Acidosis:


How much can the average Nigerian hoard sef? Last time I checked, NDIC abi CBN said that more than 90% of Nigerians don't have 500k in their account. So, how much can the average Nigerian hoard compared to what political parties and cronies spend at convention grounds?

My point is that those encouraging you to blame "hoarders," the commoners without 500k are the same people behind the scarcity. These guys are buying properties abroad every day! From Seyi Tinubu to Keyamo in the U.S. Imagine what the other guys are doing with forex! These are the unpatriotic people who poison the minds of their party loyalists to turn against opposition and ordinary commoners.

Do you really think the aboki fx guy, standing under hot sun everyday and hustling for feeding, at Berger market is the reason for the scarcity?? In some markets in Lagos, all of them put together no get $5,000 to sell. You can approach them and ask.


Festus Keyamo works as a Minister in Nigeria but he had $300,000 to buy a US property.

We don't know Seyi Tinubu's job, but a recent news showed that he recently acquired a $10,800,000 US property.

These are the unpatriotic people behind dollar scarcity.

Guys like you who advocate changing naira to dollars also have a considerable negative effect on the naira. If a conservative 5% of the Nigerian population changes only 50,000 naira each to dollars, that would amount to more than half a billion dollars at the current rate (5% * 200million * #50K / #800 = 625million USD). Most of this money will not earn anything back, and some of it will be lost (if you change it without keeping it properly, termites will have a field day ).

Every few days, you all come and broadcast "change your naira." Some people will go and change theirs. The next thing you hear is that the naira has gone further down, and the circle continues. Mind you, before you start protesting, hoarding is not the only reason why the naira is declining, but hoarding is real and its effects are also real.

Acidosis:


Do you really think the aboki fx guy, standing under hot sun everyday and hustling for feeding, at Berger market is the reason for the scarcity?? In some markets in Lagos, all of them put together no get $5,000 to sell. You can approach them and ask.
.

Acidosis:



Not everyone understand their purpose in life sha.

Hmmmmmm

phoinix:


Guys like you who advocate changing naira to dollars also have a considerable negative effect on the naira. If a conservative 5% of the Nigerian population changes only 50,000 naira each to dollars, that would amount to more than half a billion dollars at the current rate (5% * 200million * #50K / #800 = 625million USD). Most of this money will not earn anything back, and some of it will be lost (if you change it without keeping it properly, termites will have a field day ).

Every few days, you all come and broadcast "change your naira." Some people will go and change theirs. The next thing you hear is that the naira has gone further down, and the circle continues. Mind you, before you start protesting, hoarding is not the only reason why the naira is declining, but hoarding is real and its effects are also real.

Well, you're right. But as a student of leadership, it's okay to learn from the leaders, and so far, Nigerians are doing a great job. How do you think the japa wave started? It wasn't necessarily because more Nigerians had access to visa offices. Years of watching politicians celebrate their kids on graduation from US and UK universities is making everyone detests naija's products.

I mentioned earlier that $$ investments can't work like MMM. I don't think people should be investing in $$ denominated platforms with the intention of cashing out in 2 weeks. Naira will always rise and fall. However, there are sufficient evidence, dating back to 1972, that confirms and positions the naira as a weak currency.

emmanuelewumi:





I guess that was around 2020, I know a number of assets that have doubled price and a number of investors who are making times of what they were making in 2020.


Do business, invest or produce something, you can always adjust the price or fees charged for your goods and services unfortunately majority of us are consumers.


Hoarding forex is speculative, if you must buy dollar make sure it is for business or investments, not to just be in the account or under your mattress

Pa Emma

I totally agree with your last sentence sir.

I agree that some assets have doubled in that period of time particularly stocks. However, some business venture have also experienced severe loss due to unstable exchange rate

One thing we should also point out is that some people made money and just want to protect their capital. Treasury bill and bonds used to to be secured way to preserve money. With the rate of devaluation what can people do?
It is safer to hold dollar and invest it even if it is in 2% interest per annum dollar based investment

emmaodet:

Acidosis:


How much can the average Nigerian hoard sef? Last time I checked, NDIC abi CBN said that more than 90% of Nigerians don't have 500k in their account. So, how much can the average Nigerian hoard compared to what political parties and cronies spend at convention grounds?

My point is that those encouraging you to blame "hoarders," the commoners without 500k are the same people behind the scarcity. These guys are buying properties abroad every day! From Seyi Tinubu to Keyamo in the U.S. Imagine what the other guys are doing with forex! These are the unpatriotic people who poison the minds of their party loyalists to turn against opposition and ordinary commoners.

Do you really think the aboki fx guy, standing under hot sun everyday and hustling for feeding, at Berger market is the reason for the scarcity?? In some markets in Lagos, all of them put together no get $5,000 to sell. You can approach them and ask.


Festus Keyamo works as a Minister in Nigeria but he had $300,000 to buy a US property.

We don't know Seyi Tinubu's job, but a recent news showed that he recently acquired a $10,800,000 US property.

These are the unpatriotic people behind dollar scarcity.

You have hit nail on the head.

The trumpeters of faux patriotism will turn a blind eye to the political class who rip off the country of millions of dollars.

How many average Nigerians hustling for capital preservation have up 200k USD in liquidity

Acidosis:



Well, you're right. But as a student of leadership, it's okay to learn from the leaders, and so far, Nigerians are doing a great job. How do you think the japa wave started? It wasn't necessarily because more Nigerians had access to visa offices. Years of watching politicians celebrate their kids on graduation from US and UK universities is making everyone detests naija's products.

I mentioned earlier that $$ investments can't work like MMM. I don't think people should be investing in $$ denominated platforms with the intention of cashing out in 2 weeks. Naira will always rise and fall. However, there are sufficient evidence, dating back to 1972, that confirms and positions the naira as a weak currency.

#FACT

emmanuelewumi:




That is why I said buy assets, invest and do business, you can't go wrong.

My grandma land bought for N1000 in 1977 was sold 7 months ago for roughly N60 million

Yeah!!! You failed to mention that you buy the best performing assets and stay away from clear losers. I won’t touch the Naira or anything denominated in it with a pole. Don’t fight the trend folks, I learned this the hard way.

Do you hear what is currently about to happen in Argentina? That will be the fate of all the nations in the world very soon, one by one.

narite:

Yeah!!! You failed to mention that you buy the best performing assets and stay away from clear losers. I won’t touch the Naira or anything denominated in it with a pole. Don’t fight the trend folks, I learned this the hard way.

Do you hear what is currently about to happen in Argentina? That will be the fate of all the nations in the world very soon, one by one.

What's happening there?

pizapato:


Dey play.

When boys are warming up to mop up again anything below 800

I like your optism. Check the post of AwesomeJ on this thread and see how he discouraged people from changing below 500 few years ago. I'm sure experience has taught him that the thieves at helms of affairs of this country are unwilling to address the true solution to the problem


The true solution to the dollar quagmire is for government to cut the operational budget of all federal parastatals and ministeries by 50%. The money given to these ministries/parastatals are largely stolen, which is in turn used to mop up dollar by the looters.

If they don't do this, the solution you are seeing now is only a quick fix that will push dollar to sub 800 but in few months or one years time, the dollar will continue its upward journey again.

ko le work

pizapato:


This was my post few weeks ago.

The twist is coming earlier than expected.

Anyone with the plan is to hold for wouldn't panic. For those that know the game, it is a normal move. Na to hold and average down as rate falls.

You are not patriotic.

narite:

Yeah!!! You failed to mention that you buy the best performing assets and stay away from clear losers. I won’t touch the Naira or anything denominated in it with a pole. Don’t fight the trend folks, I learned this the hard way.

Do you hear what is currently about to happen in Argentina? That will be the fate of all the nations in the world very soon, one by one.

The worst are people who live abroad (the ones who have JAPA-ed). You are not one of us in the actual sense. Please don't make our nation worse than it already is.

The thieving politicians have been elected on our watch. We let this happen to us collectively because of tribalism or short-term gains. We are already undermining ourselves as a country. We don't need more problems from people who have gotten away. If you are fortunate enough to leave, enjoy your new country, but don't add problems for us back home.

phoinix:


The worst are people who live abroad (the ones who have JAPA-ed). You are not one of us in the actual sense. Please don't make our nation worse than it already is.

The thieving politicians have been elected on our watch. We let this happen to us collectively because of tribalism or short-term gains. We are already undermining ourselves as a country. We don't need more problems from people who have gotten away. If you are fortunate enough to leave, enjoy your new country, but don't add problems for us back home.

I am not your enemy guy. Sooner or later you will be dumping the Naira whether you like it or not. I am doing this sooner.

I hope this part will make you very happy When what is coming finally arrived our politicians will become slaves not just them alone, everyone who has made huge sums of money in a crooked way their money will be confiscated because they won’t be able to explain how they got it.

Acidosis:

.....

These are the unpatriotic people behind dollar scarcity.

One wonders, who does more harm to the naira..
1. A sitting president who travels to the UK for medical treatment or
2. An average earning banker who sells his property to seek greener pastures abroad?

QuinModah:
You are not patriotic.

Yes I am not.

I can't let patriotism drive me into penury. Anyone who is wise will split their investment into 2 parts (some in dollar and some in naira).

The gratuity of many people have been turned to peanuts with the endless devluation. Yet you think those who are in control of their investments will open their eyes and watch, while the value is stripped away by mismanagement of the economy by greedy politicians.

If I'm given the opportunity to manage my pension contributions right now, I will convert it to dollar and invest in Eurobond fund.

When the leaders start to show some elements of patriotism, we the populace will follow.

narite:

Yeah!!! You failed to mention that you buy the best performing assets and stay away from clear losers. I won’t touch the Naira or anything denominated in it with a pole. Don’t fight the trend folks, I learned this the hard way.

Do you hear what is currently about to happen in Argentina? That will be the fate of all the nations in the world very soon, one by one.

It either we are in with the Brics, Euro or the Dollar. Note, this three currencies (one is yet to be) are controlled by the same system (Look Deeper)

We are entering a phase where probably only 3 or 4 currencies will be available for trade settlement be it locally or internationally. For this to happen effectively every other currency has to die, a very rapid death and people eagerly dumping their country's currency and jumping into any of the mentioned currencies.

The road to this; is part of what you are witnessing in Argentina and what is hitting every other nations in the world. We are perfectly on the route to a totalitarian society.

jedisco:


One wonders, who does more harm to the naira..
1. A sitting president who travels to the UK for medical treatment or
2. An average earning banker who sells his property to seek greener pastures abroad?

Sometimes I am just baffled how people who have a total net worth of over 50 million Naira find it hard to live on it. Give such money to someone who probably earn 30 thousand a month and he or she will believe they will definitely not work again; come back years later and you will find them chasing more. Humans wants are just insatiable.

People really need to learn how to adjust their lifestyle to their income. Chasing more income, more yields has always been the root cause of financial catastrophes and most needless sufferings out there.

phoinix:


Guys like you who advocate changing naira to dollars also have a considerable negative effect on the naira. If a conservative 5% of the Nigerian population changes only 50,000 naira each to dollars, that would amount to more than half a billion dollars at the current rate (5% * 200million * #50K / #800 = 625million USD). Most of this money will not earn anything back, and some of it will be lost (if you change it without keeping it properly, termites will have a field day ).

Every few days, you all come and broadcast "change your naira." Some people will go and change theirs. The next thing you hear is that the naira has gone further down, and the circle continues. Mind you, before you start protesting, hoarding is not the only reason why the naira is declining, but hoarding is real and its effects are also real.

This is not even upto the money that a politician in Nigeria will spend if he choose to buy private he jet.

Rizin:


This is not even upto the money that a politician in Nigeria will spend if he choose to buy private he jet.

Don't mind him

He doesn't know that even the so called politicians have totally lost faith in the country! They don't have any single bit of love for the country.

Neverlosemoney:

Sometimes I am just baffled how people who have a total net worth of over 50 million Naira find it hard to live on it. Give such money to someone who probably earn 30 thousand a month and he or she will believe they will definitely not work again; come back years later and you will find them chasing more. Humans wants are just insatiable.

People really need to learn how to adjust their lifestyle to their income. Chasing more income, more yields has always been the root cause of financial catastrophes and most needless sufferings out there.

Wise saying

Neverlosemoney:

Humans wants are just insatiable.

People really need to learn how to adjust their lifestyle to their income. Chasing more income, more yields has always been the root cause of financial catastrophes and most needless sufferings out there.

True, human wants are insatiable but taking legal steps to see you (in old age) and your children are afforded some necessities is not greed.

There has been no smaller country that saw rapid inflation and currency devaluation where its citizens did not turn to other available currencies. Nigeria will not be the first.

The last time we had this widespread emigration of our middle class was in the late 80's/90's. How many people who left then regret it today?
How many who had the means then but refused to leave still think they made the right decision?

Thanks for starting this thread.

Kudos.

pizapato:


Yes I am not.

I can't let patriotism drive me into penury. Anyone who is wise will split their investment into 2 parts (some in dollar and some in naira).

The issue we have here is that people often colour patriotism behind an ethnic lens.
Most of the decisions that led to the issues we have today were taken within the last 4-6yrs.

What did people say when those decisions were taken?
Now the fruit of those decisions are coming through, people are blaming victims.


The current devaluation was set in stone at least 2yrs ago. The question now should be- is the government making decisions that would prevent a repeat in 2yrs time?

emmanuelewumi:
Indians Japa to do business in foreign countries with less than $20,000, an average Nigerian will Japa with about the same amount of fund and start looking for minimum wage jobs

Please stop capping abeg. Enough Indians dey japa to go do minimum wage just like Nigerians. Infact na them be Naija people biggest competitor for odd jobs abroad. Stop misyearning with confidence.

Na their large population dey make am look like say all Indians are entrepreneurs but it’s not the reality. Na only minority of Indians dey japa to start business after dem no find job. The others are hustlers. Same for Nigerians. You will find a few Nigerian entrepreneurs abroad.

Tranquility2345:


Please stop capping abeg. Enough Indians dey japa to go do minimum wage just like Nigerians. Infact na them be Naija people biggest competitor for odd jobs abroad. Stop misyearning with confidence.

Na their large population dey make am look like say all Indians are entrepreneurs but it’s not the reality. Na only minority of Indians dey japa to start business after dem no find job. The others are hustlers. Same for Nigerians. You will find a few Nigerian entrepreneurs abroad.

I have heard you

For the past 20 years Nigerian Aviation Handling Company was just there, the Nigerian managers of the company could not create value for shareholders.

Fast forward to about 2 years ago, an Indian CEO was employed to takeover the management of the company. Workers went on strike because the status quo had changed, but the board maintained their stand that the Indian CEO must stay.


Do you know that the share price of NAHCO moved from less than N4 about 2 years ago to N18 or thereabout.

An investor who got a dividend of N3 million in 2021 got a dividend of N12 million in 2023.


There must be a reason why global companies now have indian CEOs.

By the way the current Prime Minister of UK had an Indian blood

I’ll try to answer the question from my personal experiences and observations. Here are the personal and educational background of Indian CEOs that work in their favor:

1. They are all from middle-class families so they don’t have a luxury of opportunities to choose from and they make the best of whatever opportunities they had. This also helps them to be focused on their goal and not be distracted.

2. A lot of them are from the Southern states of India, where there is a culture of attaining knowledge and being humble.

3. They all come from a technical background in engineering, cracking one of the hardest exams (JEE) in the world on the way and learning to deal with extreme amount of pressure from an early age of 18. This pressure taking ability helps them to face any future challenge in the corporate world.

4. They all do a masters degree from a IVY League that helps them get into a good firm like McKinsey, Google etc. with a good starting opportunity.

5. They all end up being on H1B sponsorship, so they end up working for a firm for a long time, unlike their American counterparts who have the luxury of switching companies or quitting jobs.

Now imagine, you are the board member of a fortune company, wouldn’t you want to have an extremely smart, humble and loyal employee to be the CEO of the company over any other candidate?
Most Nigerians industrialist employe Indians

emmanuelewumi:
For the past 20 years Nigerian Aviation Handling Company was just there, the Nigerian managers of the company could not create value for shareholders.

Fast forward to about 2 years ago, an Indian CEO was employed to takeover the management of the company. Workers went on strike because the status quo had changed, but the board maintained their stand that the Indian CEO must stay.


Do you know that the share price of NAHCO moved from less than N4 about 2 years ago to N18 or thereabout.

An investor who got a dividend of N3 million in 2021 got a dividend of N12 million in 2023.


There must be a reason why global companies now have indian CEOs.
By the way the current Prime Minister of UK had an Indian blood

Per Capita property wealth based on race in UK.

Indians £176,000

Pakistani £115,000

White British £115,000.

The figures will be higher when based on networth for the Indians and Pakistani.


Why, because they are more likely to be business owners

Oyindamolah:
I’ll try to answer the question from my personal experiences and observations. Here are the personal and educational background of Indian CEOs that work in their favor:

1. They are all from middle-class families so they don’t have a luxury of opportunities to choose from and they make the best of whatever opportunities they had. This also helps them to be focused on their goal and not be distracted.

2. A lot of them are from the Southern states of India, where there is a culture of attaining knowledge and being humble.

3. They all come from a technical background in engineering, cracking one of the hardest exams (JEE) in the world on the way and learning to deal with extreme amount of pressure from an early age of 18. This pressure taking ability helps them to face any future challenge in the corporate world.

4. They all do a masters degree from a IVY League that helps them get into a good firm like McKinsey, Google etc. with a good starting opportunity.

5. They all end up being on H1B sponsorship, so they end up working for a firm for a long time, unlike their American counterparts who have the luxury of switching companies or quitting jobs.

Now imagine, you are the board member of a fortune company, wouldn’t you want to have an extremely smart, humble and loyal employee to be the CEO of the company over any other candidate?
Most Nigerians industrialist employe Indians

l witnessed the same thing in.Dubai when l visited, almost all the Human Resources jobs / appointments, Senior Management Appointments in different multinational and fortune 500 companies are managed and held by Indians, they also have chains of businesses, Hypermarket / Shopping Malls, UAE Forex exchange companies, small businesses, oil and gas,
Tourism, Dubai real Estate, gold business,
restaurants, etc Name it, You will see the Finger print of Indians all over the UAE, another name to call The UAE is India -Dubai because they are everywhere in the 7 Emirates of the UAE with solid Network, businesses etc Chai Nawao and they know how to care and reserve jobs, businesses for themselves, Families etc

Oyindamolah:
I’ll try to answer the question from my personal experiences and observations. Here are the personal and educational background of Indian CEOs that work in their favor:

1. They are all from middle-class families so they don’t have a luxury of opportunities to choose from and they make the best of whatever opportunities they had. This also helps them to be focused on their goal and not be distracted.

2. A lot of them are from the Southern states of India, where there is a culture of attaining knowledge and being humble.

3. They all come from a technical background in engineering, cracking one of the hardest exams (JEE) in the world on the way and learning to deal with extreme amount of pressure from an early age of 18. This pressure taking ability helps them to face any future challenge in the corporate world.

4. They all do a masters degree from a IVY League that helps them get into a good firm like McKinsey, Google etc. with a good starting opportunity.

5. They all end up being on H1B sponsorship, so they end up working for a firm for a long time, unlike their American counterparts who have the luxury of switching companies or quitting jobs.

Now imagine, you are the board member of a fortune company, wouldn’t you want to have an extremely smart, humble and loyal employee to be the CEO of the company over any other candidate?
Most Nigerians industrialist employe Indians

From my own perspective, I believe its a cultural and systemic thing, U can expect an asian to be a better fiduciary compared to Africans, If u have ever ran a business, you will quickly find out that, u need people and that these people will need to be Good at what they do to believe their words else you would work with wrong data and input......
The biggest advice from many business people is that you need to always be there to monitor the business,If you must monitor the operations of your business by being there always turns your business to a job task and places a hugh limit on the growth of ur business...,..,

This is the reason why many Africans hardly own chains of stores or businesses, those successful at it have found ways especially through culture and religion to organize people

Good morning house,pls wen is d next treasury bill investment.