₦airaland Forum

This cbn governor dey make me laugh....You ban the BDC from buying dollars from the banks telling them to go and source for it from "autonomous source",hehe....at the same time; you say you'll deploy MONITORING resources of where they source their dollars, na winch? You no gree gimme Food, yet you say you go dey monitor who I go go beg food from?
CBN should know that these BDC's license is still very acvtive ooo,, if they don't want them make them refund them their balance.
CBN increases BDC's operational license from 10m to 35m as cautionary deposit
Licensing fee - 1m
Annual renewal fee - 250,000
Application fee - 100,000

Pidggin:
I will make N1 = 1 dollar (PMB)

Amen..

bookface:
Call your broker and ask them instead. Ask for Treasury bonds and not bills. Bills are short term maturity instrument. You can also ask for corporate bonds. Some bonds may have a minimum investment amount, but they should be able to tell you this.

It could be the case that the banks themseleves are engaged in some sort of arbitrage - i.e they are buying the government bonds with higher rates and selling to you at lower rates (Naija, i hail o)

You can easily check out the rates here on the Nigerian Stock exchange website.

http://www.nse.com.ng/Issuers-section/listed-securities/listed-bonds

I would caution against buying stocks just because you think it's a big company. Some of them are big company with poor corporate governance. E.g Oando.

For stocks, i like the following companies.

Nigerian Breweries
Unilever Nigeria
Guinness Nigeria
Nestle Nigeria.

These are good companies with good management and strong cashflows. But i would caution you not to take this as an investment advice. This is just my opinion, based on studying some of these companies.

Yes, it's okay to PM me, but unless you think it's something very confidential, i think many other people can benefit from these sorts of public domain exchange.

Book facee, although you made salient points about ones choice of investment to beat the 9% Inflation. I would likee to state some an irregularity in one of your posted comments;
It is false to say real estate in lagos & abuja yields 2-3% annually, according to the stats by 3investonline (a popular real-estate analyst coy)....lagos& abuja residential building yields between 8-9%, just as tthe land are overvalued, so is the rent skyrocketing due to high influx.....Nevertheless, the real gain in real estate lies not in the annual yield, but in the land appreciation. Every professional Investor & economist will tell you that real estate is always a good hedge Inflation!

Chukzyfcb:
Book facee, although you made salient points about ones choice of investment to beat the 9% Inflation. I would likee to state some an irregularity in one of your posted comments;
It is false to say real estate in lagos & abuja yields 2-3% annually, according to the stats by 3investonline (a popular real-estate analyst coy)....lagos& abuja residential building yields between 8-9%, just as tthe land are overvalued, so is the rent skyrocketing due to high influx.....Nevertheless, the real gain in real estate lies not in the annual yield, but in the land appreciation. Every professional Investor & economist will tell you that real estate is always a good hedge Inflation!

I doubt those figures

Prime houses in Ikoyi are renting for 7million per annum - these houses are worth well over 200 million. Which makes the rental yield equal 3.5% per annum.

Any asset will protect you against inflation as long as the expected return on that asset is greater than expected inflation. The real returns on real estate in Nigeria is negative. Anyone that is smart enough would stay clear of these.

bookface:
I doubt those figures

Prime houses in Ikoyi are renting for 7million per annum - these houses are worth well over 200 million. Which makes the rental yield equal 3.5% per annum.

Any asset will protect you against inflation as long as the expected return on that asset is greater than expected inflation. The real returns on real estate in Nigeria is negative. Anyone that is smart enough would stay clear of these.

You are very correect with your example of houses @ ikoyi, but you cannot use one area to adjudge for the whole of lagos state. The 8-9% is the average stat given. And while inflation increases by 1% or 2%. A landlord can always jackup rental fees by 5%, he benefits double : yearly rent + property appreciation! A treasury bill or bond has no appreciation, it only yields steady income, it has no growth! Real estate provides BOTH!

did it with my sister ...,,1) it took weeks ..........2) lots of documents were required which the school didn't wanna give out
so really i dont wanna go through that....we both school in Toronto not an african country that you can just fly one day and back......anyways thanks though

poseidon12:
You can still pay school fees through the banks.

so please how do i go about it

Bevista:
If you read the press statement, you will observe that you can now source FX independently and deposit cash into your domicilary account where you can wire out for your fees payment or simply get a dollar MasterCard.

MuhdG:
How should students go about it. I mean the payment of fees

Before these measures were put in-place, this is how it was done:

There is a form that your banker fills and is signed by the sender (either "form A" or "form ..." )

These documents are to be presented to your banker as well, which s/he sends to the CBN in soft copy, as the CBN must approve any transfer into foreign bank account.

*Your admission letter into the university where you're schooling (abroad)
*Evidence of payment of school fees (receipt)
*Bank details (your foreign bank account that is to be credited)
*Data page of your international passport
*Authority letter to debit the account the money is to be debited from

This can be done any day of the week, and it takes about two weeks before your foreign accounts receives the credit.

But presently, it can only be done once in a week. You should contact your banker to give a specific day that this is done in your bank.
I believe it takes longer than two weeks now, this time around that things are tougher

I'm not sure this is possible in all banks, but I'm sure it's possible with First Bank.

folasky:
Yeye dey smell... upkeep my foot. For two months now I have applied for forex for my school welfare. I have not got it till now... don't trust this people

If you can meet all they requested for crediting your foreign account as a student, the transfer works. I know people who did and my banker also confirmed it to me yesterday.

Thank you. Very helpful!

PaulJohn1:
Before these measures were put in-place, this is how it was done:

There is a form that your banker fills and is signed by the sender (either "form A" or "form ..." )

These documents are to be presented to your banker as well, which s/he sends to the CBN in soft copy, as the CBN must approve any transfer into foreign bank account.

*Your admission letter into the university where you're schooling (abroad)
*Evidence of payment of school fees (receipt)
*Bank details (your foreign bank account that is to be credited)
*Data page of your international passport
*Authority letter to debit the account the money is to be debited from

This can be done any day of the week, and it takes about two weeks before your foreign accounts receives the credit.

But presently, it can only be done once in a week. You should contact your banker to give a specific day that this is done in your bank.
I believe it takes longer than two weeks now, this time around that things are tougher

I'm not sure this is possible in all banks, but I'm sure it's possible with First Bank.




If you can meet all they requested for crediting your foreign account as a student, the transfer works. I know people who did and my banker also confirmed it to me yesterday.

MuhdG:
Thank you. Very helpful!

Thank NL