₦airaland Forum

The aboki guys are smart. They know people will be desperate and so will offer to buy your dollars cheap. Many of them have been in the business for years so they know what will still happen.

The question is: what has really changed in the fundamentals of the Nigerian economy to justify a strengthening of the local currency? The answer is NOTHING.

What the CBN has simply done is to use some of the gain in the foreign reserves in the last 2 months to pump dollars into the market. Interventions are not new. They have been done by several central banks across the world. But the fact is: where the fundamentals have not changed, they hardly work.

The best the CBN can do is to keep pumping dollars to maintain the parallel market band at between 450 to 480/490. A country cannot spend the money it makes from exports to keep selling dollars to offset rising local demand.

The permanent solution is to reduce local demand for dollars by eliminating the main factors fuelling it. Ensure self-sufficiency in refining of products. This alone will cut demand of dollars for importation of petroleum products by 50%. Then the power sector reforms must be completely re-jigged so that by 2017/2018, we can double current generation and transmission. That way, local industries can start manufacturing again and this will reduce the need to import things like palm oil, furniture, shoes, clothing items, etc.

Make our universities and teaching hospitals centres of excellence. That way, we will not have a President spending four months in a London hospital at the country's expense, and millions of other Nigerians seeking treatment at Indian hospitals or schooling in UK, Malaysia and the US.

Until we do the needful as a country, we will remain in this cycle where the CBN has to pump dollars into the market to force down exchange rates. It is a temporary method which has an elastic limit. It cannot be sustained forever.

Temporary pullback. The fundamentals still support a weaker Naira. You only need to study the interventions of the Bank of Japan and Swiss National Bank to understand what is happening.

stagger:
The Naira has been hovering around the N500 psychological resistance for some time now. But once this level is broken, it is going to make a dash for N520 or N530 before we see some pullback as people start offloading.

I predicted this days back. Now the 520 price is here with us.

Why is everyone panicking?

Such action is not backed up by any law in Nigeria. By the time 1,000 Nigerians institute lawsuits of N100m each against the Telcos, they will be begging for mercy.

fuckingAyaya:
waiting for bishop oyedepo to say its God money

Idiot. God cannot be bribed.

Get a Payoneer card and use it. Simple solution.

The Naira has been hovering around the N500 psychological resistance for some time now. But once this level is broken, it is going to make a dash for N520 or N530 before we see some pullback as people start offloading.

Mike Tyson
Evander Holyfield
Riddick Bowe
Wilfred Benitez
Joe Frazier

The list goes on and on. Former champions who squandered all their money and never thought about tomorrow. If not, why will Bash Ali keep running around govt officials? Bash Ali made enough money in the ring to have setup thriving businesses. Even if it was a poultry farm or filling station. Why could he not even become a boxing trainer? Many ex-boxers in the US who still have their faculties intact are doing this.

Larry Holmes did not invest in too many businesses. Just a restaurant and one other business. Bought a house after winning the world title in 1978. Still lives in the same house, married to the same woman after all these years (and avoided all the baby mama and child support dramas), and runs his businesses and he is very ok.

Marvelous Marvin Hagler became an actor and living well in Italy.

Bash Ali is the architect of his own misfortune. Govt officials in Nigeria are heartless. Any one who depends on them for livelihood is wasting his time. Bash Ali is now learning this the very hard way.

Coach Imama Amakapabo has not been sacked. Please why can't we read? The man who was replaced is "Ozor" (the man who was waiving at the crowd when Rangers beat Ikorodu Utd in the penultimate game last season).

uncleshege:
You can always withdraw the funds in your dom accant in GTB. Most branches have dollars n euros readily available. It's not a "BIG IF" I can assure you. Furthermore, you may not even need to withdraw over the counter sef. Whoever is interested can get in touch with me and I'll link you with a registered BDC that will buy ur dollars from you via bank transfer @ the same aboki rates! So even if you get to a branch and they don't have dollars available, you can do transfer.

Charges for withdrawal over the counter and transfer to another accant are actually the same....0.5% of the amount u're withdrawing or transferring + 5% of that 0.5% as VAT. However, the minimum charge is $10! So this means that if you were withdrawing or transferring $100, you would pay $10 commission as well as $0.5 (which is 5% of $10) as total charges because the minimum charge is $10. So as long as your 0.5% is not up to $10, GTB will always charge you $10.5 for withdrawals or transfer.

Please note that all the info I just posted is strictly for GTB. I dont know how other banks do their thing but I am confident of GTB cos I do it regularly.

Cheers.

This post contains all the answers needed.

When you have airlines who run the companies like their private homes (Ibru family and Aero) instead of like a true business, then AMCON has a right to take them over. How come airlines are owing billions of Naira to banks while their top management are living very opulent lifestyles? Business owners should live within the incomes of their businesses for them to survive.

gocare:
It's better to receive it into your dorm account, and that's with a 30% of the amount you are receiving gone.

After that to get your money is war, most banks will tell you you can not withdraw from a transfer dorm account eg Zenith., that you can only transfer or pay for things online.

Then if you want it directly into your Normal account you will still pay for it, then the bank eg zenith will give you #310/$

The bold text is wrong. It is $30 wire transfer irrespective of amount. When we used Elance, it was initially $5 (2009-2013) and then $25. Then as far as withdrawing in USD goes, I have never had a problem for once with pulling out the raw dollars. NOT ONCE.

So are you speaking from experience or from hearsay?

mrphysics:
When I started, I didn't have money to subscribe, 19800 allawee was too little that I depend on airtel N200 for 80mb, but I have to subscribe for MTN and I was online searching for who to write for. The mb got finished without making a dime. I was discouraged but determined, I still have to subscribe again before I got work.

Right now, I am worried that my mb last long. I always wish it could finish because it usually give me enough money. I bother less about mb.
The joy of it is that you wear boxers inside your room and be making cool cash that graduates are dying because of FG 30k Npower fee. I make that in a week.

My brother, you have said it all. The kind of things I see Nigerian youths doing: wasting away. Today I decided to head to a cybercafe with my laptop and met like 6 guys in the laptop section watching a movie and making a hell of noise and talking of what fun apps to download and all. Tomorrow they will blame Buhari for all their woes in life and be struggling to join N-Power for 30k a month!

Piercy:
You guys do know kids at this age have an under developed brain meaning this guy can't even connect pictures to reality.. Therefore he doesn't know what he is watching.... And I am probably thinking this is just a plot by mummy... Can't believe you all are over this

I disagree. When the hormones start raging in puberty, the flashbacks will start. Are you not aware that even young boys have erections as a normal part of their development? What happens when they are now able to connect pictures (some dating back to many years) to that reality?

Tomorrow when he starts to practice how to suck nippies on his class girls in school, who should we blame? Parents are responsible for a lot of our societal ills.

Typical Ijaw man breeding anyhow.

Mumu OP doctor,
did it occur to you that if all sick people's prayers were answered, you will have no livelihood? Even the bible records that in His hometown, Jesus could not do any mighty work there because of the unbelief of the people.

I am a personal testimony that prayer and healing are as real as it gets. I will not share my story here, but my experience is enough to confirm that prayer works, and healing is also available. Yes, mine took time to get, but I got it eventually.

Besides, are you aware that many Eastern religions also heal people? Read Yonggi Cho's Book on "The Fourth Dimension". You will understand these things better.

Hmm.. a double rank demotion. That is close to 12 years of military service down the drain.

Serves them right. "Hard labour" in military cell and civilian cell no be the same ooo. I can tell you. When they say hard labour in military circles, it is really hard labour.

I remember her obvious knocked knee deformity which was very glaring when she contested the Miss World as Nigeria's representative. In my young mind then, I was like: how did a woman with "k-legs" win the MBGN, especially after we had witnessed Nike Oshinowo, Bianca Onoh, etc wear that crown?

It was a travesty then and I think her future husband had something to do with that decision, because it was an awful decision.

Israelconcepts:
Weldone guys...I just got a nice PC for my graphic design and freelancing job..i am planning to open an account on upwork using foreign ip...please,is it advisable to do this.?..if yes how can i change my ip on upwork. Will i encounter any problem using foreign ip...i need your response'please...thanks in anticipation.

Please kindly read from Page 1. This question has been answered too many times.

Stupid Bayelsa govt. Where in the North has any state donated land to Niger Deltans for any agric activity? A state where land is a premium because it is mostly riverine.

it is not enough that the Northerners own most of the oil blocs. Now Dickson and his people want to sign off the land to these people too. What nonsense!

Sigh all you want. I am here to do some trolling so if what I said is annoying anyone, make dem go chuk their head for transformer!

Guy,
You have made only $180, and you now qualify to teach people about writing. Is that how it works? Get more experience before you teach please.

HungerBAD:
Wike why?

Governor Wike, you are called the "LION OF OBINMA" and i feel it is not right for you to leave your name sakes to be starving in the Zoo. Who is Rivers State Commissioner of Culture and Tourism? this is so very wrong.

The "Lion of Ubima" is former governor Chibuike Amaechi. Ubima is a village on the outskirts of PH on the way to Owerri, which houses the Risonpalm estate. Do not misinform us here.

Do these guys have people advising them at all? Why spend N33m on a car when there are people waiting to sell their prized landed property for far less just to be liquid in this recession?

Recession is when people with money acquire assets at give away prices. A car is not an asset. January is already gone and there are less than 48 weeks to go in 2017 before the car will become stale news. Compare price of land in Guzape 11 years ago and today where N60m is what you need to get a plot there. Why are they trying to copy Davido who has a massive inheritance waiting for him when his dad moves on to the next stage of human existence?

Cars have ruined the mindset of our young people.

This is simply a case of pure neglect. Why is it to be treated in a US hospital when there are hundreds of specialists in Nigeria that handle this condition?

helphelp:
Check to see prices.

Thank you

My Jehovah El-Shaddai!

Are you all seeing what I am saw? If I have N25m, is it not better I go and buy large expanse of land for agriculture and setup an agribusiness factory?

DropShot:
Why has Trump exempted Saudi Arabia, Qatar, UAE, Bahrain and Oman from his list of countries he's banning?

Only the wise can understand this.

Saudi Arabia's defence budget spent on military equipment from the US annually is even higher than Nigeria's total budget. They will NEVER come under any hammer from the US.

3RNEST:
Whats the Value? When u earn money from freelancing sites who will convert your earning to naira? Exchanger come in to do that..

Please the Value stand and we keep going strong everyday.

You first came here because of the OP's exposition on this. That was how you joined Upwork, not because of any e-currency exchanger. I can understand your view point because you have now joined them. My point is this:

this thread was started for issues relating to working on Upwork. There is another thread for you e-currency exchangers (with all the scam drama going on there). So the thread about e-currency exchange should be used for that purpose, and this thread left for its original purpose.

Tu comprende?

smileyoo:
pls this ipob people should stop placing the lives of our young ones in danger. if u people allow our young ones to be destroyed easily, who 'll do real fighting, when d real biafra struggle starts? or you think u can gain biafra, by making empty noise & speaking big grammar. wake up & smell the coffee. this africa, not oyinbo land. its sad, pls stop killing our young ones: ANAI AGBA AKA AZO ALA.

What will they fight with? Machetes? The Air Force has enough MiGs and Alpha Jets to rout the whole resistance in a week.

Yujin:
You are evil like the devil himself. You couldn't even question why the murderous Nigerian Army will have to use shoot live ammunitions on celebrants. You are despicable.

You are indeed a first class dolt.

Radovan Karadzic and Ratko Mladic were caught after so many years on the run. The ICC is yet to conclude their trials. Who will bring back the thousands whose killings they sanctioned from the dead? Or the more than 3,000 men and boys slaughtered in Srebenica?

- How many of the RUF commanders and soldiers have ever been convicted of the atrocities in Sierra Leone? I can tell you: ZERO! ZILCH, NADA, NOUGHT! They were all granted amnesty as part of the peace process!

- A US soldier woke up one morning, walked into an Afghan village and killed 18 people. The US never submitted him for trial in Afghanistan, but decided he should be tried at home in the US. The sentence he got? You can Google that and find out.

- How many war crimes were punished during the 1967-1970 civil war? Name one person who was convicted for war crimes.

What is the lesson here? I can categorically tell you that as long as we have a Northerner in power, the Army will continue to be unleashed on these protesting youths with deadly force. And the herdsmen who actually kill people WILL GO SCOT FREE as they have been for a very long time to come.

So if you are waiting for the police or army to handle them with kid gloves, you will wait forever. If you want to be an IPOB advocate, good luck to you. Pray you never end up like that 17 year old boy, Mr Idealist!

Get real and tell your friends in IPOB to stop this stupid agitation that will never result in any Biafra and will only lead to more people being killed.

Please note: the civil war started as a "police action". It took only two and half years for 3 million people to wind up dead! If you are an IPOB sympathizer, show your sympathy by talking sense into your people.

What business does a herdsman have in a church? Their impunity is too much.

- they have taken over the national stadium in Abuja.
- they routinely cross my house area with hundreds of cattle. The other day, two cows were foraging my dustbin.
- they parade university grounds (where in the world is this tolerated? Harvard? Melbourne? Cambridge? Really? Cows in an institution of higher learning?)
- the other day, an errant heifer took off from his herd and nearly caused an accident along Airport Road.

Any errant herdsmen that thinks they have the monopoly of violence should be shown the same mercy they showed the Agatu people, the Enugu people and those in Southern Kaduna, the better. The day of reckoning is coming.