₦airaland Forum

@Oga Loco,
I hail you sir. ',Morning sir!

Abeg you remember like 2 years ago wey you dey say you dey buy Honeywell and even some folks here dey carry you dey play. I just dey smh. I read your comment that day and I said to myself that blood and flesh did not reveal this to this man. I just say a silent prayer for you that God go bless you.

I dey follow your comments and I know you are real. Make you hang on, your Transcorp go gel and you go happy las las. Well done sir.
I no dey Transcorp shah but I understand why you love Transcorp.

May we all find joy and reap from our investments. NSE is the koko and for me and my house, na NSE o!

I no no why insurance come dey lag dis days, I actually expect that by now, they should be up because it is getting closer to the deadline of their recapitalization. Is there anything holding them back we should know or NAICOM don extend their recap deadline again?

samguru:
Good evening @Nigerialabalaba

I having been reading and following your submissions since you opened discussion on this Fx matters and at this juncture, I want to let you you know that you have little or no knowledge about dynamics of FX at all.

If you have been tracking Nigeria Balance of payment in the last 5 years, you will discover Nigeria has been consistently recording balance of payment deficit, which implies we have been importing far more than what we are exporting. what this means is our dollar earnings is dwindling but we are spending more dollars everyday.

The diasporas that should be helping to reduce dollar demand pressure are holding on tight to their hard earned dollar as they know naira loses value quickly.

Our politicians are making dollar scare, as proceeds of their corrupt activities are always stashed in dollars(in their wardrobes),also the rule of PTA/BTA does not apply to them as some of them spend as high as $150,000 to $300,000 on a single trip.

If we want naira to be strong, we need to start exporting massively so that we can have more dollars.

The fintechs are not the problem at all as the FX they consume is insignificant.

Una good evening Sir Guru.
Thank you so very much for your insights. I gbadun you. I agree 100% that our aggregate output and export needs to go up and the numbers coming from nbs, especially before covid-19, dey show that our PMI has started increasing and you sef see say the intervention by CBN dey help many companies get back up so tey some have significantly reduced their finance cost and now have more to share or reinvest.

Oga Guru, I just want you to know say we know wetin dey go on but like to dey blame everyone except ourselves individually.

We play on wetin guys wey sabi book dey call FUD so that perception go go against naira and dem fit cash out through these wayo 'fintechs '. You just embellished it by suggesting that naira loses value quickly and I begin dey wonder if na Zimbabwe you dey talk about. I don even read here way some endtime prophet of doom say naira go reach N1000 to $1 before last December and they fuel FUD against naira so dem go fit cash out. I no wan say God go punish dem but I know say the kind punishment God go give dem go be like the one wey God do Anini , Monday Osunbor and Evans .

I dey remind you say na dis kain talk dey make those unpatriotic cheats dey hoard fx and still dey spread FUD to make those who get the fx no release am.
Now to how our balance of trade for the past 5 years dey go down, na oil price wey go down and dey fetch us like 90% of our fx cause am. Unfortunately, some people wey think say na only dem get sense come put petrol for the fire wey dey burn us with oil and electricity subsidy. Those people na the economic saboteurs behind these "fintech ". The court papers has established that they were diverting fx that CBN released for special intervention in critical areas of the Nigerian economy, go dey use the money dey buy US stocks and crypto. Bros, you use style dodge that place. This fx fraud has been going on for the 5 years you mentioned and it keeps rising. I no get the data on the fraudulent fx exportation going into the US stocks but for just binance, nairametrics reported that $38m was exported in June and it went up by $1m in July to $39m. If you do naira conversion, that is N19.5 billion being exchanged for US for crypto alone. This is just conservative and if you extrapolate the data I get from BBC, you go know say you underestimate the magnitude of the sabotage these guys dey cause https://www.bbc.com/news/world-africa-56169917
As at 2020, the total monthly trade in crypto is $65m and that is $780m in 2020 alone . That is N390 billion( almost the annual budget of Lagos for 20 million people) being exported criminally for USD and this number has gone up now unless CBN prosecute these guys.

These wayo 'fintech' guys, their collaborators wey dey disguise as customers and the thieving politicians will all face the same judgement; they will gather but never enjoy it let alone bequeath it to their descendants. They will lose everything at last because dem all be thieves . Forget the whataboutism, wetin no good is not good.
If no be God and few patriotic Nigerian investors, these bad people go don even kill our NSE sef! Na those kind bad people you dey scare to call out? Abeg, make dem go face their case. Person wey sabi wetin hin dey do now should bring his clean money come NSE. All the people wey wan kill Nigeria and NSE no go succeed. Na jail dem go end at last if dem no repent now.

RodgersAkpafu:
Obviously he wont see all of these
From his comments especially the initial ones, you can tell that he is one of those who resents those who have been making some money on these platforms

We know these kind of people, we see them in the street everyday. That's why he is talking "economic saboteurs" and "criminals" and all that lingo
To people like them, any young person making it on these platforms must be criminals and dubious
That his fake talk of values and integrity isnt fooling anyone

Oga, no vex. I no dey fight you. I just dey tell you say na too much sense and greed dey worry una. If una wan make clean money, the opportunity booku but una just love quick gains scheme. I no dey do am because I no say na wayo and I no say na thief una dey thief . NSE dey give me joy and e no add sorrow to it.
The case dey court, make we leave am like that.

Elsueno:
U are still missing the point. it's average Nigerians that are on those apps, any profit gain from thier trades will be spent in Nigeria....They don't carry millions of dollars abroad, open companies & then send thier kids abroad to school & chop life. This action will change nothing....CBN knows exactly what to do & know whats siphoning forex, finetech are just scape goats to appease glubble supporters like you. Next target will obviously be those apps that help "save" in dollars, then next will be restrictions on domiciliary accounts.

Just a few years ago. I used 14,000 naira to get $100, Today u will need 52,000 naira for same $100. This is despite the slight devaluation of the $ sef

Oga no be so. I no say you no sabi the whole thing. Wetin you think say happen when suddenly dollars crash in less than 24 hours after CBN moved against them? So ordinary people wey dey say money no dey still dey offload over N522 to one USD and you believe am? Oga, February 20, 2022 na 6 months time, you go still see more wonder. All una eyes go clear las las.

RodgersAkpafu:
Something is fundamentally wrong with this person's viewpoints and world views
You are taking this personal when it's not that deep.

Oga, my head get beta oil and my head, body and soul dey kampe.
It's about value system. Your character is your compass in life and your compass is founded on what values you are raised with.
Everything no be money in life , any idiot can make money, there are higher ideals like loyalty, honour, duty, love , Patriotism and integrity. If you are not raised with it, Oga, you are fundamentally empty sir. And you will soon realise it will consume you in the long run and everything you ever built on your philosophy of whataboutism, including children badly raised with the mentality of quick gains and end justify the means.

https://nairametrics.com/2021/08/18/exchange-rate-used-for-purchasing-stocks-via-fintech-apps-falls-to-n522-1/

Fraudulent economic saboteurs and their online sympatisers who are hands in glove with them full everywhere for this thread.
So dollars can fall on your wayo "fintechs". I dey tell una, this one is not your usual dead conscience rhetoric of 'whataboutism' , you're part of the problem and very soon you and those you claim are also doing fx fraud like you will be inmates in same EFCC cell.

I hope you now have the memo : CBN no go allow una bad unpatriotic cheats kill naira . Anyone wey no hear word like una wayo "fintech " , even BDC and banks etc , he go end up and tey well well in prison and lose all las las.

On NSE wey dey give me joy wey you say no good yet you steal our scarce forex to ship overseas and still dey come dis thread, na ur own poverty grave you dey dig because you go lose all the money una acquired by cheating odas. Leave our NSE for us , as NSE be so, Monkey e no fine but him mama like am. I no come from family background wey dey cheat odas to get ahead in life and like my papa , mama and teachers tell me, the knowledge dem give me no be to dey take cheat people and my country like una. Una go lose all the money you acquire by cheating las las . Yeye !

RodgersAkpafu:
I'll tell you to your face straight up
What you just typed up there is a whole load of crap.
"Hedge" not "edge"
For you to not even know the right word to use says a lot about your level of intellect
These brokers are not frauds
Those who have their funds in there are insured by the SIPC
It's just a shame that the internet has given platform for anyone with no idea of how things work to come and run their mouth

Oga sir, I don tell you say too much sense dey una head pass efry efry.

You better apply to be dia solicitor on the next date February, 20, 2022.

You must think those CBN intervention funds fx that you and your 'fintech' cornered and shipped overseas to "edge" (pun intended) in denial of those who need it in those critical sectors don't have a trail. Una will soon rest and beg for leniency las las. Using ill gotten naira to corner USD and ship overseas under pretense of stocks or crypto for quick gains at the expense of national economic priorities is lazy , unpatriotic and criminal. Una no go siddon and find better work and business do, you will be looking for quick gains without self restraint.
Oga, you no dey help mata sef.

Willie2015:
CBN with another hammer!
Throwin the baby out with the bathwater ....
Instead of fixing these fintech challenges.....
By raisin the level of disclosure of their source of FX on a regular basis....
Lets kill them with ban and freeze their accounts...
Typical crude & reactive way of handling issues by Naija regulatory bodies...
Folks are still tradin Crypto even with their ban...
CBN should understand that the world is a global village....
And foreign fintechs will continue to emerge .....
And will serve the Nigerian unemployed youths seekin for survival....
They should kontinue to kill startups fintech.
That's providin jobs for Nigerian masses
Jobs they could not create......

Ds guys no be fintech, Oga forget the bobo kite.Na dem be conduit for forex fraud and money laundering in fx and crypto.

Dey are squeezing away scarce forex for real businesses wey they create real jobs , hire more and that urgently need it to buy raw materials and dis ur "fintech" are not creating jobs if their actions dey take away jobs from the real sector wey make sense. To collect naira, change am to USD meant for special intervention in the manufacturing, agriculture and health sector so you go fit hide am overseas no be job creation Oga, it is called economic sabotage and fraud .

People are doing legit businesses and creating jobs without snuffing out lives from odas. LCCI has been shouting that dem no get forex, CBN has been shouting itself hoarse that no one should touch the fx it releases to these critical sectors but una no go hear word because too much sense full una head. Dey and their bosses don enta dis one. If foreigners want to operate in that space , dem go bring dem USD not to dey rob serious businesses and killing other businesses which leads to huge loss of jobs.

OBAGADAFFI:
The Central Bank of Nigeria has just frozen the bank accounts of Nigerian fintech platforms Risevest, Bamboo, Trove and Chaka for the next six months.

https:///g7ORa0WXyg

FG may not be popular with some decisions but on this one, CBN just caught the errand boys for the real economic bandits and saboteurs. Ds platforms are not only involved in illicit forex trade , they are conduits for money laundering & just hide under trading in foreign stocks. Some of d people backing these platforms are even former top CBN officials!
Be careful if anyone is selling you products to help you "edge against inflation " by buying US stocks. It's all a front!
CBN will expose more in coming days. CBN is on top of dia mata. Another set are d agroinvest 'fintech', dos ones are doing crypto! Dey have no farm anywia! Era of free & dirty money to dey use pepper hardworking upright folks don end o, my pple, NSE is the koko.