INTEGRITYA1:
Waoooo, able abroad base Nigerians and those that are earning foreign currencies should leverage on the exchange rate to invest in secure landed properties in Nigeria.
⁰
High exchange rate is to their advantage.

There is nothing to leverage here oga, naira is highly volatile now.

airsaylongcome:


How did he not loose? He bought property when CAD was ₦550. Today CAD is ₦800. Assuming he bought the land at ₦10m that's CAD18K. Today are you saying that he can sell that land, one year after for ₦14m (CAD18K) today? Almost definitely not.

Most people don't even understand what is going on, they just type like omokri.

Everybody is watching as Nigeria turn to Lebanon

@pendusky
Jesu...

So, someone actually in 2014 advised me to buy dollars and store... that if Buhari win dollar will double...

I didn't want to take that risk, Buhari that was promising us 1N/$, then in GEJ era it was 180-190/$ that's about N18k/100$

The guy took loan, buy more than 5,000 dollars and store in his account...

Last time I heard from the guy, he was on his way out of the country.

If you have money, buy dollar and store, in 2years, dollar will reach N3,000/$


@me
Can you see yourself? People like you are part of the problem. The high cost of dollar is not a true value of naira. It is mainly caused by speculation. Rather than hedge with fixed assets you are thinking about hedging with liquid asset. It could backfire. Just one event and your world comes crashing.

Not surprised, Tinnubu has nothing to offer Nigeria than backwardness

modernWays:


You and the other ignorant buying dollars when you have no business with it are the real economic saboteurs we are talking about. You will all packed up dollars in the market, making it difficult for importers of goods and foreign students who needed it the most to access.

Why would you be keeping other country currency when we don't spend it in Nigeria?

So they should be keeping the naira that is dipping

You are here shouting over a naira that has all these years been overvalued. The over valuation has been supporting your consumption economy and importation business.

The good side is that it will stop the importation mentality. I have been calling my relatives and friends abroad that this is the right time to invest in Nigeria. Just a few dollars and they could own a prime property that the value can sure triple in few years. They could invest in bluechip companies on the stock exchange with few dollars.

Every event is an opportunity for smart and discerning investor. The ordinary people will spend endless time complaining.

YourNextLevel:
Una never see anything yet. The good news is that it touches everyone.

Excuses all over the media. Spit

No, it's not affecting everyone. These are the sets of people it's not affecting;

1. Those in this government who steals our commonwealth.

2. Contractors who over inflate contracts and they belong.

3. Online entrepreneurs who earn their monies in dollars.

4. Established churches whose tithes and offerings never run dry.

5. Business men and women who owns wholesale and retail shops that are doing very well.

The people mostly affected are;

1. Civil servants who don't have other sources of income.

2. Employees who depend on salary for survival.

3. The unemployed.

4. The fatherless and orphans.

5. The widows whose husbands left no inheritance.

6. Single mothers whose baby fathers have scamped.

7. Students from poor families.

8. Low income earners with large families.

Well, the first category are far less. Say about 5% of our population.

Where is black market? It does not exist,it is done in dark,is no market

My guess is you’re a salary earner because this is how they think. How can you “store” money ? 😂 You will save and you will spend. You can’t keep cash away for that long

pendusky:
Jesu...

So, someone actually in 2014 advised me to buy dollars and store... that if Buhari win dollar will double...

I didn't want to take that risk, Buhari that was promising us 1N/$, then in GEJ era it was 180-190/$ that's about N18k/100$

The guy took loan, buy more than 5,000 dollars and store in his account...

Last time I heard from the guy, he was on his way out of the country.

If you have money, buy dollar and store, in 2years, dollar will reach N3,000/$

Pay off how ? Are you gonna charge the tenants in dollars? Isn’t it the same naira that you will have to convert to dollars? When you invest and the exchange rate fails you you’re only going round in circles

INTEGRITYA1:


You didn't lose either for the fact that your property will still keep appreciating in value no matter what.

But if you have opportunity to do, I will encourage you to consider some other hottest investment zone like Ibeju-Lekki axis of Lagos and Epe. Go for Estates with already approved tittle documents. It will definitely pay off.

DLSReigns:
"Tinubu will handle the economy, Shetima will handle security " what went wrong pls. I guess I am missing something.

Nothing went wrong brother.... Na oloriburuku most of their supporters be.....

I bought at 1170😡

DLSReigns:
"Tinubu will handle the economy, Shetima will handle security " what went wrong pls. I guess I am missing something.

Reno will handle the social media fall out, Akpabio will handle anyone that will call for impeachment,and it goes on. Things don't have to get worse from where buhari left, but better. Instead, they got much worse, and keeps getting worse and worse, until it's very worse before you realize that you voted someone not for competence purposes but whatever stupid reason. It's also worse again, when you still hide and pretend like it's normal; he's trying his best.

Nigerians should just learn how not to mix sentiments up. It gets us to nowhere than general hardship. This one na " general market " for everyone.

Kachidubem:

True... but my point is ... I can tell you one million and one commodities price that changed from 2019 to 2023.

2019 is even far ... price of some commodities just last year self , I know schools that have increased school fees by almost 100% , just from last year.

No matter how you put it, inflation will not let you really enjoy ... I'm not saying it not good to save in dollars... but the effect , I dont see much coz price of food or other important commodities will go up

Update; I just got a circular from my landlord, rent has been adjusted , taking effect from December.

The point is that it's better and more advantageous to save in USD than to save in naira. It's not just good, it's brilliant!

A 50kg bag of rice in 2014 was about N35K.

Let's suppose you had N35K and converted it to dollar back then and saved it in a dom account. Imagine another person also had N35K and saved it as naira at the same time.

Which of you will be able to afford a bag of rice in Nigeria today with those savings? So the EFFECT of saving in dollars is that it retains value and thus provides more spending power.

I don't understand why Nigerians like arguing over issues that are very clear. Very off putting. Have a good night though.

Good Luck to Nigerians!

ednut1:
so that they can demolish the land later or keep losing via exchange loss. I invested in Nigeria last December . canada dols was 550, today its 800. So I have to consider exchange loss before i can dream of profit

The issue is that you targeted investments which generate revenues from Nigerians. Invest into industries which are export oriented. Through that, you generate revenues in dollars instead of naira. As for buying lands and building hostels, total loss. Any investment wey no generate dollars as revenues should be avoided.

pendusky:
Jesu...

So, someone actually in 2014 advised me to buy dollars and store... that if Buhari win dollar will double...

I didn't want to take that risk, Buhari that was promising us 1N/$, then in GEJ era it was 180-190/$ that's about N18k/100$

The guy took loan, buy more than 5,000 dollars and store in his account...

Last time I heard from the guy, he was on his way out of the country.

If you have money, buy dollar and store, in 2years, dollar will reach N3,000/$

The fact that you believed Buhari will make 1N = $1 is laughable.

IbeOkehie:


The point is that it's better and more advantageous to save in USD than to save in naira. It's not just good, it's brilliant!

A 50kg bag of rice in 2011 was about N35K.

Let's suppose you had N35K and converted it to dollar back then and saved it in a dom account. Imagine another person also had N35K and saved it as naira at the same time.

Which of you will be able to afford a bag of rice in Nigeria today with those savings? So the EFFECT of saving in dollars is that retains value and thus provides more spending power.

I don't understand why Nigerians like arguing over issues that are very clear. Very off putting. Have a good night though.

Good Luck to Nigerians!

One never loses betting against Nigeria. Never has it happened.

NA BANKS: NA BANKS: NA BANKS. CBN IS NOT QUALIFIED AND COMPETENT. ALL OUR COMMERCIAL BANKS' CHIEF EXECUTIVES AND SENIOR MANAGERS ARE GUILTY. THEY SHOULD BE BOUNDLED, ROASTED AND WIPED OUT.

Dsimmer:


They should be rounded up and jailed then!

YES. TINUNOMICS IS NOW NAIRA DEPRECIATION BUSINESS. BUHARINOMICS AND ABACHA ERA ARE COMING BACK IN STYLE. AL-MUSTAPHA'S KILLING SPREE IS BACK. ABOLIKI BIZ IS BACK.

CARDOSO AND HIS MUSKETEERS ARE VERY USELESS.

CARDOSO AND HIS MUSKETEERS ARE VERY USELESS. PLEASE PUBLISH OBAEZE'S INVESTIGATION REPORT.

Artscollection:


Most people don't even understand what is going on, they just type like omokri.

Both foreign and indigenous investors begin to avoid it like a plague further complicating the already bad situation.

Don't mind Omokri, weakening currency of a country with terrific foundational problems, division, wrongest value systems, flawed reward system is a Very very bad idea and will never improve export

Am really very bitter , and frustrated am in sales of computers , we do t make computers here is strictly importation now we can't do anything because the rate are so very high is really really frustrating and to think that the government is not even saying or doing anything about this is making it more painful and sad 😭😭😭😭😭

But is there really nothing we can do at least to make the government act or do something can't something be done is this how it will continue instead of lamenting can't we all come together and send a letter to the cbn governor or something

IbeOkehie:


The point is that it's better and more advantageous to save in USD than to save in naira. It's not just good, it's brilliant!

A 50kg bag of rice in 2011 was about N35K.

Let's suppose you had N35K and converted it to dollar back then and saved it in a dom account. Imagine another person also had N35K and saved it as naira at the same time.

Which of you will be able to afford a bag of rice in Nigeria today with those savings? So the EFFECT of saving in dollars is that retains value and thus provides more spending power.

I don't understand why Nigerians like arguing over issues that are very clear. Very off putting. Have a good night though.

Good Luck to Nigerians!

Save in dollars
Save in dollars
Save in dollars

I'm telling you , to even save in naira is hard already... CBN once released a statistics one time that says About less than 3% of Nigeria population have above 500k in dia savings account ... meaning alot of NIGERIANS don't even have up to 500,000 naira in dia bank account.

Earning in dollars is one good thing thou, but you see earning in naira and buying dollars to save in Dom acct every now and then isnt easy.

Billings won't let you save in peace , expenses here and there , further more , I will still say it again , that little money you save in dollars doesn't have much impact coz of inflation.

askarachi:
My guess is you’re a salary earner because this is how they think. How can you “store” money ? 😂 You will save and you will spend. You can’t keep cash away for that long

Asin ehn... I just dey laff... like they dont have expenses to make or what ....

How can somebody store cash since 2011 till date and leave it untouched ..lmao

Somebody said he saved in dollars back in 2013 (950k naira) ... now he withdrew the money in 2023 (4.4mill naira)

So , he took 10 good years to gain profit of 3 million naira... 10 yrs to make 3 mill doesn't sound impressive self to me

Plus, I can bet you , whatever you planned to buy 2013 be it car or anything, by 2023 when you withdraw your money, INFLATION will be waiting for you

My frnd in uni bought Lexus rx350 suv in 2014 2.7 mill, even if he had saved that money in dollars to make 3 mill profit ..today that same car cost 6.6 million naira.

AllDModsAreMaad:

Please is it possible to buy dollar from one's bank app?

Not sure but I doubt.

I buy mine from those mallam,black market.

Now 1175

Kachidubem:

Asin ehn... I just dey laff... like they dont have expenses to make or what ....

How can somebody store cash since 2011 till date and leave it untouched ..lmao

Somebody said he saved in dollars back in 2013 (950k naira) ... now he withdrew the money in 2023 (4.4mill naira)

So , he took 10 good years to gain profit of 3 million naira... 10 yrs to make 3 mill doesn't sound impressive self to me

Plus, I can bet you , whatever you planned to buy 2013 be it car or anything, by 2023 when you withdraw your money, INFLATION will be waiting for you

My frnd in uni bought Lexus rx350 suv in 2014 2.7 mill, even if he had saved that money in dollars to make 3 mill profit ..today that same car cost 6.6 million naira.

I didn't get to wait that long to preserve the value of my money.

In less than two years, my usd savings has almost doubled in value (Naira-wise).

Here are just some of the purchases I made back then:

I don't understand what you're trying to prove.

tinubu is really a failure, even russia and Ukraine that are running a war time economy has not experienced this type of decline in currency.

opamoses1:

How many Nigerians spend dollars on a daily or even monthly basis.

u don't spend dollars on a daily basis but most of the items u buy including petrol were imported with dollars.

paragons:
Enough of this blame game , could an expert in the house kindly advise on the way forward . I need an expert in economy to tell us how this situation can be salvaged .In all honestly , is everyone raising their hands in helplessness while this situation continues? do we know effect of all this , businesses are closing , there is massive inflation , people are suffering .....someone should profer a solution instead of criticizing we need solution not criticisms what is the way forward

how many experts in the house have the power to make policies? when tinubu removed subsidy and unified the exchange rate simultaneously, we argued that it was a wrong move because the Nigerian economy will not be able to withstand both shocks at once, but some of u called us names, now the aftershock are still being felt all over. go to any local market and get prices of goods and services.