₦airaland Forum

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

iLegendd:
If you have NIN, download the NIMC app, use your NIN to log in and click on Show My ID.

Screenshot the front, slide your hand on it to show the back and screenshot it.

Edit it yourself or go to a computer center and tell the person to copy the barcode and put it at the back of the card, then they should print it on a plastic ID card. That's what I did and I have a National ID card.

It costs only 500 Naira to print.

Thanks so much for this and the rest of the tutorial.

You're an intelligent and EXCELLENT teacher

Lexusgs430:
The devil is in the detail..........

Thanks. Enjoy

Lexusgs430:
I can see, you and my Madam dey the same whatsapp group......

Hahahaaa... seriously though, I need a tablike phone for a project but these foldables are still quite pricey.

I strongly urge you to have a rethink,, you really need 2 of same same?...just sell one, to me

Lexusgs430:
She cannot see the reason why I actively use a Samsung Z Flip & Microsoft Surface Duo.........

.

Me can't see it neither ..sell one to me

[quote author=Hemanwel post=101194491

I Thank you![/quote]She's 2 years old not 3!

Now a 2 year old that left Pampers and potty just yesterday you want to turn from Margaret Thatcher to Grace Jones overnight?! O ga oo!!!

The only person needing anything instilled or installed here is you...get some sense and allow those fresh creatures unfold their potentials before you kill them with your unhealthy comparisons.

Story for the feeble minded!
If the man dies, he goes, "arrgh! I said it the Lord does not lie'

If he lives, it's 'the prayers made on his behalf to God worked!"

Lame excuses always

And God will NEVER show you the cure for Corona nor HIV

Job men

odimbannamdi:
Nice to know.

Regarding the emboldened, God pass you...

God ke! God is not running our economy oo..At this rate it'll certainly get above 1k by 2023.

Trabelsi10:
brother... good afternoon sir. pls it's the guy you gave 1k December last year... bro please I'm very very sorry to say this.... but right now I'm in school and I haven't taken anything since yesterday... (if I'm lying God should punish me) I have evidences to provide.
I called my mother she said I should wait till Tuesday.

pls Sir, I know things are hard but no amount will be too small sir ..

Hmnn....from December till now, still begging! Are you physically handicapped?

Donbrig:
According to emmsoft, they have such product of short duration. Kindly reach out to him chat/call through the number on his signature.

In an attempt to answer your question, anti-spam banned him for the weekend, till Monday night.

Thank you Donbrig. I appreciate

emmanuelewumi:
You buy money market fund.

They have Abacus money market fund

Thank you sir

emmasoft:
The penalty is that you lose 10% of the accrued interest on the sum you are withdrawing.

If you have a million for example and you want to redeem 500k after 3 months you lose 10% of the accrued interest on the 500k not on the 1m.

At anytime you terminate your capital can never be lower than what you brought in whether up to six months or less.

Oh thanks but do you have any product tailored for shorter terms like 1-3 months with no preterm charges?

emmasoft:
Not really Sir. If you buy Tbills of 364 days at 6.5% at the end of the year the investor in VGIF will have more returns.
Apart from the 4.5% Guaranteed rate, you will have additional returns which can take your total returns around 8% conservatively

Not only that, if sdf changes upward which is very likely judging from the economic realities your rate in VGIF changes upwards as well; This is not possible with Tbills.

Again in VGIF you can terminate your investment after six months without penalty but if you do that with Tbills the investor will not have the whole of 6.5%.

For me if tbills of 364 days is not up to 10% I will still prefer VGIF.

For VGIF, what are the charges like if one terminates only after 2-3 months please?

emmanuelewumi:
Investor B

The 300k per annum, if it was invested and compounded at a conservative return of 10% for the 20 years will grow to N17 million.

If only 250k was invested per annum for the 20 years at 10% per annum, the Investor will still get over N10 million.

Average return on fixed income in the last 20 years is over 10%

My maths dey rusty oo but is that N17m figure really correct sir cos it's too much?

jedisco:
I do stocks and metals (gold)... I've started pulling out slowly from stocks cos the space is becoming more uncertain and it's not my forte. I do metals not for profit per se but cos it's traditionally been a hedge against inflation (over time).

But then at this rate, one doesn't necessarily need any foreign investment. Just keeping your savings in dollars guarantees almost 20% yearly appreciation against the naira which very few investment instruments in the country can meet.

Also, with the way things are going, the rates may get worse before they get any better. CBN it trying to bring down the market exchange rate so they can merge the two rates. But so far, all they've done has backfired.

My investment in crypt0 (bitc0in) was to hedge against the devaluation of hard currencies and get profit untop. It's estimated that about 20% of dollars in circulation was printed in 2020 (out of thin air). So the dollar is also being devalued. But the US can do that cos they know that poorly managed nations like Nigeria will come cap in hand and create a demand for their currency.

Thank you very much

jedisco:
Several months ago, I stopped keeping any tangible amount in naira and so far, it has been a sensible decision. I'd only change that when both rates merge. As far as this continues, we're guaranteed at least 20% devaluation in the naira every year (and that's being conservative).
g

Please apart from cryptos, which other instruments do you keep your money in to preserve the value?

emmanuelewumi:
You are a smart guy/lady whichever is applicable

Guy

WoundedLamb:
Hhmm...

. It's not like women sit down like goods in the market looking for anyone that wants their type to pick them.... Just keep looking for yours and be ready to make compromises.

Good luck.

Maybe they do and needananswer could administer various aptitude tests to a horde of preselected gorgeous women, then series of interviews to prune to his taste. It might just work for him.

Problem is even with a final prime choice, he won't want to make any tradeoffs...it could be her nostrils are a tad off flared by 0.5° to the right...if only I could get another with just a little more like Queen Angelique s kinda voice or can shed 1gram of weight...

Viknat:
I don't understand why people use the term...it is well.... To run away from reality. It isn't well and until they make physical effort to end this wahala, it will not be well

I tire oo with izz well people!

Even the Bible woman who originated the phrase was on her way to get a permanent solution to what she believed was a wrong against her; if not between she and Elisha, either must reach heaven that day; an extremely determined woman who of course got what she wanted! They would have calmly buried her son if she did nothing but dwell on it's well

She only responded 'it's well' to one concerned 'focus distractor' on her way cos she knew her target was Elisha so no use complaining to every passerby. She dismissed the person with ," it's well" and marched on to her solution.

Now people will only sign every lame speech with It is well and hide their heads like ostriches in the face of ramping issues!

Nsogbu dikwa o

yMcy56:
Boss thanks for always appreciating and encouraging me on this thread.
I sincerely appreciate it.
May the Good Lord continually bless and favour you and yours in Jesus name.

I have a small biz I'm running and trying to stabilize so I keep eye on that and still come to the market. Coming to the market is just like addiction, make God help me.

Just like you said, the oga that referred to me as commentator was only joking, he's a good friend on the platform here.
Thanks so much sir.
Apologies for reducing the post, I just don't want to consume more space ni.

�

WoundedLamb:
Please, men English don't died their confident! Besides, fineboynl's English is still very confidence.

Ohhh slow me! I get it now!
All along it's been
man very bad English confident trumps bad food girl confidentially and fineboynl is the ref, aha!

WoundedLamb:
The issue is confident? I'm sure it's also very hardworking. And maybe your English died with the confident too.

Lol... everyone wants to call out girls.

Why Did fineboynl's Confident Died When You Let him Know Their English Isn't Good.

Druss:
Don't get the insults for the girl. She has her requirements.

[/b]I dated a Buddhist once. When she found out that I wouldn't stop eating meat, she left.

parisbookaddict:
Hello there, the offer and bid pic on ur comment. Where did u course it from.

Morgan Capital brokers platform I believe

alphaNomega:
It's 2021, a 2003 Lexus is 18 years old

Football age