oluayebenz:
If you are buying dollar at this rate for hoarding, just think twice....

I've said my own! We move🚶

Same thing we said here when it was N360 and it has now crossed N1,000. Yet, they seem to be no end in sight.


Everybody can hoard or invest in Dollar. In fact majority of the populace don't even have enough to feed let alone save and hoard in Dollar. So the people you are trying to advice are knowledgeable about it. I know the new economic team have not started implementating their plans but once they do and it's shows any sign of effectiveness, everyone hoarding knows what to do.

freeman67:



Same thing we said here when it was N360 and it has now crossed N1,000. Yet, they seem to be no end in sight.


Everybody can hoard or invest in Dollar. In fact majority of the populace don't even have enough to feed let alone save and hoard in Dollar. So the people you are trying to advice are knowledgeable about it. I know the new economic have not started implementing their plan but once they do and it's sows any sign of effective, everyone hoarding knows what to do.

What plan? Trader money palliative, n-power reloaded, and minimum wage increment from 30k to 35k?

oluayebenz:


CBN will definitely intervene soon but don't know how long they can defend the naira thou

The last intervention crumbled in less than 2 weeks. There is no long-term intervention in sight.

freeman67:



Same thing we said here when it was N360 and it has now crossed N1,000. Yet, they seem to be no end in sight.


Everybody can hoard or invest in Dollar. In fact majority of the populace don't even have enough to feed let alone save and hoard in Dollar. So the people you are trying to advice are knowledgeable about it. I know the new economic have not started implementating their plan but once they do and it's sows any sign of effective, everyone hoarding knows what to do.

Truth that
You are right

oluayebenz:


[b]CBN will definitely intervene soon [/b]but don't know how long they can defend the naira thou

You are very funny.

The intervention that is needed is to have 24 hours power supply so import of petrol/diesel will go down.

Security for all nigerians so that farmers and business men can be more productive.

end to ASUU strikes so that people stop sending their kids to foreign schools....

the list is endless.


the solution does not lie at the CBN but government policies

Dum20:


You are very funny.

The intervention that is needed is to have 24 hours power supply so import of petrol/diesel will go down.

Security for all nigerians so that farmers and business men can be more productive.

end to ASUU strikes so that people stop sending their kids to foreign schools....

the list is endless.


the solution does not lie at the CBN but government policies

Do you think ASUU stike is the main reason parents send their kids to foreign schools? Well, private unis are an alternate for ASUU strike infested unis. In fact, ASUU has no direct impact on japa. None at all.

Forex and work opportunities are the main reasons Nigerians study abroad. For as long as the average Nigerian remembers that one dollar will fetch him over a thousand naira, japa will never stop trending. You can call off ASUU strike forever, increase lecturers' salaries, and even offer free tuition in public schools..... All those will only appeal to the poor.

Acidosis:




Do you think ASUU stike is the main reason parents send their kids to foreign schools? Well, private unis are an alternate for ASUU strike infested unis. In fact, ASUU has no direct impact on japa. None at all.

Forex and work opportunities is the main reason Nigerians study abroad. For as long as the average Nigeria remembers that one dollar will fetch him over a thousand naira, japa will never stop trending. You can call off ASUU strike forever, increase lecturers' salaries, and even offer free tuition in public schools..... All those will only appeal to the poor.

Nigerian private universities are crap. All of them!

Same Nigerian Private Uni that produced enterrprenuers

Wotowotoman:


Nigerian private universities are crap. All of them!

Meerahbel:
Same Nigerian Private Uni that produced enterrprenuers

What has my statement got to do with entrepreneurs

You are a very dull person

Your bad grammar and lack of critical reasoning skills are enough to justify my statement….

Acidosis:




Do you think ASUU stike is the main reason parents send their kids to foreign schools? Well, private unis are an alternate for ASUU strike infested unis. In fact, ASUU has no direct impact on japa. None at all.

Forex and work opportunities is the main reason Nigerians study abroad. For as long as the average Nigeria remembers that one dollar will fetch him over a thousand naira, japa will never stop trending. You can call off ASUU strike forever, increase lecturers' salaries, and even offer free tuition in public schools..... All those will only appeal to the poor.

Oga, I listted several factors that have to work together with for net forex outflow to stop.

I touched on energy sector, security and education. I used ASUU strike to show it is not rocket science, it is easy to change our educational system.

There were times children of ministers schooled in Nigerian universities, that was not colonial era, as recent as 90s.

Nigerians started sending their children to Ghana universities because of ASUU strike.

freeman67:



Same thing we said here when it was N360 and it has now crossed N1,000. Yet, they seem to be no end in sight.


Everybody can hoard or invest in Dollar. In fact majority of the populace don't even have enough to feed let alone save and hoard in Dollar. So the people you are trying to advice are knowledgeable about it. I know the new economic team have not started implementating their plans but once they do and it's shows any sign of effectiveness, everyone hoarding knows what to do.

Comment of the day, Wiseman!!!!

oluayebenz:
If you are buying dollar at this rate for hoarding, just think twice....

I've said my own! We move🚶

The man with the $1 equals ₦700 hypothesis has come again

Since the time you claimed the true value of naira is ₦700, the value of naira has gone down by 30%

Yes the rate is really high at this time and it appear like it is risky to buy now. Nonetheless, any pull back will only put the rate at around 1k. Even if you buy at 1200, chances of making a loss in 6 months time is very slim. there is a high chance dollar will exchange for 1600 in six month times

Without obvious cuts in cost of governance, naira is not going to appreciate. Bulaba and his crew to still went to the US to waste $500k not too long ago, even when the country is cash strap.
That's the one we hear of, what of other frivolous spending we don't get to hear of

pizapato:


The man with the $1 equals ₦700 hypothesis has come again

Since the time you claimed the true value of naira is ₦700, the value of naira has gone down by 30%

Yes the rate is really high at this time and it appear like it is risky to buy now. Nonetheless, any pull back will only put the rate at around 1k. Even if you buy at 1200, chances of making a loss in 6 months time is very slim. there is a high chance dollar will exchange for 1600 in six month times

Without obvious cuts in cost of governance, naira is not going to appreciate. Bulaba and his crew to still went to the US to waste $500k not too long ago, even when the country is cash strap.
That's the one we hear of, what of other frivolous spending we don't get to hear of

Please don't start....

I'm not feeling fine 🚶🚶🚶

freeman67:



Same thing we said here when it was N360 and it has now crossed N1,000. Yet, they seem to be no end in sight.


Everybody can hoard or invest in Dollar. In fact majority of the populace don't even have enough to feed let alone save and hoard in Dollar. So the people you are trying to advice are knowledgeable about it. I know the new economic team have not started implementating their plans but once they do and it's shows any sign of effectiveness, everyone hoarding knows what to do.

Those who follow data wouldn't bother changing their stash. Data is very stubborn. The trend has been on the downward spin for ages 📉

Of course there will always be period of respite when naira will be relatively stable, that period is even the best time to circle profits and earning in naira into stable currencies .

pizapato:


Those who follow data wouldn't bother changing their stash. Data is very stubborn. The trend has been on the downward spin for ages 📉

Of course there will always be period of respite when naira will be relatively stable, that period is even the best time to circle profits and earning in naira into stable currencies .

When the DSS turn a blind eye and become mute not doing anything about some fellows making divisive statement then the naira is bound to continue on a downward trajectory

Wotowotoman:


Nigerian private universities are crap. All of them!

I disagree with you a million times.

I believe that if Covenant University were in Europe, it would have been listed as one of the best 100 Universities in the world today. That school na school.

I heard Afe Babalola is good too, but I haven't been a student there.

😂😂😂

oluayebenz:


Please don't start....

I'm not feeling fine 🚶🚶🚶

pizapato:


Those who follow data wouldn't bother changing their stash. Data is very stubborn. The trend has been on the downward spin for ages 📉

Of course there will always be period of respite when naira will be relatively stable, that period is even the best time to circle profits and earning in naira into stable currencies .

The keyword is invest invest and invest. The N1 million will buy 200 units of apartment (N5000 each) at Iponri housing estates and 250 units of apartments (N4000 each) at Amuwo Odofin housing estates. Those apartments at Iponri are now worth about N15 million each, while the ones at Amuwo Odofin are about N12 million each. Meaning that N1 million of 1983 is now worth N3 billion

In 1993 when N1 million was equivalent to $45000.


The N1 million would buy 285,000 units of First Bank shares at N3.50k. Due to the growth of the business in the last 30 years and bonus shares given to shareholders the 285,000 units of shares is now 14,800,000 units with a market value of N225 million

If you decide to take further risk by being one of the pioneer investors in GTB.


Your N1 million that was equivalent to $45,000.

Would buy 1 million units of GTB shares which would have grown to over 71 million units of shares due to the growth of the business. The shares are now valued about N2.5 billion, getting a dividend of about N200 million per annum.


But if you don't have the knowledge or ability to identify Investment opportunities, it is better to buy dollar, land, commodities etc to hedge inflation and currency devaluation

emmanuelewumi:




The keyword is invest invest and invest. The N1 million will buy 200 units of apartment (N5000 each) at Iponri housing estates and 250 units of apartments (N4000 each) at Amuwo Odofin housing estates. Those apartments at Iponri are now worth about N15 million each, while the ones at Amuwo Odofin are about N12 million each. Meaning that N1 million of 1983 is now worth N3 billion

Interesting.
This investment still beats devaluation

About 8 years ago N1 million would buy $5550.

If the $5500 was used to buy Eurobond Fund that gave an average return of 5% over the last 8 years although this is very conservative. The $5500 would have grown to $8199 assuming the dividends were reinvested.

$8199 is equivalent to about N9.5 million

pizapato:



Interesting.
This investment still beats devaluation

Ask those who invested N1 million into MTN, when MTN came to Nigeria about 22 years ago.

Most people don't understand Investment analysis, it is better for such people to hedge against inflation and devaluation by buying dollars, land, commodities etc

MTN came to Nigeria with about $300 million or equivalent to N30 billion about 20 years ago.


Now they are making profit of about N300 billion per annum

emmanuelewumi:



Ask those who invested N1 million into MTN, when MTN came to Nigeria about 22 years ago.

Most people don't understand Investment analysis, it is better for such people to hedge against inflation and devaluation by buying dollars, land, commodities etc

There is nothing spectacular about the MTN investment. Those investors were not ordinary people. These were privileged members of the Nigerian society taking advantage of the loopholes in the Nigerian business environment to create more wealth for themselves. Wetin concern investment analysis for a near monopoly where you are sure to make insane returns

Btw, One million naira 25 years ago was a lot of money!!!

Wotowotoman:


There is nothing spectacular about the MTN investment. Those investors were not ordinary people. These were privileged members of the Nigerian society taking advantage of the loopholes in the Nigerian business environment to create more wealth for themselves. Wetin concern investment analysis for a near monopoly where you are sure to make insane returns

Btw, One million naira 25 years ago was a lot of money!!!

There was a Private Placement packaged by BGL the minimum investment was about N1 million, in 2006 some of the pioneer investors decided to cash out and retail investors could invest as little as 250k.


N1 million was not a lot of money 23 years

emmanuelewumi:
In 1993 when N1 million was equivalent to $45000.


The N1 million would buy 285,000 units of First Bank shares at N3.50k. Due to the growth of the business in the last 30 years and bonus shares given to shareholders the 285,000 units of shares is now 14,800,000 units with a market value of N225 million

But 1 million in 1993 isn't a small money sha considering the fact that Nigeria's minimum wage was only about N300.


Many of those who could afford N1 million in 1993 are probably dead now. If they are still alive, N225m may not hold much value to them. That's around the cost of two APC presidential tickets.

Acidosis:



But 1 million in 1993 isn't a small money sha considering the fact that Nigeria's minimum wage was only about N300.


Many of those who could afford N1 million in 1993 are probably dead now. If they are still alive, N225m may not hold much value to them. That's around the cost of two APC presidential tickets.

Old not dead oo.

One of the issues back then was information asymmetry. It was not like today, when information is readily available and we have online platforms like Nairaland where anyone can get information easily for free. In those days, you needed to be in certain influential circles to know what was really going on.

I know someone who relocated from Italy after living there for about 20 years and came back in 1994 with about 4 to 3 million naira (after currency conversion). They had family properties in Aba and Onitsha, each worth 2 to 3 million at the time. Today, the man is still alive, though poor. He kept most of that money in the bank Société Générale, which went under. My point is that information is very important, even more important than how much money you have.

Acidosis:



But 1 million in 1993 isn't a small money sha considering the fact that Nigeria's minimum wage was only about N300.


Many of those who could afford N1 million in 1993 are probably dead now. If they are still alive, N225m may not hold much value to them. That's around the cost of two APC presidential tickets.

The guy posted data showing N1 million was equivalent to $45000 in 1993 and in 2023 N1 million is equivalent to less than $800.

And I proved to him that if that N1 million in 1993 was invested, the investor would come out fine



You can use any figure you are comfortable with to do the analysis

N1000 will now be N225,000

N10,000 will now be N2.25 million

N100,000 will now be N22.5 million.



By the way clean Tokunboh V booth Mercedes Benz was N150,000 in 1993.

Using the analysis above the 150k will be worth about N33 million

emmanuelewumi:
About 8 years ago N1 million would buy $5550.

If the $5500 was used to buy Eurobond Fund that gave an average return of 5% over the last 8 years although this is very conservative. The $5500 would have grown to $8199 assuming the dividends were reinvested.

$8199 is equivalent to about N9.5 million

Hummm, there are little $$ i buy @N910, Dont know wether to sell now @1,190
or should I leave it

Tohmey:

Hummm, there are little $$ i buy @N910, Dont know wether to sell now @1,190
or should I leave it

I bought N920 first week in September, N1040 on 6th October, N1060 on 17th October, 1140 on 19th October and N1190 9n 21st October.

ositadima1:


Old not dead oo.

One of the issues back then was information asymmetry. It was not like today, when information is readily available and we have online platforms like Nairaland where anyone can get information easily for free. In those days, you needed to be in certain influential circles to know what was really going on.

I know someone who relocated from Italy after living there for about 20 years and came back in 1994 with about 4 to 3 million naira (after currency conversion). They had family properties in Aba and Onitsha, each worth 2 to 3 million at the time. Today, the man is still alive, though poor. He kept most of that money in the bank Société Générale, which went under. My point is that information is very important, even more important than how much money you have.

The information is available but about 95% of Nigerians have little or knowledge and information about the financial market