₦airaland Forum

Mustiboy:
And that's why they will never progress as a people. It's all about individualism.

See devil workload on your head...
Aiming to shoot down the sun out of pure envy and gall

Mustiboy:
Imagine giving 1 million to 30 less privileged each from his tribe. Imagine the number of lives that money would change.


May his mother's soul rest in peace.

John12:1-8

osazsky:
is it not vanity before..something that will get rotten within 1 year..I don't support vanity crew when u are enjoying yourself while alive but for this one I support vanity crew..if u are my son and u bury me with this without doing a very big birthday for me while alive I will wake up and put u inside that casket fools..billgateb or markzukerbeg nor fit try this nonsense ..celebrity my assss how much him get..it will shock u to know that the log of wood on that 30m naira casket had some needs while alive..he shock u abi

Receive wisdom and understanding
John12:1-8

mukthar2000:
Vanity, 30 million coffin on an empty body without soul while some orphans are hungry,hope someone would not come on NL to tell us that A 30million coffin was stoling after the burier?

John12:1-8

InvertedHammer:
/
Anyone who spends N30m on a coffin in Nigeria is a certified mo.ron.

Give your parents a quality life when they are alive. That's what matters.

/

Chief mourner cum financial advisor. You never disappoint.

Oya John12:1-8

Faithy95:
Am Igbo, same local government with him sef, but truth be told, I like the way Hausas bury their loved ones, no show off, no party, no asoebi, nothing nothing. Coffin dat termite will still destroy. There are many lives to help with these 30million coffin. Nobody should say it's poor man's mentality. Don't be surprised, if I tell u dat, people sell dere lands, renovate house, sew different asoebi, even call comedians,all in the name of burying someone. When someone dies, instead of crying for the person dat died, they r busy crying because dere is no money to bury the dead. Lol

John12:1-8

VEXT:
Instead make them use that money build industry and better roads for east..Them dey use the money do rubbish,na only hotels just full for east

John12:1-8

TimeTraveller:
Idiocy! Is this kind of animalistic display of wealth possible in Switzerland, Germany, Norway or any developed country? It's only here in Africa that you'll see this stupidity. Go to Oba and see abject poverty, yet they spray millions on potopoto.

Even the road leading to the village looks like a pigsty. Blame the government as usual and call those of us talking poor people. It doesn't change the fact that this is barbarism.

John12:1-8

deji17:
Unbelievable. And there are people within his extended family or village that are struggling to feed. Culture of waste and vainglory.

John12:1-8

Aafsat:
What if his friends had given him that 30million,he uses 1 million for a casket, divide the remaining 29 million into 500k or 1million and give it to young men in his community to start business,wont the world be a better place. I know it is their money and they can spend it however they like. So many young men are looking for funds to start a business. Lets help each other biko.

John12:1-8

deji17:
That is how vain they are. Very vain and wasteful people. Even if you are doing drugs or stole the money, at least set up industry that will employ thousands. What is the point of this show off? Vanity.

John12:1-8

Premiumwriter2:
no one is forcing you.

You can keep your money in local bank account where it is very 'safe'

Buzz off

[quote au

iLegendd:
I have more than 30 Crypto wallets. That alone is a more than enough. What I was trying to say is: spread your money into different wallets or dom.

Use USD, GBP, USDT, BUSD, USDC, and other stable coins.

Thank you

DenreleDave:
Very secure USA crash

I don't understand; please can you explain further?

IQUIT:
use a stronger password

Yeah thank you but that's still not hackproof you know. When the sum involved is much, one won't rest well.

iLegendd:
The same way wise men have multiple sources of income is the same way they don't put their eggs in one basket.

Ok so which other baskets do you suggest please?

DenreleDave:
Usdt

Thank me later

Please how secure is this?

iLegendd:
1. Via Bina.nce P2P (keep it in USDT)
2. Via domiciliary accounts
3. Via Barter Flutterwave Virtual Dollar card or Piggvest Dollar (it will add interest)
4. Via hardware wallet (for Crypto folks)
5. Via any other digital methods you know

All these virtual accounts are convenient but what if the account gets hacked?

BluntCrazeMan:
Did He Foresee This Happening??

If he did, wouldn't he have announced?

Tobex4realTobex234:
Just put down ur blackberry imei and mep
Ur modem imei
Also ask for any free browsing u want
We're at ur service.

Sir please I sent you a mail. Kindly reply. Thanks

Lazyyouth4u:
I understand ma. What I’m trying to say is that if you convert all your money and move offshore, you will have to deal with stress to open the account, move money around and then pay fees and charges every time you move money.

It may work to transfer all your money to USD (and keep in a dom account in Naija ) and then only change when you need it but this usually only works for people with small amounts because of CBN regulations.

You see the problem with this devaluation of a thing is that we are in it. There is nothing we can do about it and I can tell you that those that feel it more are people bringing money from abroad. If you are earning and spending mainly Naira, trust me you don’t feel that devaluation is killing you that much until people start talking about it and then you start doing the maths. It happens to all of us.

What I think is a smart thing to do is convert some (up to CBN maximum) and keep in a dom account, then find the best investment to put a percentage of the NGN, and then find an offshore mutual fund (and/or other alternative asset classes if you are brave and like to take risks) to invest (not save) for long term offshore uses (like buying cars from US, children US university fees, travel/shopping, relocation, retirement abroad etc). This is not an investment advice o b4 anybody come insult me. Na wetin my lazy brain think o.

I'm sure your best buddies here from Ahib to Biafra, Brainbox to Xiaoli are all learning from your posts..they just like taunting you from time to time and you, them.

Thanks muxh for your input.

emmanuelewumi:
With N1 billion networth in Nigeria you have numerous or endless opportunities, now you are talking about N1 billion in liquid cash

Ok yes sir, all along I've been referring to cash and near cash assets like investments in fixed income securities.

The money put away per savings, not meant for spending in the near term.

But even if the asset were a building yielding rental income, just like you mentioned in your post earlier, the rental income is still losing value disproportionately even thou the rental charge increased.

Yesterday,I read your list of accounts maintained for diff purposes all serving you well..laudable...but I was just thinking all are held in same Naira and wondering if you wouldn't really be making more in VALUE if they were all domiciled in FX rather.

Lazyyouth4u:
Best thing is to accept the devaluation risk and just find the best investment opportunities you can find around. You get your money in Naira and spend in Naira so it can’t be as bad as someone making money abroad and bringing back home to invest and then repatriate.

If you can, allocate some money that you do not need and invest in offshore mutual funds if you are able to (NOT save in an offshore bank account) It is not easy but doable. Just accept that the money is for your kids college education in the US and continue adding to it when you can. At least you are using the money for something instead of just converting to beat devaluation.

You see sir, if I had N1B in the bank, with fund mgrs or basically lying fallow anywhere just February last year when USD was like N365, though I have same quantity now in 2021, the value has been seriously eroded by this devaluation thing.
My grouse is that the speed they devalue Naira with is unsettling and though I wouldn't know what it is but something is very wrong and I wouldn't want to be caught up in whatever they're cooking when it's done; our trajectory is obviously not good at all.

See, just within 1yr, my money saved/managed in a fund has lost
(510-365)/USD just by devaluation. If I had saved my money in FX form that Feb last year and did nothing, it would have 'yielded' me that much and not just the regular 0.01%....my cash value wudav been preserved. So you see why it's hard for me to accept the devaluation risk..it's too much too frequently done.its madness it's not risk anymore, it's become a constant that's sure to happen

STNWAUME:
Welcome to reality
It's no rocket science that USDollar will soon exchange for N1000.
Naira can only compete with Zimbabwe Dollar.

Naira cash is really the worst asset type to hold for long .
Even when invested with our money mgt firms, the rate of returns they apply is always far below the inflation rate nevermind the ceaseless devaluations; it appears like one is walking backwards.

richforever123:
Why not convert to USDT or BUSD via Binance P2P and then transfer it to a Wallet like Trust Wallet or Exodus

Please house members, correct me if I am wrong

You're very correct sir just that I'm still somewhat old-fashioned when it comes to finances..I still feel much more comfortable dealing with banks. Thanks very much

Tobex4realTobex234:
I'm happy you want to convert God forsaken Nigerian naira to USD. A very smart thing to do.

But bear in mind that to be truly free, you need to invest your USD in instruments that are beyond the reach of the FGN. There is an easy way out of this but I'm not ready to receive banters here for giving a free advice.

So the other way is to open off shore accounts. Try Kenya or Ghana. For Kenya I suggest Standard Chartered.

It may appear daunting but please do it now. Save yourself from the shackles of the Nigerian government incessant devaluation. Even Dangote wants to keep 60% in USD despite all his naira investments.

I appreciate these sir but please can you elaborate on the boldened? Never mind the impending barters, let them fall on me instead...I have thicker skin than the croc

Emndy:
Purleesh,
Understand that due to cbn policy, banks no longer allow cash usd deposits to be used for wealth management activities..(i.e all dem USD/eurobond funds etc.)

So I'll advise you buy usd as inflow (and not cash) since there is no restricrion as to the amt and the usage if its an inflow.
By inflow, i mean electronic transfer.

Everdon bdc offer this service although @ 510naira last time i used them. I am open to suggestions as to an alternative...if any one knows how to buy inflow usd at better rates.

Hope this helps.

Yes, helped a lot. Thank you very much

Etfash:
How many domiciliary accounts do you have? How many banks are there? Is the $5k per bank or BVN? Answer these questions, not here, and do what you want to do.

Thank you sir

One thing I've observed.... All of you here quarrelling are smart hardworking intelligent folks.
Please spare a moment off your "banter" and advise me further.

I want to convert all "our" cash to USD via mallam since their rate is better than banks, do Eurobond and rest from this Naira devaluation wahala...but banks aren't accepting more than $5k cash deposit a month.

Please how else do I go about this sirs/mas? Kindly help