₦airaland Forum

Sorry to say but CBN and most Nigerians are plain ignorant.

What has bitcoin got to do with ponzi schemes?

Ban bitcoin? Lol
They can as well ban paypal, skrill, payoneer and all.

What would I not hear in this yeye country sef?

And the educated illiterates on this forum are already foaming in the mouth.


A wise man once said "get informed or you get deformed".

AntiWailer:
U cnt even show me a MacBook.

U cnt cash out yet , can u ?

U can lie wit testimony that they paired you.

That is the grand illusion a lot of you live in.

Lest I forget, every tin on dt screen is not up to 150k and u too will say u are balling or buying Mansion.

This sir is so childish! Used to think highly of you.

No need attacking him, /her. It's not everybody that can afford a PC talk more of a mac book.

That you can't see more than 150k still does not dispel his claim that the ponzi scheme paid him.

The way you attack some kids here leaves so much to be desired.
You are more than this and can let them be.

Just advice and not be a troll.

globe16:
http://www.vanguardngr.com/2009/07/gov-obi-in-the-web-of-n250-million-controversy/
Peter obi shopping mall built with stolen funds from Anamra.. yeye

Show proof or keep quite

Iheanacho the only player impressing me in this game.

Victor Moses sha. Smh

Wow! Nice one Mayorall!

Endorsed!!!

Any new arrival?

Get me Ekong to super eagles. Dude is good

Na to start exporting naija Roaches wet get better Vitamins plus Protein.

Why not try out a micro finance bank around since you have guarantors?
You would be paying in bits for the six month, so won't be too difficult to pay back for you.

Sirmuel1:
Who does that in Naija? Even some pastors dey call media

So many still do, not a pastor thing.

Its about what one sees about life.

Mikel donated the money for sure.
He just don't need the media attention

What is the cost of similar accommodation the first school offers in the area where the new school is located?

That would help him in making decision.

initialize:
It seems you assume we just sit idle "de roast" for somewhere and the money find us to our roasting spot.


It's not a bad thing to raise hope but some pple like to abuse such intention.


From my experience; I know that hunger/discomfort is a good thing for those who desire a better life. My failure lead me to where I am today and in today, I desire a glorious tomorrow



Wake up bro, look around you and make success a goal.


Be determined to never beg and you will never beg... Religion class it as faith. Have such faith

Thanks

Wise words @init!

Saw this thread it was opened but never knew it go to a bonanza thread till you posted the link.

Good job you guys have done here young and others involved.

Just that Nigerians can abuse opportunities.
More blessings to u all!

TheGoodJoe:


Your the one that is very funny here. So, tell me, when you want to use your card to pay for flight, you will submit a bid?

It does not work like that. There will be quoted prices in banks and you buy. The process is just starting. Those that want to buy from the Interbank (Primary and Secondary) now will bid.

The consumers will by at the quoted prices. It is that simple.

The price will change day to day, depending on the quoted interbank price for the day which in turn determines quoted price.

You can not bid. Tell them you want to buy Five Hundred dollars, let us see if the bank will not tell you how much they sell. (Note for now, the black market and interbank prices have not narrowed.)

Very funny.
How much dollar can you spend with your normal ATM card daily now? $50 for Stanbic at 335 per dollar.
Were you thinking I was talking of spending peanuts using ATM cards when I contacted my account officer?

Let me educate you a bit because its obvious you have issues comprehending.

I do Biz that involves some volumes of dollars daily, the dollar rates has been affecting me badly, so when I read of this new policy what I did was to talk to my bankers.
I was given replies that were similar but confusing and I came here with questions on if one can actually get dollars at the quoted rates yesterday which was 240-260?

I read through various threads and how everybody was famzing economic guru and giving us online figures. Online figures are none of my business because I needed dollars cash but the black market around me were selling for 340, I wanted where I could get it cheaper with all the celebrated news of floating. Did I commit a crime?

I approached my bankers about three of them yesterday, two asked me to wait till they get better clarifications how it works but one from Access Bank gave me her response which is what I brought here to confirm. Later in the day, the other two from UBA and Stanbic confirmed similar issue about bidding.

But you have been on my case that my account officer was wrong, I simply asked you to show me a bank imcan walk into and get dollars at the supposed interbank rates but you have been up and everywhere with Nada.


Please, let me be.

TheGoodJoe:
Ogetogeo

After creating a thread now, do you now agree that your so called Account Officer was very wrong? How can she tell you that you will tell her how much you want to buy?

Since yesterday, I told you she was wrong and you were arguing. I hope you are satisfied that she was very wrong.

You are still very wrong dude. I have spoken with about three of my banks and they all said similar thing about submitting bids for forex.

You need to quit arguing unnecessarily.

And who was arguing with you? If you have comprehension issues, how is that my problem? I only asks who has facts about the rates at the banks and who has bought at that rate. This thread and all those questions were all asked yesterday.

DMeanMan:
What are you driving at? And what do you hope to achieve by so doing?

Honestly answer these questions.

What am driving at is the deciet of this government and its policies.


Few months back, after the China visit, we were told how we can now trade directly with the Chinese Yuan, that we can easily get that in banks and not bother about the dollar to reduce pressure on the dolla. The celebration was wild but down just few months, nothing has been heard of all those promises.

Few months from now, we might come back here to rue this policy when we fully experience the impact.

freshcvvs:
Lie small na

GTB is #338. Did a transaction this night.

Never said I was charged so, but that was what GTB quoted on twitter yesterday when someone asked.

Still how does 388 better or close to the acclaimed 240-260?

MurphyG1:
Isnt the N 253 to a $ parrallel market rate? Or am I missing something here?

Not parallel market rate but interbank rates. That is how much banks can buy from bigger banks that CBN has assigned.

Its like this, CBN pegged the dollar at 197 and were the only bank that could sell at that rate but now they have changed the peg to about 250 but have other partners banks that can sell to smaller banks at that rates.

So, no bank can sell to you at that rate technically.

Forget all the economic jargons.

DMeanMan:
Your hatred for this administration is making you sound unreasonable

Unreasonable for stating the obvious? The CBN just devalued the naira to 250 from 197 forget floating gist.

No bank would sell to you at 250 sef, Access said 318 this morning, UBA just charge someone 378, GTB stated 399.99 as their rate today and Stanbic still charges 335.
Wake up and smell the coffee. We have been sold a dummy once more

Anakogheri!

Which Nigerian bank can you walk into now and buy at that rate?

Infinitikoncept:
Passingshot and omenka the politician economics can come and defend this

My brother, don't mind those ignorant bats.

We are talking of facts and real effects on businesses and the masses, these political jobbers thinks everything is about their idol.
Gosh!

PentiumPro:
My discussion here is solely based on the constantly updated rate posted by Bloomberg.

Those are not what we should base on cus as at last week, you check online you see 198 or so but can't access that from the banks.

What matters are not we see online but what is prevalent in the market as we speak, those are the facts am saying.

For today, access is quoted at 319, that is a fact.

PentiumPro:
You want facts of something that is going to happen in the future? Then you need to go and meet God for an answer. We can only project to the future and hoping ceteris paribus, our projections won't be far off target.

The topic said Naira quoted at 253 right?
I want facts of where its sold at the quoted rates, if you have that info that is what I need from u nothing more.

Cheers

stagger:
Note the bolded. Unless you are a bank, you cannot buy at that rate. That is the rate that banks will buy from the primary dealers (who are banks anyway). In other words, the big banks in Nigeria who will be the nominated primary dealers will sell to other banks at the interbank rate. That is what it is called INTERBANK i.e. between one bank to another.

When your bank now buys at the interbank rate, they will now sell to the end-users at a profit. So if your bank quoted you at N319, they will make a profit of 319 - 260 = N59 to the dollar.

Usually, if you are buying huge amounts of dollars, then you will get it cheaper as per bulk purchase. So if you are buying $100,000, then your bank may offer you at 310 or 305 because the volume will compensate for the discount.

If you are buyng smaller quantities such as $1000, the bank will give you an expensive quote. Visit any forex trading ECN platform to understand it. Even in globalized forex trading, a true ECN platform will show price quotes from several liquidity providers (the equivalent of the primary market dealers) and the prices are never the same.

Those who think the Naira will appreciate under the present circumstances are dreamers. Naira will only appreciate when the country becomes a net exporter as opposed to a net importer.

If we had schools and hospitals which can attract foreigners to pay in USD, it would have helped. If we can export all manner of products as opposed to only crude and small amounts of charcoal, cashew, etc, then the Naira will gain.

Until then, you will not be able to get Naira at below 300. That I can tell you for real.

This is the most sensible explanation so far. I wonder why people try to politicize everything, even those that understands zilch about the policy are all over the place celebrating dollar at 253.

Thank you @Stagger

TheGoodJoe:

How can you believe her when that is not what the policy is about? The process will mean there will be a price sold in all banks and the price changes due to demand and Supply of dollars.

It is so simple. You can not call the bank and tell them the price you want to buy.

There will be a price dollar is sold at and you determine if you want to buy or not.

Your account officer is very wrong.

Let's assume she is wrong but you are not giving facts either.
I need fact, cus I want where I can buy dollar now at that rates.

crazymommy:
Someone is an account officer does not make them an ISLAND OF KNOWLEDGE...no one knows it all...I was once an account officer too at Zenith bank before I decided to become self employed and yes we make mistakes..no person is above mistake...

I never said that nor insinuated that. I only asked questions and need facts as answers not projections or guesses.
I am tempted to believe she has more facts being she is currently in the banking hall, I would listen to a person that has been able to buy at the quoted rates today and which bank.

PentiumPro:
As long as your transaction is eligible, the bank will surely give you a rate.
In the inter bank market, the bank actually plays with various sources of supply including among themselves, where they give their quotes, if they succeed, they buy and then give you their own rates (with their own margin of course).
You only give your own quote in a Retail Dutch Auction System (RDAS) and not in a system like Wholesale Dutch Auction System (WDAS) which is the closest to what we are trying to operate now.

You still did not answer the questions I asked. Please, answer them. I want facts not projections.
Thank you

TheGoodJoe:

Definitely not. She is just reading stuffs on her hand. What she is telling you is, I think steps for bankers to receive.

There will be an interbank price which will be the common price to buy and sell dollars.

Dollars will now be available in banks and there will be a price you work in and buy. Little to no black market after the price normalizes.

Bro, you are still not stating facts but what you think.
I am tempted to believe her to have a better info than you for now, you can only convince me when u actually steps in a bank and buys at the rates. Then you can tellmus how easy it is and we would beliei. For now, its just claims.

Just spoke with my account officer now. She said, I would need to apply to the bank stating the quantity of dollar I want to buy and at what rate am willing to buy, the bank would then call me if my proposed rate meets their rate. That they won't tell me what their rate is, I just quote what am willing to buy.

When i probed futtyershe said today rate at their bank is 319 for $.

What kind of Yeye policy is this? So I would need to keep writing letter like am writing a contract proposal for something I need to pay my cash to buy?

Questions begging for answers are:
1. Who has been able to buy dollar cash at the quoted interbank rates (253 - 260)?
2. Which bank sells at these rates?
3. What are the steps to access it?

Please, we need facts not hear say nor online quotes

TheGoodJoe:

We just floated the Naira, so buying now will take a lot of stress because dollars have not circulated to the bank. You have to be patient for the dollars to circulate and the price of the dollar to Naira becomes stable.

That is not the problem, the problem is if these conditions my account officer is giving is the right way to access the dollar, then its DOA and also the quoted rates today of 253-260, which bank is selling that now and how do we access it?

PentiumPro:
Tell your banking officer that someone say she is either playing games with you or her bank don't know what they are doing.
The thing works more like WDAS and not like RDAS.

Are you a banker?
Have you been able to buy at that rate? If yes, which bank?
If yes to the above, how di you buy?

Can you give us live update from banking hall not from online quotes.

Just spoke with my account officer now. She said, I would need to apply to the bank stating the quantity of dollar I want to buy and at what rate am willing to buy, the bank would then call me if my proposed rate meets their rate. That they won't tell me what their rate is, I just quote what am willing to buy.

When i probed futtyershe said today rate at their bank is 319 for $.

What kind of Yeye policy is this? So I would need to keep writing letter like am writing a contract proposal for something I need to pay my cash to buy?

I don't get this kind stree