY ONLY BORN 1 PIKIN, ITS NOT BECAUSE THEY DONT LIKE CHLDREN, CHLDREN ARE EXPENSIVE N THE UK. as per the MOT alright a slight exagerration but its only a 9 pound exaggeriation. 9 pounds is nothing. also consider the tv license a slight exagerration. however keep in mind i didnt even mention income tax and phone line for 4 children and so that guy wth his 4 kids in order to be slightly above poverty line has to earn before taxes about 1500 pounds a week aka 6000 a month aka 4.8 million naira a month. if he earns less than this ? he is in the poverty category and it will be a life of struggles

The income data for the UK is widely available. Tell me what percentage of UK families earn upto 6k before tax? Then also tell me the poverty rate in Nigeria and the UK.

I have lived both worlds and know which I'd chose. I would avoid details but having over 65% of your eventual takehome taxed at a rate of 40% or above is significant.

The travel from high birth rate, high death rate to low birth rate, low death rate is one that's well documented world over. The reason why raising kids is considered expensive in most western nations boild down to the cost of child care or missed income if parents tend fully themselves.
Food, clothing e.t.c are not first world problems. If you're working in the UK and struggling with clothing, you should be asking yourself serious questions. I and family wear largely branded items and I know how much is spent on clothing. Budgeting £15.6k pa on clothing for an average family is senseless.

Aside labour and accommodation, virtually every other expensive is relatively much more cheaper in the UK than in Nigeria.

Virtually everything on your list was extremely exagerrated

sukkot:
and the bolded is what differentiates me and other people like me from you. i dont just want to live a good life and have Zero In my bank account. i want to thrive and have millions of dollars in my bank account. and thats why i dont like the UK. IT IS STRUCTURED TO JUST LIVE A SUBSISTENCE LIFE

I don't need millions in my bank account without giving my fair share back to make my society livable. I want to lead a sensible life, contribute to society and go when my time comes. The UK is structured in such a way that most are propped up into a reasonable living standard and those who want to go home with loads have to give a good chunk back to society. What is the structure in Nigeria where our senators earn more than the US president?

That is the difference between national wealth and individual wealth. I'd rather be a middle income earner in a developed society than a high income earner in a country where millions live on less than 1 usd per day.

sukkot:
negro yu must be crazy. i am mr UK on nairaland. what i dont knw about the UK is not worth knowing. and yes a family of 6 would buy school uniforms and house clothes and wigs and accesories and socks and shoes etc. am not saying they are buying it weekly but i am doing a weekly budget of an annual salary. try to understand.

Young lout I am also in the UK, a higher income earner and I pay over 40% of my take home in income tax that's aside roughly 10% in NI and then pensions too. When in Nigeria, I earned good money with less tax but I'd rather I paid a similarly high rate in Nigeria and still had same basic amenities I get in the UK.

It is absolutely senseless to budget £300 pw for clothes as a working family. Thats £15.6k pa on clothes for a family trying to keep up. Tell me how you came about your weekly £10 for mot or £30 for TV licence

MrBrownJay1:
its unwise to try to compare what someone makes in Nigeria with what you make in the UK.... here is a simple clue: what you make in Nigeria with 600K, you will need to make no less than £5K weekly in the UK to have the same lifestyle. here is another clue of what i am saying: with the £1k weekly that you make in the UK, you cant remotely think of living comfortably in the best Neighborhood of London.

i am sorry to say that, in London, earning £1K weekly is considered middle class at best....in Nigeria where the minimum salary is 30K, earning 600k monthly (aka 20times the minimum salary), you are rich!

This is laughable. Do you know what £5000 is? It looks as if the salaries earned by premier league players confuse many. How much do you think MPs earn?

London is London for a reason. It's the financial capital of Europe and attracts money the world over. A £5k pm take home after tax is good money in most parts of the UK

sukkot:
i will advise you as a friend/brother will and then as an enemy.as a friend / brother i will say you are the most unqualified candidate to go abroad. you have 4 kids ? which in itself is not a problem if your name is dangote or otedola but for you ? its a burden that will sink you abroad. secondly you dont have any marketable skillset. and so you are most defnitely going to be doing manual labor or security work. so the question is what right thinking person leaves 600k per month to go and be doing manual labor abroad. i would even go as far as to say you are not even qualified to have a 600k job in nigeria because you said you are a salesperson so basically you are just one lucky bastard ( british slang ) and if i were you i would hold on tight to that job because there are 200 million people who want that job.

back to the abroad thing, someone told you he is making 2 million a month dong security work but did that low iq deceptive guy tell you what the cost of living is ? lets see so 2 million is 2600 pounds a month. thats 650 pounds a week. rent is 250 pounds a week, council tax is 30 pounds, water 50, light 40, tv license 30, feeding of 6 people is like 150 pounds a week, clothes for 6 people is like 300 pounds a week, internet 40 pounds a week, phone line is like 30 pounds a week, with 4 kids you need a car, car insurance is like 40 a week, gas like 40, road tax like 20, mot like 10, so when i add up all these expenses they come to 1030 pounds a week and so you can see that earning 650 pounds a week will not cover your expenses. someone like yu will have to earn 5000 pounds a month in the uk to survive ( thats 4million naira a month you have to earn ) and so your low iq friend is not telling you that the 2 million per month is too small. he is hoping you would think you are living for free with no expenses and all the 2 million is take home..and that is the reality of your situation

conlusion > you are hghly unqualified to go abroad unless you dont mind a life of misery and suffering and manual labor and council estates Where your kids would be beaten up by jamaican thugs everyday. YU BETER HOLD ONTO YOUR 600K JOB

NOW THE ADVICE ABOVE WOULD BE FOR A FRIEND OR BROTHER BUT TO AN ENEMY I WOULD SAY JAPAAAAAAAAAAAAAAAAAAAAAAAA. GO TO THE UK. YOU WILL ENJOY YA LIFE

It's quite obvious you've not worked in the UK before. The cost for most of those items you listed are laughable. £300 per week for clothes? That's about enough to clothe the family for 6m- 1yr. £10 for MOT? The cost of MOT paid yearly is about £45. I dont know how you got 10. If you know the percentage of familes earning upto 5000 after tax in the UK, you'd stop saying that.

If you look thru this thread, most high earners in Nigeria who migrated have consistently said it's most times worth the move if you go thru the right means.

One thing to understand is how deveoped countries are structured. In the UK, there are loads of people living on benefits. The system needs folks to work and pay tax. Therefore, the system is structured in a way that with virtually any job you do, if you work reasonably, you should be able to lead a good life.
The system needs folks to work so the government does not pay them. In Nigeria, you need to work so you don't die.
Hence, the way you look at 'menial' jobs is quite different. A plumber, uber driver e t.c can easily take home more money than some doctors.

Hehehe

Tormentedsoul:
Yes I sacrificed her eventually

How did you do that?

BuisnessThrills:
Thanks for the response , well Have already dropped some few dollars buying Luna , because if any favorable news come out of it , the way people will rush to buy it back

Easy bro... somethings can't be undone. Stay safe