ahiboilandgas:
is not the cbn is Nigerians how long can Nigerians go from importing basic items like toothpicks , tissue paper and exporting jobs and complaining at the same time of no jobs .....it we ....we are a replica of our Nation....

Nigerians will continue to import toothpick as long as there is cheap forex.

https://nairametrics.com/2020/09/02/breaking-nigerias-foreign-trade-drops-to-n6-24-trillion-trade-balance-hits-n1-8-trillion-deficit/

With continuing trade deficits, how long can CBN go?

DexterousOne:


An economy like China's is FAKE


Only structural changes in China will see China's economy stand the test of time
That model they run with their SoEs are unsustainable


And no
You are misquoting me....
I said japan had one of the WEAKEST
Not worst

A currency can be weak, but the most important thing is STABILITY

The currency is weak, but is stable
And that is their competitive edge

China's economy is doing just great. The SoEs are well managed and they are lifting hundreds of millions out of poverty.
Go to Bejieng and you'll see wonderful infrastructure. US infrastructure is nowhere near.
They are also now a superpower. Infact, if i was Meffy, i'll hold about 15 - 25% of Nigeria's reserves in Chinese Remnibi since thats where most of our imports come from.

ahiboilandgas:
very true i hold a dollars position to mitigate my cost of procurement oversea...i buy truck tyres ,rim,injectors ,truck heads ,discharge valves from my dollar holdings ....i work in a regulated enviromemt and cannot increase prices in naira to reflect devalutions...example.Apapa to airport is125000 per trip for over 2 years but tyres have jumped from 55k to 80k ....while dstv has increase price to 18500 while me am stuck...

Why don’t you wait until you want to purchase the tyres before procuring dollars? Like you, Mama Akara also does not trust the CBN will not devalue the naira.

The vegetable oil she uses for frying is also imported.

Guys

See this article.
https://www.stearsng.com/article/from-venezuela-to-nigeria-with-love

Increasing public debt, government corruption, multiple exchange rates are similarities between Nigeria and pre-crisis Venezuela.

Only two things gives me hope and little confidence in the Nigerian economy:
1. That we produce most of the food we eat locally.
2. Dangote refinery

ahiboilandgas:
i actually taught u where smarter now i can rate u properly.....if u like change 10 identity and be replying and talking to your self.....

The thing funny o.
Replying to himself with different accounts. Both were online at the same time and giving himself immediate responses

Iogobenz:
You know it will be better if you join the protesters and bear the risk with them head on..
Anyone can hide behind a group and fund "terrorism",but coming out in the open is what matters most if you want your voice to be heard properly and will make you the hero you so much desire to be.
So why not join them so we can take your cause seriously?
If you want to better Nigeria,come back home and open a business especially in your field of expertise.
Barbarism and stupidity has never made any nation progress.
Vanderbilt,Rockefeller,Dangote,Rothschild,etc... all contributed to the progress of their various nations by creating empires and not destroying them by acts of civil unrest.
Vandals/economie terrorists will be met by acts of fury from the Nigeria armed forces.
Be wise!

No, this is not true.
Not everyone can physically join the protest. Some people will contribute financially, others morally.
Protesters peacefully demand for a better government and it's shameful that you mention terrorists in the same sentence.
I was in Somolu last week and i literally saw people living in poor conditions. For how long can Nigeria continue like this.
We hear 100M people are living in poverty, imagine a stadium is filled with 5000 people. Then picture 100M people and try to remember that each one of those are human beings (not just number)

Our Nation is in trouble, We need people (You and I) to Stand up and encourage others. We need a revolution.

Check the cage you put them in.
If the cage slants in any way, it might be the reason for the bent legs

Barrytone:
Always have and know when more money is useless to you as a person. Stop chasing excess money and building refinery at old age for the sake of profit. You can build for sake of humanity but definitely not more profit at a certain age. Life is short and must be enjoyed. The life circle is funny, we are getting back to where we came from and we have limited time. Use it to benefit your self. At a certain age, go to sleep and enjoy your hustle, don't hustle at old age except you failed to do that during your first half. Every hustle during your second half reduces your lifespan.

Dangote is not at the refinery working hard and carrying pipes. People bite the entrepreneurial bug and never want to stop doing things
.
Fortunately, their capital provides jobs for people and helps the economy. We can't say they are not enjoying life. Working keeps them busy and occupied.
Also, some people want to leave wealth for their generations.

ahiboilandgas:
if u dont increase rate to attract naira investment...people will buy up all available dollar hence spiking rates and devaluation come in and inflation

Increasing TBills rate to control inflation is a short term solution.
Next year, people will have more money after making profits from the increased rates. Will you increase rates again?
I have an hypothesis that sweet quick solutions like this tend to hurt an economy in the long term. Banks have trillions to put in T-bills and make free money.
Its like postponing the doomsday. Nigeria's economy defies known principles.

Imabong80:
emmanuelewumi, ahiboilandgas & emmasoft and other well meaning gurus in the house

Please I have NTB which I bought at 12.4% worth about 47m maturing on the 13th of August this year. I need objective advise on what next to do as this is my main source of upkeep monthly.

Half plots in Surulere sell for about 12m and people build 1bedroom mini flat and studio apartment on a 2 storey building for about 35m.

Generally rent for such apartment go for 450 to 350k respectively. I visited a site where a developer was doing 4nos mini flat on each floor of the 2storey building. He said he'll be renting out for 400k each In a nutshell, expected returns annually is about 4.5m.

Now that NTB rates has taken a nosedive, would this be a good investment? What are the pros and cons? Any banana peels to avoid? What other investment are available to try that guarantee capital preservation?

I am not experienced in this but i have been looking at some. Usually, the developers lease the land from land owners for say 30 years.
Then sell apartment to you for X years. You don't own those properties forever, and it can't be passed on to your family.
More like a declining balance investment, you cannot use the Capital to rent to calculate how good such investments are.

emmanuelewumi:


This is not good for rental income and real estate Investments on the island ooo. This working from home may become the new normal.

I have not been to my office in VI since March too.
Being a Tech person, i work remotely, have meeting with business partners from my apartment on the mainland. My salary is consistent as i still deliver my work and the company is still making money.
Infact, i'm thinking of relocating to Cote d'ivoire as recommended by Oga Ahib.

topsquino:




It's simple. Buy when naira is stable and sell when it's unstable. And then convert it back when it's stable.

No one know can really predict this. If you buy Naira when it's stable, do you just keep it in your account or invest?
Since you have to invest it, you might not be liquid when instability arises.
Even if instability is right in the horizon, you cannot predict what CBN will do. They might just start expending the reserves.

modgba:
FG Pays N609bn Interest to T-Bills, Bond Investors
https://businesspost.ng/economy/fg-pays-n609bn-interest-to-t-bills-bond-investors/

#600 billion in interest!!!
And this is just for three months. Is this sustainable?

I sent $400 to India & in few seconds, the money is in his account. And they charged me N390/$.

Using Transferwise

ositadima1:


It is doable. Let's assume he started lecturing at 24.

For a salary of 300k, if 20% (kept asside for investing) for the next 16 years ==> 300k x 12months x 16years x 20% = 11,5200,000 .

Assuming he is good at investing in real estate and stocks.

11.5 mil compounded for d next 20 years at 35% yearly return will be nothing less than ==> 11,520,000 x ( 1 + 0.35 )^ 20 = 4.66 billion !! .

That is 36 years of saving and judicious investing with God on his side. It can be done, I am trying to do this.

I don't know if this is possible but it's what i'm gunning for. I started visiting this thread when i was 16 years.

Now, i am 23. I earn above XX salary. I invest 250K monthly in Digital agriculture and then 100K in bitcoin. My goal is get within 25% -35% returns for 17 years.
I know digital agriculture is risky but i try to invest in the safest of them all.

My risk appetite is much bigger than most of the elders here.

But i'm hoping to retire by 40 years so i can focus on learning and teaching.

I use this tool for my compound interest calculations:
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

Sparkle bank.
You can open your account online by downloading the app

riche12:
Good pm
was searching for an agric investment and saw their ads,
Just want to know if anyone have used the site. Gracias

There is a thread for Agric. Investments.
Ask your question there.
https://www.nairaland.com/5358517/digital-agriculture-investment-platforms-options/175#90749126

ositadima1:
An interesting way to estimate true exchange rate. Take for example samsung galaxy s10 plus, this phone should have the same functionality anywhere and so same value irrespective of location right?

It costs about $600 on Amazon and #315,000 on Jumia. If I divide 315,000 by 600 I get about 525. If I am to neglect transportation cost differences I can say that $1 is worth about #525.

Anyway, The Economist did same with McDonald's burgers which they called Big Mac Index.

https://en.m.wikipedia.org/wiki/Big_Mac_Index

So I have been thinking about this. I found a fault in it which is that you used an imported item. The price in Naira is already based in the fallacious exchange rates.

I think a good test will be to compare price of a bag of rice or any other commodity consumed in both countries

ositadima1:
An interesting way to estimate true exchange rate. Take for example samsung galaxy s10 plus, this phone should have the same functionality anywhere and so same value irrespective of location right?

It costs about $600 on Amazon and #315,000 on Jumia. If I divide 315,000 by 600 I get about 525. If I am to neglect transportation cost differences I can say that $1 is worth about #525.

Anyway, The Economist did same with McDonald's burgers which they called Big Mac Index.

https://en.m.wikipedia.org/wiki/Big_Mac_Index

I need to read up on this. Interesting!

emmanuelewumi:



He wants to introduce you to importation of goods from China.

No, that was not my intent.
It’s for me personally, not introducing anyone.
I’m trying to see what Chinese products moves in Nigerian market.
But I’ll create another thread so as not to derail this.

Breaking: CBN Governor confirms exchange rate unification plans

https://nairametrics.com/2020/06/23/cbn-governor-confirms-exchange-rate-unification-plans/

AdaoraNK:


What product(s) is the Chinese firm into?

The Chinese person is not a manufacturer but is able to source anything from China and export on credit.

Their government is giving a tax incentive for exporters and he just moved to Wuhan free trade zone