₦airaland Forum

Thisnut:
i believe you should have known better than the garri seller. How would you say she is no selling in Dollar and she's not affected?

Do you know when money loses it purchasing power, it affects ever sector, even the locally made commodities, especially in a country like Nigeria that's mostly dependant on import?
The garri seller would also need to increase her prices in order for her money to be useful when she is going round the circle of exchange.

Someone said the landlord wouldn't increase house rent alongside the dollar increment, yet House rent has doubled from 2014 till date. Even though rent increment isn't done as often, but it always has a way to blend with inflation.
Oga landlord still dey use dollar.

Iam not saying they do not increase but the rate of increase is not the rate of the increase in exchange rate. The garri seller saying it is because of dollar is saying that because he/she is hearing the foreign rice seller saying it. Once importers start saying dollar has increase, even vulcanizer and barber will increase and say it is because of dollar increaase. The palmwine tapper in the village will also even blame the increase in the price of a keg of palmwine on dollar increase. He will also say 'dem talk say dollar don increase'.

OgogoroFreak:
Food is allowed to move freely. No interstate ban on food.

Theoretically. You need to go and ask those that bring in the foodstuffs what they pass through on the road to bring them in. This is Nigeria.

Thisnut:
when a country is dependent on import, dollar becomes her currency by default.

My sister bought audi 80 at 350k naira about 10years ago, today that car is being priced at 500k naira. Does it mean the value of the car went up? Absolutely no, it's the value of naira that went down.

Truth be told sir, dollar is Nigeria's first currency, while naira is her second currency. From airline booking, vacation, electronic, furniture and other household goods, transportation, clothing, food items are all controlled by dollar. The other day, a lady was telling a market woman selling garri that the price was too high, the market woman responded that " madam dollar don go up.

If you kept dollar at one dollar to naira @180 in 2014 without single investment and sell at 455 naira today you would have made 152.7 percent increase. 455-180/180*100.


True, America don't use naira, even benin Republic next door don't use it either.

Even if the garri seller is saying 'madam, dollar don go up', is the woman selling the garri in dollar or is her rate of increase equivalent to the rate the dollar went up?. The garri seller saying it is just saying it as a joke. The real reason garri price went up was because of the inter-state lockdown. Most of the sellers refused to go and bring in because of the high cost of transportation due to the several points on the road they have to settle security agents enforcing the inter-state ban.

XiaoLi:
First bank savings interest have dropped few hours ago.

Chai. See as guys dey do per second monitoring of savings interest like say na TB upfront interest or bond interest payment dem dey monitor.

Sholapey:
It doesn't work like that, they balance your account before the month end and credit you after month end with the interest on the previous balance.

This is no longer the process. Interest is calculated on your daily balance on daily basis and accumulated somewhere from where it is paid at month end.

ojesymsym:
This is just me thinking, can you receive your interest from GTB on the first and quickly move the funds to Firstbank and receive another interest on the 4th?

Capital No !!!!!!!!!. Interest is accrued daily and paid at the end of the month or at the monthly anniversary of the account i.e. monthly anniversary of when the account was opened.

emmanuelewumi:
N10 million at an annual growth rate of 10% will grow to N26 million in 10 years due to compound interest.
Compound interest in the 8th wonder of the world.

Due to this lockdown and closure of schools, my kids schools started doing online schooling. The lesson notes are uploaded into the school portal which is accessible to both students and parents. I was always downloading them and going through. On a particular week lesson notes, i opened the Mathematics notes and saw the topic 'Mathematics of Finance'. Going through it, i saw compound interest as the topic to be taught. On getting home, i asked my son if he understood the topic and he said yes. I told him that he should ensure that he masters that topic very well as that topic is one of the secrets of becoming a millionaire or billionaire when he starts working. I also told him to go to google, search for the formula and put in some figures like 20k monthly at 5% for 20 years. He came back shocked at the amount.

bidosko:
i always wonder too how inflation rate works, because people complain that making 10% a year is still a negative rate as a result of inflation.
Most product or service do not increase their price yearly

Quite true. That is why i hardly bother myself with all these quotes about inflation. For example, there has not been any significant increase in my kids tuition and boarding fees in secondary school for many years now despite the exchange rate moving to 360. Dollars is not spent in their schools nor is the food they eat imported.

ahiboilandgas:
it might cos 20k naira to barb in ireland

That is because you are converting to Naira. Naira is not earned and spent in Ireland. Most Nigerians make this mistake and so refused to go to the barbershop.

emmanuelewumi:
I stopped going to the barbershop when my wife gave me a nice cut and nobody observed it was done at home, coupled with the fact that I was always lazy to go to the barbershop on Sunday evenings

ojesymsym:
I can imagine the discussion during the hair cut.
Oga Emma: Are you aware that the MD of the clipper company just bought some shares from a weavon company.
Madam Emma: Which of them because I have shares in all the major ones?

From this, Oga Emma will enter:

Oga Emma: Do you know that if the N400 i spend monthly at the barbershop shop is compounded at 10% for 20 years, it will amount to several millions that can buy x number of units of shares of a tier-1 bank that will give a dividend yield of 10%?.

Madam Emma: Certainly. I support putting that N400 in an investment account that compounds.

Sholapey:
I cut my husband's hair 15 years now and still counting.

Shuoooo. Madam, so with all the plenty plenty money you are making, you do not want barbers to chop from it?. When i was in school, i was taught 'circular flow of income'. Make you allow this money flow now.

emmanuelewumi:
The daughter is the one managing the business, they have in Ikeja, Apapa, Victoria Island and other parts of Lagos. It is a multi million dollar business

I hope a lot of family own businesses will learn from this, even when Baba dies the business will continue to grow and pay dividends to the children and grandchildren of the founder

The daughter is good. She has expanded the business and brought in some many innovations. The Baba will be very proud of her.

ojesymsym:
I used to think it was power that was the main bane of businesses in Nigeria, but I now rank this one higher than any other factor. From the sales girl to the MD to the CEO all seem to be looking for any small opportunity to fleece the company.

My company does consulting for companies. One time, we noticed that a staff there was committing fraud. When we asked him why he was doing it, he said it was the MD that said he should do it and that if he does not do it, he will fire him and then employ somebody else that will do it. Just imagine. An MD with some much perks and allowances. That company is dead now and folded up.

emmanuelewumi:
How do you know? Can you afford it? Investors want sustainable returns on their investments?

People can't just come together to invest in a hospital. It is a successful doctor who has managed hospitals that will invite Investors.

A very big hospital in Lagos is owned by an eighty something years old Professor of Medicine. The name of the hospital starts with L, the hospital has branches all over Lagos

Private equity have bought into the hospital group, Baba got some millions of dollars and will still be getting something every year from the business

I heard at one time that it is now being managed by the daughter that is not even a Medical Doctor. I heard the hospital is well run and well managed. Before HMO came on board, one of my former colleagues pays a deposit there every January for his family. I was considering using them because of that deposit before HMO now came.

emmanuelewumi:
An unemployed graduate who won a lottery of N2 million, will do well for himself using 50% to 75% of the money for business than putting 100% of the money in a fixed income..



We were discussing on a WhatsApp group yesterday, a banker of about 15 years opened a bar some years ago.
The business was generating revenue but his workers didn't make the business to be profitable. It was the money he made in fixed income that he used in settling up the bar. He has closed the business and booked his loss.

He is now fully into the stock market and fixed income. And uses some of his funds to ship second hand cars from US and Canada, refurbishes and sells them in Nigeria.

If you are not on ground to manage your own business in Nigeria espercially at the startup stage, you better not setup the business. Just leave your funds in savings account. People too bad and wicked for this Naija.

ahiboilandgas:
oga u be old school....Nigeria population under 40 is around 80 percent ....those young boys doning beard gang na ever 3 days ,with those cock head style cant be done at home ....if u wan open salon look for middle class area like festact with many young people .....

Some of these young boys dey even go barber shop to trim bead and mustache. Some middle age guys with grey hair dey go barber shop to dye the hair.

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sagio09:
Please it's a bank. I'm a staff. Our office is in 3rd Avenue, Ahmad Bello way. Near Abia House, Abuja.
U can come there if u're in Abuja.
Please don't say what you don't know.
This is my phone number 09027700821. U can ask for what ever verification u need.

Interesting. The user id used to initially post it is now different from the one used to respond.

Btw, which staff of a bank uses a gmail email address to source for business?.

ahiboilandgas:
big man no be human being....we use to have 20 hr steady...

Wa o. That means it has changed. The company where i work had to run away from Apapa in October 2018 when the traffic caused by trailers became unbearable. This is a company that has been in Apapa since 1985.

ahiboilandgas:
how soon ...life expectancy in Nigeria is 53 years .....i been waiting since 1990....

If they follow through the strategy outlined in a video i saw by the President's SA, it will be by December 2021 for the phase 1 and 2023 for the Phase 2.

Btw, Apapa has never had light. Too many big men there who do not bother about PHCN as they all have independent power as in several noiseless generators and plants.

Theconglomerate:
A person in the far east like say Indonesia,Taiwan,Philippines etc..will pick the yen 100 times before the dollar because all what he might need to buy to be comfortable in life is found in japan and he will pay cheaper logistics to bring it to his country rather than buying from America with dollars.
Does that mean the person is stupid or should have picked the USD instead?No
This is what will soon happen to all these shitholes surrounding Nigeria the moment we fix infrastructure,start producing fuel and free up the markets with little government political hindrances.
When some of you compare Ghana to Nigeria,I honestly think you are mad,no offense.
This is not patriotism but simple reality.
Na because of steady light abi wetin

No be because of light o. Na the $1 to 5.8 GHS dey deceive them because Nigeria own is $1 to N450 whereas dem comot plenty zeroes 13 years ago.

pluto09:
OK.
That means the cedi is also depreciating.

Yes now but people that want to hype will tell you it is $1 to 1 GHS.

emmanuelewumi:
If Soludo had redenominated Naira.

Old N100 will be N1 when redenominated

So the current conversation rate of Naira to dollar will be N4 to $1.

Houses of N100 million will be redenominated to N1 million

Your account balance of N100,000 will become N1000 the next day after the redenominaion.

What of the Naira notes that i kept inside mattress or under my bed?.

pluto09:
I have not been following the exchange rate in Ghana.
Someone said 1cedi = 1 dollar and that was why I put the 'if' in my statement.

It is presently at $1 to 5.8 GHS.

So you can add back the zeroes that were removed to get the 'actual rate'.

Noisyrians:
what stops Nigeria from removing zeros from its currency, if it is that simple? I hope next time you go and change money into cedis, you will tell the currency changer to add those zeros to the rate he or she will offer you,huh?

i don't know what all these negative sentiments about Ghana by nigerians is all about. Ghana is better then Nigeria on many scores. is it life expectancy, is it about FID inflows, even inflationary figures? per capita GDP, economic growth? poverty levels? access to health and education? access to electricity? access to health care? corruption index? Ghana leads Nigerian on every single assessment.

even the roads in Ghana are better than the roads in Nigeria. It is not enough to shout Nigeria is better than Ghana. Give us concrete and verifiable reasons to support that.

[s][/s]

Ok. Ghana is better than Nigeria then. I guess you are fine now. Can we move on to other things now?.

ojesymsym:
Na so una de hype Ghana over the years that many of us began to think Nigeria was so so useless, only for PMB to close the border and the whole of West, East and part of Northern African began to feel the heat.

I watch some Ghanian stations sometimes, you need to see how they sometime blast their leaders and telling them to take a cue from Nigeria and here we are pretending they are better than us.

Many of their economic indexes are Audio.

Because Ghana artificially removes zeroes from their exchange rate, dem begin hype Ghana all over the place as if Nigeria cannot also remove zeroes from the exchange to make it $1 to 30kobo.

emmanuelewumi:
Investors know about rule of 72 and the ability to retire if you have 20 times of your annual expenses in income generating assets or Investments

Is this not dependent on where you retire to?. For instance, retiring and living in Lagos will not have the same expenses as retiring and living in a rural community or living in a place like Ibadan or Sagamu or Ogbomosho or Ilorin or Benin

DexterousOne:
So being a supposed "son of the soil" (which btw I consider to be a ridiculous construct) gives them the right to be harassing home owners and those who bought land?

Nigeria needs factory reset

Na so we see am o. The politicians are unwilling to tame them because they are used as tugs during elections.

DexterousOne:
Who and where do these thugs even come from?

They are 'son of the soil'. Born and bred in the place. They did not come from anywhere.

emmanuelewumi:
Lagos State and Onikoyi family could have asked the investors who bought Federal Secretariat Lagos to allocate maybe 10% share of the ownership of the project to them at completion.

The property is massive and can house over 1000 families. At completion the investment should be worth N40 billion or generating rental income of about N3 billion.


It saddens me each time I go through that axis and se how the property is lying fallow and delapidating

How come the FG that sold it to the investors is not helping the same investors to take ownership?.

MrMcJay:
Land 250k,
Extra charges 1.5M

Many real estate companies know you won't finish paying. They in fact are hoping buyer's won't finish paying so 3 people can pay for the same plot.

A certain Exec in a real estate company told me in confidence that their company paid Omoniles for about 10 Acres and sold more than 400 plots.

They will market land to low income people for just 250k. Once the person manages to pay, they will start asking for one charge or the other which the person continues running from pillar to post to pay. At the end the person becomes frustrated and demands for a refund and then another wahala cycle starts.

shogbenga:
Confirmed sir, I applied 11 years ago and made all payments. Paper allocation was given. No physical allocation
The excuse by the govt was that omonile did not allow them to take possession of the land. We were advised to apply for refund. It's 5 years now, stories

Interesting. So omonile is now bigger than the government?. If the government is saying this, then it means it was a scam by the government from the beginning.

emmanuelewumi:
That real estate thing is another scam in that axis. For genuine ones, you should be prepared for other hidden charges

When you see their well designed flyers, you will think the houses are available and ready or there are no hidden charges.