₦airaland Forum

emmanuelewumi:
There workers got cheap loans from their employers to invest, some convinced the bank customers to invest, some became fund managers to their customers and invested in IMG.

No be small matter, heads will roll

Interesting!
Truly no be small matter.
If people really want to take risk with their money, NSE or crypto is the way to go. In both, you can loose some of your capital but never all of it.
People will think money can't be made in NSE but in that same place UCAP, Guiness and Vitafoam has returned 100% profit this year.

OgogoroFreak:
No make me laugh abeg. Everybody dey hustle.

Thats why you should be careful with the source you get your information from.

I tire for the bros, he was saying it like he saw the evidence of transaction himself.

richforever123:
The person that originally shared it on Instagram still has it on her status, she even had an interaction with the CEO of Piggyvest and shared it also her username is __trapselena_ you can check her out

She also mentioned GTB and Afrinvest. Do you also believe that these organisations invested in IMG?

Her claims are unverifiable if she can't provide evidence of transaction to back it up.
Let's all watch as the drama unfolds.

emmanuelewumi:
Funds are invested in bonds, Treasury Bills, money market funds, fixed income and yet returns are higher than what those assets are producing.


They have Investments in money lending firms, that is how they can give such superior returns

Their rate is just slightly above what is obtainable in mmf. 12% per annum.


They offer the chance to invest in other instruments such as agrictech at higher rate. Their rates for agritech is always lower that what the agric tech give direct customers. That's because piggyvest also insures its investment with agric tech.
We have to give them benefit of doubt. The big banks we see today started from somewhere too.
Piggyvest and cowrywise have remain upright with their customers for close to 5 years now

Afromentalist:
Are you serious at all?

I always doubted Piggyvest or GTB and other institutional investors invested from the onset, which I have even explicitly expressed here in my first post on this topic.

Have you not read the official communication of Piggyvest on this topic ?

Some of you just argue for argument sake.

It is a fake news bros. Piggyvest didn't invest in that scheme.
The person that shared the news on twitter has deleted it and I think has been charged to court for Defamation. He claimed he worked for a competitor so it is case of mudsliggging. Make una dey cool down

shariff84:
Breaking news:- new beans is out,you can all now order for new one.I will send it directly to you from kano.
Brown 42k
White 40k

Please what time will it be cheapest and is it dry enough for storage now

locodemy:
Among all the sentimental stocks we have at NSE, Transcorp is the only stock not yet moved.


Any Jonah hiding inside Transcorp's boat.I command you to be vomitted.

What if you are the Jonah

Na joke I dey o

anorexicmuster:
We have no choice

The more we spend on subsidising fuel, the more we prevent the investment in more refinereis plus we put new refineries like Dangote refinery at risk of failing by forcing them to operate at a loss a la subsidy

If we had removed this thing in 2012 by now the worst would have been over

Nigeria can no longer afford subsidy. It has to go.


P.S. Any objectors to this post should read about subsides and why they damage economies.

You want subsidy removed without a refinery that is fully operational or even partly operational? Does that make sense to you?

Even if that will be considered, they have to stabilise the naira, you can't have naira at an all time low and then remove subsidy. Lots of business will go out of operation and the economy will collapse totally.

What you will get at the end is what happened on Lebanon and Zimbabwe, Hyperinflation!

jedisco:
I wouldn't put all the currency problems down to meffy... After all, things like fuel subsidy existed before him... But then, his policies have done little to help.

Even if the current TB rate is cut in half, there's a good chance it'd still be oversubscribed... There's a very poor lending infrastructure and banks would rather pay a fine on their reserves than lend them out... Also most of the pension would still find its way to TBs/Bonds irrespective of the rate.
It's still odd why the rates were kept that high... Maybe they saw it as a neans of helping out of recession...But then, such yields should have rather been channeled to the real economy than portfolio investors.....

Thing with meffy is that most of his policies though of good intentions, don't bring results as they fail to address the main issue in a practical way.
Take him going after abokifx fir instance- that has helped to reduce the frenzy around devaluation and provide some stability as the website was about a single point of forex info. But then, if he doesn't get to work and address the underlying issues with the currency, that effect will only be short-lived. Already, there are multiple alternatives springing up who he'd be unable to stop and would do the job better than abokifx.

Very true, since CBN pulled the plug on abokifx, some stability has been attained in the parallel market. They probably should have clamp down on the site when the rate was circa 500 cos Abokifx seems to have colluded with the BDC to arm twist the CBN.
Going forward, there is need to introduce policies that will reduce the pressure on the parallel market. For instance, the monthly $100 limit on debit card can be increased to $500

XiaoLi:
Infact they advised I leave any liquid asset in USD as i can always use that to get a facility in Naira at thesame interest rate which the USD was fixed, this way the USD will always be preserved.

Please how does one go about fixing USD with FBN?

silentvoice:
Sometimes veet(shaving cream), more times shaving stick

Stop using shaving stick. It is the cause of the problem. Get a small reachargle clipper and use it instead.

stanelvis:
What he is saying makes sense in a way, only if CBN can ban funding of Dom accounts locally. Anyone who needs forex for any reason can approach the bank and will get it at the official rate.
This will automatically stabilize the naira against dollar.
It doesn't really do the economy any good if someone can withdraw dollar from a bank and then exchange it outside.

Such policy can never stabilize Naira. This administration did such I think in their first tenure. It had no positive impact.
The only solution is for CBN to be apolitical with their policies. They either have to flood the market with more dollar to prop naira or find a way to improve export in the country to have higher fx inflow

bigtt76:
Clout chasers. It would make sense what the law maker is saying if the CBN prevents local funding of the domiciliary accounts from within Nigeria (by cash or electronically). It should be tied to receiving inflows only. The only exception would be for banks tying outflows approved to the account but not lodge it in.

Allowing it to be funded locally is the reason why many hoard forex. Trust me if they do this, rates would drop drastically.

You need to understand that such restrictions have more negative impact than positive impact.
That will encourage more people to go the crypto way. You can't force people to keep their hard earned money your own way

[quote author= post=106142345]See More Photos Via www.. com[/quote]

Even when CBN stopped issuing FX to the BDC, the exchange rate was stable at 510, CBN then went for the Fintechs, causing panic and disrupting the black market. Instead of the rate to improve after the ban, it became worse.
Now the court has forced CBN to lift the ban on the Fintech accounts, unfortunately the rates might not revert back to 510.

CBN is the architect of the problems we are facing with exchange rate. They are always fighting shadows.

How many times have they refuted claims of devaluation, only for CBN to go ahead and devalue the Naira?
In case you don't know, this happened 3 times in the last 12 months.

I'm going withdraw $$$ and stash it in a safe place.

You can leave yours in the bank

chigo4u:
Why are people panicking and spreading fake news about CBN converting dorm account to naira. I have always maintained this will never happen. Well cbn has just denied it. I know for sure the elites who store their wealth in naira including the leaders will never allow it to happen

The ealier CBN realise that they can't have a total control over inflow and outflow of FX, the better.
The world is a global village, Tech is bringing several opportunities overseas closer to Africa.
Lots of people will prefer to invest in NYSE now, whereas in the past the option was not available.

Each step taken by CBN in the last 2 years has disrupted the stability of the exchange rate further.
May be they need to sit back and allow things flow naturally.

maishai:
I believe the whole move towards e-Naira comes as an after-mat of the END-SARS protest, I believe that after security Agencies Identified those spear-heading the movement, they used all their tactics in the book including cutting their funding source to Nigerian Accounts but hey many were now receiving big funding through Crypto, Go fund me, and co...........

This funds were not going through the traditional means that the CBN has controll over, It was just too anonymous hence the CBN and the Government were powerless during the saga......

They have learnt their lesson and are trying to control all Digital currency operations in the country.....The e-naira will just end up being an exchange to standard digital currency like bitcoin ........................

CAVEAT: these are my Opinions

Southern Nigeria must dissolve this unprofitable union called Nigeria

[quote author=Jalofun post=104718769][/quote]Is there a way to install this without tie rods. It would have made it seamless.

Nonetheless it looks nice

[quote author=Jalofun post=104718769][/quote]Is there a way to install this without tie rods. It would have made it seamless.

Nonetheless it looks nice

Please how can I invest in this commercial paper. Through which bank did you buy it

RayRay06677:
How did you do it

U can liqudate all and reinvest some but never can you liquidate part, please enlighten me if I am still wrong, we are here to learn. I just liquidated 10m worth with maturity of Sept 9th and got 9.925m to boost up and reinvest on Wednesday on 15.4942% commercial paper at 270 days.

Did my maths and realized I will be making about 35k for terminating though am losing about 75k as penalty. Bought at little above 4% and liquidated at 7.5% to reinvest at 15.4%. if I waited till Sept, might not get that 15%.

So my guy that liquidated part of your investment, please show me how, thanks

Asgard73:
The North is going through a hell lot.. food is scares and costly..they’re waking from the very hallucination of a utopian “Islamic “ one North under Buhari.. he disappointed them..

But they love him... they won’t mind taking all this form him and still support.. he’s their own.

2023.. will shock Nigerians ..

North is subtlety playing politics.. and south is making noise ..

Power will return North and there’s nothing any southerner can do .. cos .. people will vote
Peaceful election... walai.

They can keep the power. It will be their destruction.

Set a beggar on horseback, and he will ride to the devil,"

thebosstrevor1:
You can live in a country and be homogeneous

Spain, russia, Belgium, Switzerland are all doing it.

Countries or region within a country

Can't say for Russia but others are not homogenous

Belgium has German speaking and Dutch speaking regions
The Catalonians are trying to opt out of spain because they want a separate Identity
Switzerland is the most diverse country in EU. It is even a case study for diversity

emmanuelewumi:
Secondary market. These are the offers sent to me this morning

By which investment house?
Kindly share platforms through which investors can buy these bonds easily

Emndy:
Bros, "compounding" they say is the 8th wonder of the world. Those who understand it, use it.

9m investment every year @ 15%

Year 1: 10.35m
year 5: 69.78m
year10: 210.14m
year15: 492.46m
year20: 1.06B
year25: 2.20B
year30: 4.5B

Finding an investment where this can be put in autopilot is the wahala

Both
Set up a barbing salon and employ one more barber.
Tiling job might not come regularly, in those period when job is not coming you work in your salon together with the other barber.
Other periods when you have tiling job, you leave him to manage the shop.

That's what a guy I know does

All the best

Tobex4realTobex234:
For Binance,
1. It is not possible. Because CBN banned Nigerian banks from facilitating any transaction that involves crypto, so it doesn't matter if you are planning to use a naira or USD card, it won't pull through and your funds may be trapped, depending on which bank it is.

2. It is not possible. The only possible way you can do crypto right now is via P2P and only instant transfer payment methods are usually allowed.

With Bamboo, Trove e.t.c.
1. It's possible. But please check with your bank o. I heard Nigerian banks have card limits even on dorm accounts. That's some pathetic shit. Also the charges on these platforms are crazy at about 3.8%

2. It's possible also. But Bamboo charges $45 to get USD withdrawn to your dom account.

I will make enquires. I've always thought the $100 card limit is applicable to using naira debit card for dollar transactions.
If there is a limit on dollar debit card, it will definitely be far higher than $100 a month
I think $45 charge is a fair price to pay for the money to come in as inflow, since one will be able transfer the money to any dollar based investment account

The only idea coming to my head is getting a debit card for the domiciliary account, then use the debit card to buy stable crypto on exchange. Sell off the crypto some time and withdraw the dollar to Dom account as inflow.

This should also work for platforms like Bamboo and trove. In this case one will buy US stocks after crediting Trove/Bamboo account with the debit card

Two things I'm am unsure of about this is
1. If it is possible to use debit card linked to Dom account to buy crypto in Nigeria, considering most transaction is priced in dollar but transacted in naira.
2. If it is possible to withdraw dollar directly to Dom account from an exchange like binance.

Let the crypt experts please help us clarify

XiaoLi:
There are barriers to it, ..there is limit to how much you can deposit in your dom account, if you change millions of naira to USD then depositing the USD to your dom account is where the barrier comes in..this law started this year i think because i was able to convert and deposit a lump sum to my dom account last year February.

The only way you can withdraw this money in naira and get it deposited in your dom account is by illegal means.

At the bolded why not share it here for others to learn if it is legal.

Emndy:
*Cash deposits aren't allowed.
*Transfer fees apply when carrying out interbank transfers ( all fees borne by you).
*A way to avoid the transfer fees when subscribing is to have a usd acct domiciled in the same bank as the fund custodian bank, this way you simply source fr your usd (as inflow) and then do an intra bank transfer to the eurobond fund act.

Even if you buy cash then depisit in ur dorm act, you won't be able to use it for wealth mgt activities like yje eurobond or usd funds. Funds must be inflow.

CBN is just crazy with the rule of only inflow can be transferred. Whether inflow or cash deposit, the money belongs to the account holder and he should be allowed to do whatever he wants with it.
Nigeria and frustrating people sha

So sad everything is so complicated in Nigeria. Reason why lots of people are moving to foreign stocks.

Why would shareholders have to state quantity the bought?
keeping records of such should be the job of registrars and stockbrokers.

Too much stress for shareholders

emmasoft:
Stockbrokers mainly is to give you a platform to trade stocks/equities or trade on your behalf. Dividend is between investor and the company you invested in with registrars as middle man to facilitate the record keeping and payment.

The collection of dividend is not part of the regular duties of stockbroking firms as stipulated by law.
However, individual clients can give authority to his/her stockbroker to do the chasing of dividends and that comes with a fee.

To put the issues of dividend behind always fill a transfer form and send to your broker after purchase of a stock and give at least 10 working days before you send mandate to the registrars otherwise your mandates get to the registrar and no specimen signature to compare with.

By the way it's cscs that process your transfer form not the broker it only pass through the broker to cscs.
When filling the transfer form always write the quantity bought at a deal if you bought in trenches.

If you already have a specimen signature always send a mail to the registrar to mandate any new purchase with the current mandate. Some registrars do it automatically especially if it's same CHN others will require a mail before they can mandate new purchases.