₦airaland Forum

Botking:
Contract me on telegram @robotking1
Or digitalcryptocurrencies@gmail.com

Thanx bro I have hala u, will be waiting for your reply

olametrix:
Thanx bro I have hala u, will be waiting for your reply

I can only respond to email now

Botking:
I can only respond to email now

Yes I sent to e mail

olametrix:
Yes I sent to e mail

Seen

PerfectlyPerfect:
It'll be more beneficial to you to open a binance account and save your funds in USDT than putting it into any Nigerian bank

What if anything should happen to crypto tomorrow?

Truth234:
First, given the Nigeria's unstable economic situation and policymakers' fire brigade approach to foreign exchange and other economic matters. It is important to have a more stable savings account that can help curtail, manage and even profit from their recklessness or cluelessness.

Nigeria is a petrol-dollar economy. This simply means that Nigeria, Africa's largest economy with population of 200 million, have to sell crude oil to generate the US dollar needed to service her economy. Suggesting that any time OPEC or OPEC+ capped Nigeria's production or Millitants strike, the economy will suffer as the healthiness of the economy is directly tied to her foreign reserves (an account where all foreign revenues are kept for use).

However, the reason we suffer so much or why we have high forex volatility is because Nigeria is an import dependent economy. We import over 90 percent of what we consume due to our weak manufacturing sector. This, also explains the high unemployment rate of 33.33 percent since we export all of our jobs.

Now, here is how to mitigate the risk associated with this unpredictable nature of the Nigerian economy. Read one of my articles titled How to Save, Invest and Earn in US Dollar in Nigeria https://investorsking.com/2021/06/28/how-to-save-invest-and-earn-in-us-dollar-in-nigeria/

OPEN a Domicilary Account

Recently, I discovered a better and economically viable Domicilary Savings Account (FCMB, pls note this is purely for information purposes and not paid ads).

This account can be opened with just $10, Euro or Pound depending on your type of account.

Here is why I think this is better for people looking to start saving in USD, especially the youth.

Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
Allows for Foreign Currency Salary payments and cash lodgement.
Account can be operated either as an individual or a joint account
NO charge on cash withdrawal.
Offers Issuance of foreign currency denominated drafts
Free E-mail transaction notifications
Free monthly electronic statements

Requirements for Opening FCMB Domicilary Savings Account - the most straightforward I have seen

Completed account opening form
1 passport photograph
Minimum of 18 years-old and provide the following:
International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

To read more on FCMB Domicilary Savings Account click https://www.fcmb.com/domiciliary-savings-account

Any more question? Ask me.

What about crude oil?Does Nigeria import that one too?All this economists that are always giving false analysis.

TenQ:
You have not really gained (because price of the things you would have bought with Naira has also gone up) BUT you have saved your money from depreciation.

Bros i dont understand this una inflation palava, the guy don gain.
If the money been dey him naira account, will it increase on its own?
Or if he remove am from him naira account go market, inflation won't affect it?
Someone did this when buhar entered 2015,he said he fasted and God told him to buY dolls and keep, d man sold all his stuffs he wanted to sell, convert the money to dollars,then dollarswas 187, when buhari came in, in less than 3months naira depreciated to 300+ in black market. It almost hit 500 at a time,,na so the man convert him dollars to naira. He made so much gains.
Whether inflation happened or not, the man made gains without renting any shop or doing marketing of goods.

Truth234:
First, given the Nigeria's unstable economic situation and policymakers' fire brigade approach to foreign exchange and other economic matters. It is important to have a more stable savings account that can help curtail, manage and even profit from their recklessness or cluelessness.

Nigeria is a petrol-dollar economy. This simply means that Nigeria, Africa's largest economy with population of 200 million, have to sell crude oil to generate the US dollar needed to service her economy. Suggesting that any time OPEC or OPEC+ capped Nigeria's production or Millitants strike, the economy will suffer as the healthiness of the economy is directly tied to her foreign reserves (an account where all foreign revenues are kept for use).

However, the reason we suffer so much or why we have high forex volatility is because Nigeria is an import dependent economy. We import over 90 percent of what we consume due to our weak manufacturing sector. This, also explains the high unemployment rate of 33.33 percent since we export all of our jobs.

Now, here is how to mitigate the risk associated with this unpredictable nature of the Nigerian economy. Read one of my articles titled How to Save, Invest and Earn in US Dollar in Nigeria https://investorsking.com/2021/06/28/how-to-save-invest-and-earn-in-us-dollar-in-nigeria/

OPEN a Domicilary Account

Recently, I discovered a better and economically viable Domicilary Savings Account (FCMB, pls note this is purely for information purposes and not paid ads).

This account can be opened with just $10, Euro or Pound depending on your type of account.

Here is why I think this is better for people looking to start saving in USD, especially the youth.

Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
Allows for Foreign Currency Salary payments and cash lodgement.
Account can be operated either as an individual or a joint account
NO charge on cash withdrawal.
Offers Issuance of foreign currency denominated drafts
Free E-mail transaction notifications
Free monthly electronic statements

Requirements for Opening FCMB Domicilary Savings Account - the most straightforward I have seen

Completed account opening form
1 passport photograph
Minimum of 18 years-old and provide the following:
International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

To read more on FCMB Domicilary Savings Account click https://www.fcmb.com/domiciliary-savings-account

Any more question? Ask me.

. Can you open the account online from foreign country?

poiZon:
Bros i dont understand this una inflation palava, the guy don gain.
If the money been dey him naira account, will it increase on its own?
Or if he remove am from him naira account go market, inflation won't affect it?
Someone did this when buhar entered 2015,he said he fasted and God told him to buY dolls and keep, d man sold all his stuffs he wanted to sell, convert the money to dollars,then dollarswas 187, when buhari came in, in less than 3months naira depreciated to 300+ in black market. It almost hit 500 at a time,,na so the man convert him dollars to naira. He made so much gains.
Whether inflation happened or not, the man made gains without renting any shop or doing marketing of goods.

Omo X100, see Wisdom ooo

Xeedorf:
Benefits: I bought $20,000usd in July 2021 @496. But today 16 Sep 2021 rate is 570.

20,000*496=11,400,000
20,000*570= 9,920,000
Gain=1,480,000 within 2month

Oga what kind of calculation is this?

macho44:
UBA & ZENITH Bank are your best bets. As for ACCESS BANK, Na Very USELESS Bank dem be. I fill form taya sote my biro ink finish. Even had to go to their office time and time again, na so their manager begin ask me weda i be Yahoo Boy, imagine the rubbish. I switched to UBA and got my account opened in minutes. I suggest you do same or try ZENITH.

If you're ready to get started with Email Marketing As A beginner check out this Email Marketing For Beginners Series on Youtube

Hahahahhahah no time bad boy

niel63:
I just opened one with Fidelity Bank... going to collect my card and details tomorrow.

Requirements:
2 references
Any valid form of identification... NIN preferably.
Passport photograph
Proof of address (Nepa Bill, waste management, etc)
And your $100

I went with Uncle Fide for some reasons and they seem to be very flexible too...
Naira is becoming a Joke. I'd stop charging clients in Naira anyways...
Imagine collecting naira and you want to pay for any cloud service, na there better premium tears go dey flow...

Modified:
I practically used Barter to pay for most of my cloud based infrastructures until recently... just imagine, they provided me with a dollar $ account, I tried it... received just $100 in it... the next thing these people seized the money, prevented me from withdrawals and asked me to submit a picture of me holding my ID and told me to tell the client to snap the card they used in making the payment. Lol... I burst ... so furious I replied them with an answer they never expected and before you know it, they apologised and asked me to send whatsapp chat proof of the transaction and what it was meant for. Sigh... after doing their stupid KYC compliance last year.
These people are so clueless... Long story short, Las Las when they opened it after like 6days, they gave me #41,000 for $100 but would charge you #57,000 to load dollars... you see the scam.
I rush go open domiciliary account. So in retrospect, you need a dom account to have peace on mind first with USD transactions in 9ja.

nice one.

crazyABO:
. Can you open the account online from foreign country?

Yes, try FCMB, Zenith, Fidelity etc

Decryptor:
Oga what kind of calculation is this?

lol I had to skip thou

UncleSnr:
Convert your Naira to USDT or any other stable coin.
Join Binance and use their P2P platform in purchasing a stable coin.
You can earn interest from their savings platform too.
Thank me later.

How do you even deposit naira on binance since CBN has restricted banks on crypto ?

yetunsbay:
assume binance itself got hacked (anything can happen;hackers dey advance daily), what happen to your assets ?

Can't your bank be hacked?

Binance have hackers working with them, too.

TenQ:
You have not really gained (because price of the things you would have bought with Naira has also gone up) BUT you have saved your money from depreciation.

Apart from that, do banks still allow cash withdrawal ie in USD? If not then there's nothing gained because they won't allow home withdraw at the market rate.

Waste of time, get binance buy your usdt/busd or any currency you which send to your private wallet and watch wailers wail

MPESA:
Chai see me go dey dash stupid Access bank my money.... Thanks so much for this information.

I have been surviving bad economy cuz of fidelity bank

I will advice you open a Binance account and fund your wallet as your savings account. You don't even need to trade cryptocurrency, Buhari will help you increase your earnings by making the Naira to fall

ezewealth:
USDT are the most stable, it doesn't go up neither does it go down

I just looked up the meaning of USDT AND USDC. They are meant to mirror the value of the real USD.

How to convert Naira to USDT or USDC? Any official channel to do this?

taiwofawole:
Very important if you into the online transactions and business .. CBN as restricted spending on Naira mastercard to $100 per month , also to easily get international payment especially for services like Google adsense , if you have a blog and it’s monetised with Google adsense , you can receive direct deposit in dollars there and withdraw your dollar to Aboki market for exchange , blogging sweet for who know way
Also freelancers can only get paid via dom account

See the cost of creating , hosting & monetising your blog below

https://www.nairaland.com/4161635/business-cost-creating-blog-website

I sent you a PM.

alezzy13:
Apart from that, do banks still allow cash withdrawal ie in USD? If not then there's nothing gained because they won't allow home withdraw at the market rate.

yes, they do. You can still withdraw your cash in dollars.

I hope these people wouldn't change it when they are pushed to the wall.

poiZon:
Bros i dont understand this una inflation palava, the guy don gain.
If the money been dey him naira account, will it increase on its own?
Or if he remove am from him naira account go market, inflation won't affect it?
Someone did this when buhar entered 2015,he said he fasted and God told him to buY dolls and keep, d man sold all his stuffs he wanted to sell, convert the money to dollars,then dollarswas 187, when buhari came in, in less than 3months naira depreciated to 300+ in black market. It almost hit 500 at a time,,na so the man convert him dollars to naira. He made so much gains.
Whether inflation happened or not, the man made gains without renting any shop or doing marketing of goods.

You are looking only at the quantity of the Naira you will obtain for the dollar but not looking at the overall purchasing power of the Naira which has also fallen.

For those who keep their money in Naira, it is double loss
1. Depreciation of the naira
2. Inflation in commodity prices
For those who keep their money in Dollars, it is just a single loss
1. Inflation in commodity prices

Either way, it is still better to keep one's money in dollars

Dwayne22:
What if anything should happen to crypto tomorrow?

Nothing will. Crypto is here to stay

yetunsbay:
assume binance itself got hacked (anything can happen;hackers dey advance daily), what happen to your assets ?

Even if Binance gets hacked your assets are still safe. Binance stores crypto in cold wallets, the ones you exchange on their website isn't really your real funds, just a representation of your funds. Same way when you transfer money from one bank account to another, they really didn't physically move your money from one bank to another. The only time your real assets are involved is when you move your crypto from binance to another exchange.
Also, as hackers upgrade, exchanges also upgrade

iykepromotions:
Very important if you're doing online business and getting paid in dollars. The best bank so far from experience is Gtbank.

Good luck.

Please can you expatiate more on the GTbank Dom account? Thank you.

iykepromotions:
Very important if you're doing online business and getting paid in dollars. The best bank so far from experience is Gtbank.

Good luck.

I tried opening dorm account with GTB but they asked for two guarantors who has current account despite the fact that I already have salary account (savings) with them. Is there any bank that where I can open domiciliary account without going to search/beg for such current account holders to be my guarantors?

bolu96:
I sent you a PM.

I replied you already sir .. you can reach me via my whatsapp line below

Observing

Why open a Dom account when you know you won’t have full control of your money?