₦airaland Forum

Ymodulus:
[size=18pt]The Currency Business[/size]

The currency business, is the best business I have runned till date. And still running. In the currency business. It's the best thing ever to happen to my life.

Story
When I first start the currency Business I lost 1,126,000 and had to settle back using my savings.

The Idea

Funny the best business ideas I worked on, where all gotten when when driving. I started the currency business last year around September.

I noticed then that, a lot of Chinese importers pay as high as 245 naira per dollar to import goods or send money to china. This is the black market rate of the dollar.

Failure
I thought to myself why can't I generate a way to send the dollars to china at a very cheap rate? Then I tried and I and a nairalander who schools in china TdayoF we both agreed to send money via money gram. It backfired. I did another it backfired I lost heavily I ended up using the returns from my car to settle up my Chinese clients. I lost N1,126,000 approximately.


Some days later I heard on Nairaland from a close nairaland friend who I introduced into the importation business ( Jeff1506 ). I heard from him that a bank by name stanbic bank charges N199 / $1 to pay online. Then I quickly contacted my friend shinaf ( my business partner. Trusted, even though we have never seen till date ).

Aliexpress Platform
We contacted a Chinese friend , who is a Chinese. We told him then that we will pay for items on his store using our Naira Master Card. And that if we pay for an item, we will confirm the order and he uses the money to pay into any Chinese local account.

Note! Aliexpress requires 15 days after which orders are confirmed for seller to get his money. But we wanted the payment to be daily and so we needed someone who can trust us and will use his money pending the end of 15days.

Our seller was the right guy. He is very rich, as he has done official jersey and contract deal for Barcelona Fc , Under 23 Argentine football club, he runs other business.

Mathematical Breakdown
If we pay for an item of $1000 on aliexpress this is how the payment goes.

Chinese local Account = $1000
+
Aliexpress 5% = $50. ( those who are familiar with aliexpress knows that aliexpress takes 5% of any payment as profit. So I and my partner catered for it )

+

Chinese partner 1.5% = $15.

Total = $1065

Now when we want to pay into any Chinese account the sum of $1000 we will pay online $1065.

Now

$1065 * 199 ( stanbic rate for dollars as at then ) = N211935 / $1000= N211.935 / $1 ( exchange rate).

This means the rate at which the dollars gets to Chinese local account after all addictions and all expenses is N211.935 per dollar

Selling the Dollar

Now as at that time the Dollar in black Market is N245 / $1. And 98% of importers use black market rate.

In Lagos if you want to send $1000 for example and the rate is 245 per Dollar. The sending company charges you N3 per each dollar as sending fees. This means you are actually sending at N248 per Dollar.

Innovation
I and my partner sold ours at N235 / $1 . lol! We crashed the market and this got our phones buzzing.

Who were our clients?
When we started my partner shinaf ask us to focus on Nairaland Business. I refused, we even had misunderstanding over this. I told him that I want our customers to be the rich. Then he called me over ambitious fellow. So I made sure I handled marketing of the dollars. I used my connection with owners of big shipping companies in Nigeria and told them what I do. That way we sell to them N235 and they sell to end users 248. We build up our clients base.
Some of our clients include.


***** Redacted ******


Issues
* Every Stanbic card then had a limit of $5000 per card per day. And we always needed to pay up to $20,000 a day. We had to contact some nairalanders, and use up their limit for that day. If we contact a holder of stanbic and uses up his card limit for that day we give him 2Naira on every $1.

This means we pay the nairalander N10,000 just to load his account and make payment online. Our trusted fellows were jeff1206 and one other nairalander.

We had 4 Cards Every day we pay $20,000 online.

Now profit.

For every $1000 we send to china we gain this.

Our selling price = $1000 * 235= N235, 000
-
Our getting price= $1065 * 199= N211,935
=
Gain. = N23, 065

We gained N23,065 per every $1000. And the lowest money we send a day is $3,500.

Note at worst, when we say we there is no market for that day we send $3,500.

So we continued like this in a day we made roughly N60,000 worst case scenario.

Funding
We started with N734,000. All Investors were nairalanders who I have done business with on close level.
We gave them 10% of their income at end of month. We never got to month end. At 3rd weeks we refunded all their moneys. And interest.

Sad Storie

Banks began misbehaving with the cars daily limit been $300 per day and rate going so high with black market rate. There was no way we could keep up. We withdrew and relax.


[size=18pt]Currency Business part 2[/size]

During December, we got a means where by we can send Dollars at a very cheap rate to china, the dollars arrived china at a rate which gave us a margin profit of *** Naira

We made use of the opportunity and continued sending. We still made sure our clients were the rich and big guys. We still sell more.


In currency business 2. Some nairalanders where part. I employed some on contract basis of N4,000 a day. Also thanks to my close Banker friend who is also a nairalander. Thanks for your daily assistance. He gave us all necessary help and if I am to say he has like 30% of the business .

In currency business 2, we are making far far more than pattern 1.


[size=18pt]January 2016 and new way of currency Business[/size]

Due to the cbn regulations, my partner and I got to search for new ways of sending and we didbgot one.

We got a company in Chicago and new York that sends money for Nigerians to Nigeria. But they had a fault. When Nigerians goes to pick their money they get paid at bank rate of N198 / $1.

We cashed in on this contacted the company through someone I know ( its like person connect us to the oga at the top ). We told the company we can pay them at higher rate. They agreed.

So if they are to send $10,000 today........ ***Redacted ***

Now all we require from them is to send our money directly to china. We cater for charges and all and our Chinese agent picks the money and keeps in his account for us.

This company now use us very well. And we do at least $2000 every day from them. And we make going to N80,000 from the deal.



Competitors and Progress
At this point in time. I am now the official money transfer agent for 3 companies.

*****redacted ******

Success

My rate still outshines all. I play and underground facilitator while they shout to take the credit. But am happy as long as I make money and they make money.



***Photos***
I sent my seller $3749 on Dec 30 via our new way Currency 2.0

***second screenshot today: I sent our seller in china 983 from the united States of America.

His gain is $15. See him doing subtraction. We sold the $983 this afternoon around 1pm. Our gain is around N46k to be shared by my partner and I.


[size=14pt]Sorry I had to ensure that I don't release sensitive informations about this business, so I couldn't go into details about means and how I sent them. It's best it remains this way.[/size]

Bros, we need to talk, I am based in Kano. We think and act alike, I am into large scale importation and equally building a new factory in Kano. We will be importing tons of raw materials in the next few months. Send me just your mobile no. to nnanna33@gmail.com, we can pick the rest from there. Thanks

njikoamaka:
The recently hosted E-warriors are back to work after receiving some paychecks from Aisha Buhari.

Sincere and learned Nigerians can not support the growing trend of flaunting of court orders by GMB. Nobody is holding brief for any corrupt person, but the rule of the law MUST be obeyed. They are suspects until after conviction and must be treated as one no matter how bad you feel about their actions.

GMB is already taking a difficult part on the fight against corruption, because people will flee instead of appearing before a court with predetermined agenda.

I think GMB is on point and kill mission.

Bia Nwannem, Do you by any means enjoy the way this country is at present, If your answer is No. Then you have to support what the President is doing now.

Buhari did not flout any court order, rather he and his team are using another method that is totally new to the wicked looters by bringing their charges to court in phases, if any corrupt judge frees them in one court, they will use their catalogues of evidence to re-arrest and charge them to another court.

Anybody that can prove that you cannot re- arrest a suspect standing trial for another different criminal case, should qoute part of our constitution that grants such rights. Corruption must be defeated

We the youths have to be very objective and needs to critically analyse issues and criticise and applaud where necessary. These looters that made our country to be hell on earth are manipulating us and seeks to play on our emotions to achieve their deadly goals. But we should be wiser now.

Nigeria will survive.

delishpot:
The girl never said Davido could'nt have access to that baby. Rather davidos family is trying to take the baby away from her. Doesnt she deserve the right to be in her own childs life? From what I read she even agreed to let the baby stay with the Adelekes as they had requested(which to me, a loving mom would reject such crazy offer) so what hands is he washing from them? You think its every abandoned baby that goes in search of the parent that abandoned it when it needed the parent the most?

Your head correct jare.

People were just too eager to criticise the lady, has anyone asked the Adeleke family to provide a medical evidence that traces of marijuana was found in the baby's system. We can start our judgement from there.

God is watching us all in 3D screen.

chinedu1nig:
I appreciate your prowess for making this basic analysis to some gullible Nigerians, " the most amusing part is even those in Nigeria criticize this policy and it got me wondering what crop of half baked self acclaimed intellects wee breed in Nigeria.. They all want miracle"....

This is what i posted earlier on my Facebook:

We will be far from rescuing our economy from impending disaster if we effortlessly embrace the economic policy of this incumbent government. It’s no time to throw tantrums, blame past government or concur to the directives of this present administration, the dwindling and sharp decline in the rate of oil per barrel that is projected to fall an all-time record low as $20 per barrel could be termed chaotic for an economy that largely breathes on this resource. The expected influx of Iranian oil by the first quarter of 2016 makes it a lot scarier. It’s time to go back to the basic, produce, manufacture, plant, harvest on what we have as a country blessed with unimaginable natural resources and consume, there is no time to diversify other than now, the ban on the use of naira debit card outside Nigeria is a welcome development considering the misuse, it will not only curtail excesses but also discourage the culture of frivolous spending. Policies are reviewable. No one has said this one is the best. I presume it’s a short term monetary policy to checkmate the stress the economy has received. It affects all, even the big industries. We all should join hands to look around for solutions.

My brother, your analysis are very accurate

I am an importer of goods from China, but I'm supporting this policy with all my heart. Anybody that is against this forex spending regulations is an economic saboteur.

Most Nigerians are blind and unwise, some are educated illiterates. A ban was initially placed on some 40+ items( incuding rice and veg.oil) to access forex officially. Some ill informed Nigerians and economic saboteurs protested the ban. I even read somewhere that MAN ( Manufacturers Association of Nigeria) Lagos Chapter was against the ban, and I was like WTF.

Do you know that the real beneficiaries of our lack of strict forex policy are the Indians and their Nigerian collaborators. Companies like Stallion group, Dana group, Church gate group, Promasidor, United foods. They import virtually all foods for our families. Something that can be easily sourced and processed here but they choose to import because of our stupidity and carelessness.

They devised another means of getting forex by sending some Mallams ( like the one that has 850 atm cards at Kano airport) to go to Dubai and Mumbai and use naira debit cards to withdraw the fund that they couldn't source officially again. That is what prompted the ban on Naira debit card withdrawal.

Nigeria will rise again.

alexlee50:
when it boders on national security those procurement laws or any does not count. National interest is what matters.dokpesi is not a staff of government, it is not his duty to check the account which government uses to pay for a job he did for government. The question that would be asked are (1) was he given a job by government? 2.was the job executed?

Bros,All these your ill thought defence is not helping matters.

The question you should ask yourself is this; Can you fix pipeline for NNPC and expect payment to come from Nigeria Customs?

For admiting that he received money from the ONSA, thereby collaborating the intels, Dokpesi should be charged for consipiracy to treason. These are the bad guys that kept us down since independence.

This Wunmi and his pay master ( Obasanjo) should just shut that trap they call mouth. Obasanjo that was saved from clutches of death by divine providence, had it been that Abacha lived for more weeks, we wouldn't have the misfortune of having that senseless oldman as a leader.

Obasanjo represent everthing that is bedevilling Nigeria, He is morally and terminally corrupt, institutionalised corruption and thuggery into our system. Because of his habit of imposition, he brought GEJ that knew next to nothing about governance. Infact.

OBASANJO WILL EXPLODE SOON.

Anybody that will come here that spew thrash about how Obasanjo brought heaven down to Nigeria. May God direct the affairs of his generations the same way Obasanjo directed Nigeria's. Amen

Probe the muthafukker( 16 billion USD for power sector, yet darkness).

dammytosh:
I agree with you.

Buhari was not actually a tin god. Jonathan's handling of Govt gave Buhari the opportunity he has been waiting for.

I gave up after GEJ finished Yaradua's tenure and still acts like a CHild President doing rehearsals.

The only thing i need Buhari for is to pight Kwarrupshun. This politicians would be scared of stealing our resources from then on , that will pave way for those who know what they are doing to take charge.

I like your level of understanding, but I just want you to understand that it is not all the South Easterners (Biafran) that do support that loser. Some of our people that do, are doing that out of ignorance and based on regional and ethnic sentiments that is prevalent in this nation. Not really their fault, but I can bet my life that if this fight against corruption will be sustained, the Igbos will really see GEJ and what he represents.

I am an Igbo APC grassroot campaigner based in the north. I did that and I'm still doing, because of the love and trust I have in PMB to rid this nation of this evil of monumental corruption. I know that God is on his side and will never allow him to backtrack.

Any goat that has been stock piling our collective yams must be fished out and dealt with whether from the east,north or south with no exception. They shall never know peace in their various homes.

dammytosh:
GEJ till 2045


Take note of those screaming GEJ, 99.99% of them are Biafran, They don't care about what happens to Nigeria.


Thank God he lost.

Don't get it twisted, GEJ shared most of these money in Southwest and in the North, So many northerners that are benefiting from the fraud wants him to continue but Buhari is like a tin god in the north, that is what made the difference.
If you field any other northerner,GEJ would have won by a landslide. I gave up on GEJ since Jan. 2012. That guy is something else.

The Obi of Onitsha is 100% right, the time that pro self determination struggle was achieved with instigation of violence or protest has passed. We can use Catalonia example, everybody termed ETA a terrorist organisation because of their violent approach, but the Catalonia pro independence parties was widely accepted in Europe and beyond, they are now pushing for total independent from Spain.

I am in support of self determination( because Nigeria is not well structured) but not total independent. We can push for partial confederation or insist on total restructuring, so that all Nigerians will have a level playing field. Biafra is not the main solution, even if we get Biafra without first destroying those things in us that made Nigeria to be stagnant. We might end up seeing people like T. A Orji, Arthur Eze, Achike Udenwa, Chimaroke Nnamani and their likes hijacking the new country and choose our leaders, don't forget that they have the cash and will pounce as soon as the opportunity comes. The scenario will be worse than we can ever imagine, We may end up having life president like Late Kamuzu Banda or R. Mugabe in the person of T. A Orji or others like him.

Nigeria was formed to be a great country by God, the diversity was meant to be a catalyst for an enviable growth, but all our past leaders are useless and clueless, from 1960 till date, we the youths needs to rise up and bury our tribal sentiments and carve out a way to push our leaders to destroy corruption and entrench rule of law. The law must be followed no matter who is involved. And we will all see the beauty of this country.

Nigeria will be great ( though it has never tasted greatness)
God bless NIGERIA. ( It is not, and can never be a zoo)

arresa:
1. I backed up my assertion with a link and according to the story, it was an accident with a oil tanker.

2. The picture we are all looking at depicts burnt men with pealed skin and soaked in oil.

This confirmed my topic and link provided largely.

On the other hand, what you are support remains basless, unsubstantiated and with zero source or origin.

You can not even tell us the manner of death.

You can not explain to us why there are less than 20 men instead of

You can not explain to us why or how the men got oil on them if not from the oil tanker.


The fact that you support PMB is irrlevant to me simply because this has nothing to do with politics and I haven't said anything about politics.


For supporting a baseless, source less and unsubstantiated picture says you have zero credibility.

Brother, you are not sounding so convincing, your theory lacks sound reasoning. The picture that you provided with your story didn't align, no verifiable link to back it up, the qouted medium doesnt have the picture in question. What other points do you want me to base my judgement on?
For the records, I didn't accept the original picture in circulation as that of the missing soldiers, I don't get hooked that way.
But yours and theirs are one and same, no proof. So both are null and void. Get it?

arresa:
The story about oil tanker accident with dead solders with a picture of burnt soldiers with oil on them and pealed skin is blah blah dumbest story, but a bogus picture of less than 20 men instead of 105 with no source that you have zero clue where it came from makes a lot of sens to you....


...do you really believe your own flawed judgment and upside down conclusion?


Even to start with, believing any thing with no source or origin is the dumbest and the most dishonest thing you can do to yourself... That was very dumb and ultra foolish...

Hey my brother, even though I support PMB to chart a new course for the country, which I strongly believe that he is capable and will deliver with our support.
Leaning towards the Change he promised, will not make me to be dumb, clueless and stupid at the same time. I will criticise where necessary though constructively and with decorum.
I don't support politicians blindly. I was once a supporter of GEJ, but withdrew that totally on Jan. 2012 because of his choosing to fight us instead of the oil cabal. Only that act shows that he can't be able to lead Nigeria.
So don't get it twisted, we support where necessary and criticise with equal zeal, that's the beauty of democracy.

MizMyColi:
Come back heerree, Broda Carro.
Just post a link.
Bikozianu.

I have searched Google with that headline and even tagged vanguard, yet nothing was found.

We know that most of you are specialists in Lies and Forgery...but I'm giving you the benefit of a doubt.
Linkkkk pleasseeeee.


Or forever hold thy piss!

I am a big time supporter of PMB ( cos I want the best for my country), but that story about tanker fire blah blah blah is the most dumbest story I have read this year.
That pics pasted on the Vanguard is photoshoped. I can bet my money on that.
Nigeria for sure needs our prayers, the days are evil but we will surely pull through.

frankfrank:
The issue here is not about GEJ being a saint is the so called "DG natfoce" unsubstantiated claim.
Kindly do a background check on this man okereke. You will be shocked.

Forget about his personality, there must be an iota of truth in what he was saying. He warned GEJ about his military handlers way back in November 2014, thank God he was not sacked or labeled Boko Haram sympathiser.
Major Gen. Babagana Moguno (rtd) did went to GEJ with a clue about how devilish his so called military heads are, he was arrested and was dismissed for being a Boko Haram sympathiser. So you go figure.

chukwudi44:
So Dr Okereke where is the proof for this allegations and how come you are just comming out now?

It is very much easier to make allegations,substantiating it is where the job lies

Please try to criticise wisely at times, this is our country that we are talking about.
GEJ was used by these bloody bastards, because he is a good man and meant well for the country but they capitalized on his meekness to wreck this nation.
Peace

Henrick007:
I guess you are frustrated, ego better

That's epic

DikSin:
Make thunda Fire your left yansh.

And may God punish You for sharing birthday with that Otueke drunkard!

That's below the belt, Jeeez

DikSin:
Make thunda Fire your left yansh.

And may God punish You for sharing birthday with that Otueke drunkard!

[quote][/quote]That's below the belt, Jeeez

MightyD:
Buhari is just confused in the sit,
He is just trying to escape from the presidential sit by accusing people carelessly but He will remained there and face His consequences.

[/quote]

BabaEleko:
Dasuki will go to jail. I have a deep inside source in the villa. If you want to put 5,000usd on it, dm me.

That guy is in deep shit, and he wants to pull so many people in.
It is the northerners that served in GEJ's government that allowed the war on terror to drag so long for their selfish gains. They will soon be fished out, they are the real sponsors of Boko Haram. Dasuki met severaly with "modearate" Boko Haram Commanders for ceasefire talks in Borno in the past. Just piece all these together, you will know why he wants to bolt away.

ishiamu:
Pain fire. I love trouble so bring it.
Otoro na enweghi nne gbagbuo nne i

[quote][/quote]Bros easy ooo

Mistaarhlohki:
Co-operate. With your banks Fraud department, tell them you're willing to pay inside that 200k for any investigation they will carry out also..make sure you have full documents. Concerning the bitcoin deal and next time don't sell to customers making online transfers in Naija, let them deposit the cash, into your account
You were gullible, reason being that u heard 200k and u jumped at it..that's fault number. 1...they capitalized on your greed.
Fault no 2, u accepted their terms of payment, when you know fraudsters are everywhere. Don't. You have your own payment terms instituted.
Fault 3, you should. Lay. Down certain. Information. Feedback of all your clients as part of your rules. And regulations. Of a professional bitcoin seller., e.g
Before payment
Names
valid address
valid phone number
Valid voters card number
valid email I'd registered with your bank
After payment
Depositor's name:
Phone number:
BiTcoin id:
Amount Paid:
Bank Teller No or batch no:
More so, you can use the idiots Bitcoin ID to. Track the person..seek hackers here on nairaland, team up with them..use money to get your money back.
This is also a warning to the Nigerian public, UBA, Zenith bank these banks are thieving banks with poor online security protocols..If I were u I'd close my accounts with them and patronize modern banks in the country..I'm sure you all know them..
#enoughsaid

Wise advice to OP

[Are u mad, why do you think u desire private conversation with u?]

Bros take it easy, just let this slide too. 1 love

I don't know why some people will be hell bent on turning things upside down in the name of criticism. How on earth can a 737 BBJ in PAF cost more or equals 737 commercial variant in operational expenses.
Boeing 737 BBJ was designed as an ER aircraft for private high net worth individuals, needed only 4-8 crew members to operate, can save up to 5 to 10% fuel compared to it's commercial variant, thanks to it's blended winglet and other modifications. It consumes between 2800-3200 litres of jet fuel per hour, it has room for 25-50 passengers. This craft will not gulp more than USD 20,000 in cost for a six hours flight. My opinion though.
One thing I like about Shehu Garba and Femi Adesina is the way they respond to allegations, no matter how trivial or stupid they look, with facts and figures ( though they might be lying) unlike Doyin Okupe and Rueben Abati ( these guys wrecked GEJ) that will respond with insults and childish tantrums.
To me this change is getting better everyday, transparency in governance, plus the fact that I can now buy diesel for #110 to power my gen. set for business. But Baba please sell some of those aircraft on PAF, we need the money now.
Sai Buhari till 2023 ( I am a staunch supporter of PMB and not APC).

(((An eye witness claims traders traveling to Dubai were arrested and detained for having more than $4,000 cash.
They claimed it is an order from above.

Many may deny or discard this, but it is a matter of time, the truth will surely prevail.


My question is this, what kind of economy are we running now?
Is it Communism or Terrorism)))


Bro, I don't think that the eye witness is telling you the whole truth, my friend went to China last week through Akanu Ibiam International, and he had about 30,000USD on him, just declear what you have that is above 4000USD, you might be asked some questions about the source of the money and your occupation, just tell the truth and off you go. There is no law in Nigeria that disallows you from travelling 1million USD,but you may be required to provide explanation on how you get the money.

I just want people to understand that it is not majority of the Igbos that are against Buhari's regime or appointments. I am an Igbo man, but I campaigned for PMB and have a lot of fellow Igbo friends that did so. And we are still solidly behind him. Some of my friends that are GEJ supporters have also adopted the "Siddon dey look attitude", and I keep convincing them that PMB 's era will be far better than GEJ/Yaradua/Obasanjo's combined.
Afteral the only Christian leader from the South that came out publicly and told GEJ the bitter truth is an Igbo man, while others prayed and duped him. Mbaka's speech generated a lot of ripples even among we Igbos, some are for,while some are against him. He made a very sensible remark that inspired many Igbos. He said "Instead of my father to be a leader and me and my siblings will all die of hardship, I'd rather choose a total stranger that will bring prosperity and peace of mind".
So, it is not Igbos that are against Buhari but some political jobbers of Igbo extraction that felt that with the way PMB is ushering in some sanity into the polity, they will soon fizzle out. Nigeria will be great again.

Anambra the Land of Nigeria's Real Great Heroes.
I rep. Nnobi ( Idemili South )
The Commisioner of Education is my Sis.( just for d record though)

It still can't understand why anything Igbo will always bring about foul thinking and utterances from the Yorubas, be it educated ones or illiterates both online or in reality. The Obi was just trying to imbibe a new sense of reasoning in every Igbo man, and some people are here talking about Lagos this, Southwest that. Our great country is made up of 36 states and the FCT the last time I checked. "Igbos leave Lagos " Igbos leave Southwest", What tha Bleep! Dudes, they are there for business. Have you taken your time to check that majority of big trucks coming to take goods from Lagos are not heading to Osogbo or Ado Ekiti but to the Northern part/ South South and South East, that is where the bulk of these things are needed, be it building materials, apparels, car parts,daily needs e.t.c. Lagos is home to Nigeria's busiest sea and airport, and that is why you will find the people that make most use of those amenities holed up there. Lagos is not the best place to live in Nigeria, but it is the best place to do business if your are into importation and distribution of goods. My brothers, listen to the advice from the wise king ,take some of your immovable assets to the East, it will be a wise move because of the unpredicatable nature of Nigeria. And while you acquire lands or buildings in other regions, make sure that all the relevant state government's documents are intact, Nobody, I mean Nobody can deprive you of such property even if Nigeria divides. There are Macedonians that are Landlords in Belgrade, There are Eritereans that own houses in Addis Ababa, There are Southern Sudanese that have companies in Khartoum. So be Legit and flex your God given wealth Legitimately, don't be on the wrong side of the Law at any time. 1 Love