₦airaland Forum

kreate:
@smartlife please what bank card do you fund with and whats the naira/dollar rate charge by your bank

Never funded but receive.

onatisi:
so u load ur Neteller account with ur own card but to withdraw money from it you have to sell to exchangers ,is that it ?

I never loaded my neteller through bank card.... I received payment online with it from my broker and I sell to exchangers. But you can try load to with your card.

onatisi:
how do u withdraw with Neteller

Through naija exchangers. Ecrestglobal.com and instantgold.ng are my best ones. Great rate and reliable.

I must say neteller is the sweetest e-currency I have seen. Opened my second account now and have verified it. The automatic withdraw I get with this ecurrency once I issue out from forex is awesome

Managed to bump into this thread .... I read from page one till the end. Suen was feeling both parties music then. I really like stylplus and they inspire me in music. I noticed that as of 2005 I can see stylplus is big and had good fans.. Fast forward to 2015 2face is accepted globally. Stylplus broke up after management issues within them. I still remember one guy at page 2 or 3 who was saying watch out for Psquare. I smiled today and I learnt a lesson which is : Never give up as you are working hard. If you slack, your competitors will over run you.... It sad that styplus is not hitting it big now. Though I love them and there songs will be evergreen in my heart's

logica:
Where you come from, "be smart" is synonymous with "steal"?

Even your sole own politicians are smart... That's why they rip you off and walk away with it. You might call it steal but they call it smartness.

My God see money . It's good to be smart. The white dude would be chilling at a neighbouring country now. Pending when visa to his country is issued.

Is it possible to connect it to your television set

Any mail sent?

Mtn is pissing me off. I just did their yeye 1.5gb for 1000# and its been a week now and its remaining 400 mb.. Ask me wetin I browse na just Nairaland and my forex sites. This wayo too much. I will be porting to etisalat to see if they are same. if they are I will jejely go back to manage Glo slow network and still stick with the 1400# 3gb plan.

Who needs PayPal when Neteller is available for me. Who their restriction epp?

I don't see any reason to ban forex and bet. Look seun every investment is highly risky too. Do you think shares, stock, Treasury bills and co are not risky.. Am a student and I will proudly say that forex trade have helped me indeed pay off my debt. If the government can't ban betting and forex then you think you could ban it. I tell you am an active member in the business section and what interest me most is forex. Take it or leave it its this forex and bets that keep that section active.

In this life people get successfully in different ways. Your way might be through your website and my way could be forex. Ban it I will off from Nairaland.

IamRespected:
Male version of karashika

You won't kill person with laugh abeg... Lol

Successfully opened and verified my neteller account with my national id card. Process was fast and easy. Now my forex profits will be withdrawn via neteller.

Right now mtn zone is the cheapest mtn tarrif plan... Sometimes you get 12kobo per second.. The highest I ever get is 28kobo per second

demo4ril97:
what are your prove your trade is genuine?

My bro.., ecrest is a genuine exchanger... Have sold $$ to them a couple of times... To me they are the most fastest xchanger to credit your account.

timbros:
Summary: Variety is a beautiful thing. Even God created all of us unique. My fingerprint is unique, same with yours. Your like will always be different from others so if blackberry is your favourite, ride on bros.

I wont start listing epistle but ONE reason I will give up my blackberry (if I had one) is Whatsapp . Go figure.

Blackberry is already dead on arrival

If you see injoo phone, just run.

olayinkajnr:
Those prices ain't up to that. Especially the C8 and the two infinix phones you mentioned. I bought those three phones yesterday and tecno C8 is the most expensive at 31k brand new. Hot note is 29 and hot is 20.

My bro go back now... You won't buy c8 below 40k now

As of yesterday prices of android phones and tablet skyrockted. In our techno house office this is the price of phones now.

Tecno H6 = #30,000

Tecno Y4= #21,000

Tecno Y2= #17,000

Tecno M6= #32,000

Tecno boom J5= #30,000

Tecno droidpad7= #32,000

Tecno Canon 8 = #42,000

Tecno L5 = #25,000

Tecno Y6= #28,000

Infinix hot note = #37,000

Infinix hot = #31,000

Itel vision = 30,000

Itel 1503 = #20,000

Itel 1506 = #25,000

Itel inote prime tablet = #27,000

Prime ii = #28,000

EvenInFreetown:
Thanks bro,but hope say dem no go block/suspend my account becos na Naija IP i been use dey access the account b4. And small change dey my account.

Nop.

EvenInFreetown:
I can't open my perfectmoney account the browser keep saying "reload page".Plz what do I do to access my account.....should I use a VPN,will that violate their policy?

Bros use vpn.... My normal browser does not agree me to login in pm site until I change my location to Germany. Zenmate vpn is good

jjman2322:
Ive been following these threads on CBN/$/Devaluation and there is a lot of misinformation.

Let me offer some details as I am a manufacturer and I also have experiences with importation and all that.

First of all, Nigeria does not produce much, we import everything.. All the raw materials our company here needs for production has to be imported.. Now the CBN official rate is N200/$, but it takes months to get that money from the bank.. Years ago, you could import goods on bill for collection(credit) , and submit the documents after clearing, and CBN will pay it in 2 weeks. Now we have some bills pending for 4 months, and have to resort to "black market" to keep business going.

Our product prices have gone up 50% since last year, and this will be similarly felt across all companies. By the middle of this year every imported product will cost at least 50% more. Actually even now go and price a TV, how much was that same TV two years ago, how much is it now, go and price an AC, etc.

The CBN is not fully to blame. I read their 2015 report and the CBN had requests for $60 billion from importers/manufacturers, and they could only meet $6 billion.

If the CBN was to give every manufacturer or importer the dollar they need, the reserve would be depleted in one day.

Oil prices are very low now, hovering around $30/barrel. Here is how the Nigerian government works:

#1. We sell oil, and get paid in dollars.
#2. Local importers/manufacturers now request for those dollars for their imports.
#3. CBN remits dollars to them, and in turn collects the Naira equivalent.

The problem we have now is the Naira will be devalued by the next CBN Monetary meeting this month. They have no choice, as the difference between black market and official market encourages fraud. Let me explain how the fraud happens.

A business man will go and buy a machine from another Nigerian partner in China.
The machine's true value is only $5,000.
The value is inflated to $50,000, and the goods are received and submitted to banks for payment.
CBN gives this importer $50,000. He in turn sells the machine locally, and the balance of $45,000 in China is wired back to Nigeria as "INFLOW".

"INFLOW" means he can sell it to any person who can easily wire it abroad.

So if you do the math, he got $50,000 at N200., CBN/Bank debited him N10,000,000. He now comes back and sells the $45,000 balance for N285 (current inflow rate as of this morning), and makes almost N13,000,000. Easy profit.. Now imagine people are doing this and inflating values by $500,000 , etc. My estimate is that at least 30% of pending bills the CBN has are just round trippers who are cheating the system.

I hope now you understand what's going on.

#1. CBN does not have enough dollars to fund pending and past due bills and obligations from importers and manufacturers. This is why the naira card is now useless abroad as the funds spent by us have to be remitted to Visa & Mastercard in USD. Naira can not be wired outside Nigeria, only foreign currencies can.

#2. Now as you can see that CBN is rationing the dollars, the black market demand has now flourished. We and hundreds of other manufacturers have been steadily buying at black market since last year to stay in business, as our suppliers in India and China will no longer ship raw materials if they are owed for 4+ months.

#3. The end result is that we have to increase our prices to match black market rate. If you import $100,000 worth of raw materials at N200 vs N285, the difference is over 40% , and this is factored into the cost of the product.

#4. Iran has a lot of oil, and sanctions have been lifted and they will flood the market. Saudi arabia is OK flooding even more oil into the market as their cost of drilling is one of the lowest in the world. What this all means is that oil prices will stay very low for a long time to come. There is excess supply and not enough demand.

#5. Everyone keeps saying Nigeria needs to manufacture, however this climate is nonsense for manufacturing. We can't compete with China made products. I'm a manufacturer but there are many products our company doesn't make, not because we can't but because we can't compete.

For example, as I type we have not had NEPA for the past 2 days and we are running 1000KVA Perkins generator. It uses about a drum of diesel per hour. You can do the math.

You can't buy raw materials from China, pay duty, produce, and compete with China that has low energy cost.

There is a reason why Nigerians aren't making all these petty items locally. The money is there to start it, but you cant compete with China. Everything is made in China

As I type, ive found about 4 industries I could easily import machines for and start producing locally. However, everytime I do my final costings, it is always at least 20% cheaper to directly import it from China. Nobody is an idiot. Would you start a toothpick factory locally if your manufacturing costs (including diesel) are $1 per 1000 toothpicks, and meanwhile China is selling it for $0.40 per 1000 toothpicks..

You would just order 10 containers and sell. In my opinion, we are going into a deep recession. The fact that our reserves cant even cover pending bills (imports, bills for collections, LC's waiting, Mastercard, Visa, etc), means that we are almost done.

The current CBN governor is just patching the wounds.. There is no easy fix, naira will probably be N400 by end of the year and the drug you bought for N500 last year will now be N1000, meanwhile you are making the same salary. This is what inflation & recession is and it is going to hit Nigeria really hard.

One more thing people keep saying is ban imported items, produce locally.. Well it takes a long time to setup land, import machines, (if complicated need to hire foreign staff).

Where will the machine come from?
Where will the raw materials come from?

At the end of the day, lets assume they ban a certain item, what that means is that you will just pay more for it locally, as our local guys CAN'T compete with China. Some companies in Nigeria spend upwards of N1,000,000 for electricity(diesel/nepa costs) per day. That's N30,000,000 a month. How can you compete with a developed country?

God help us.

I don't know what to say but I really learnt so much from your write up. You are the real economist for me.

Enjoy your life bro. Life is too short. But remember the sweeter it is, the easier for it to kill you... Good luck as you keep slaying

jendy36:
based on your web money exchanger, you can get withdrawal around 260 .The simple trick I use is find a reliable exchanger that buys from me @ 260 while withdrawing, and look for exchanger that sells to me @245 while depositing.

based on your web money exchanger, you can get withdrawal around 260 .The simple trick I use is find a reliable exchanger that buys from me @ 260 while withdrawing, and look for exchanger that sells to me @245 while depositing.

Abeg which exchanger dey buy your webmoney for 260#... All the one I dey use here na 210-235#

I experienced this and its been resolved now

People are just blessed differently. God bless me that i no fit shout

Luckystar220:
seriously people i've seen so far in binary are busy balling oh forex balls too both seriously b4 u can ball in forex ur brain must be lyk dat of Abraham Lincoln's own i knw sum pple dat smoke b4 they trade bcus smoking gives dem more idea in forex...

Now this got me laughing