₦airaland Forum

Emeskhalifa:
THE CURRENCY SITUATION: A MUST READ

1). So many Nigerians have stacked Naira notes in their closets and are cut up with this policy of the CBN. There is a rush by ignorant Nigerians to convert their Naira to Dollars. Naira is at all time low against dollar and it's going to go even lower. For example a man converts #10m to 12,500 USD at the current exchange rate. It's easier to keep it with himself than to deposit in a Domiciliary account with a DMB because of the stringent policies around FX cash deposits. He hopes that by December when the new Nigeria is floated, he'd have his FX converted back to Naira from the Aboki guys he bought his USD from.

2)The Aboki man who sold FX to his customers at exorbitant rate excitedly goes to the DMB to deposit the millions of Naira he got the the FX swap he did. He knows he is getting richer in geometric proportion by this new policy by the CBN. He awaits the printing of the new Naira notes so as to reconvert the Naira he has in his account today USD and continue making more money.


3). All customers who deposited their Naira notes, those depositing and those who would be depositing are eagerly waiting for December 15. The DMBs are also waiting for the said date. Meanwhile there is a cashless policy waiting to hit all Nigerians by January 2023. On December 15th, customers would rush to the DMBs for new notes so as to withdraw as much as they can before January when the cashless policy would be effected 100%. The DMBS would rush to the central bank branches to withdraw new notes. The branches would go to the H/O for new notes. H/O would release just a little to branches based on cash management policies. CBN Branches would release in trinkets to DMB branches and tell them to go manage their customers. DMBs would revert back to their customers based on the low available new cash notes. There would be slight panicking as customers who deposited old naira notes cannot retrieve same notes from the DMBs anymore because of unavailability. Remember, digital money and paper money is still money and so customers would be advised to use electronic channels to make payments.

4) The Aboki guy who kept millions of Naira is also a victim of the shortage of new notes and so he cannot buy back FX from his customers who were hoping to return the ones the got earlier ones the new notes are in place. Aboki begins to panick as well. Those who have FX and need naira notes begin to sell their FX to people who have naira whether old or new just to cash in before January. In doing so, USD begins to crash as rapidly as it rose. Much of the FX becomes deposited in DMBs as carrying the raw cash isn't useful anymore. The CBN is happy because there is more FX in the banking system to give for Forms A, M and Q. Naira begins to gain rapidly against the dollar.

5). In January, cashless policy takes effect. So even if the CBN makes available more new notes to DMBs, customers cannot withdraw above the stipulated across-the-counter limit to avoid heavy charges. Customers are forced to use electronic payments, FX policy and transfer and withdrawal is so stiff that swapping FX and Naira is no more a gain. USD parallel and black market prices crash all the way down to CBN rate. Inflation based on importation of goods and services is checked as Naira becomes strong against dollar. People who have physical dollars would lose. There would be limited access to naira notes as electronic transfers become prevalent. Enaira purchases also become more as Nigerians look for most seamless methods to do payments. By June, whoever takes over power would have a soft landing as this policy by the CBN has controlled a whole lot of inflation, corruption and economic degradation.

6). If you have Naira notes stashed with you, return them back to the bank through your account. Don't try to play smart trying to beat the system, you may become the architect of your own loss. Your 12,500 USD may fall from #10,000,000 to #5,000,000 in June, 2023. Meanwhile if you put same #10,000,000 in Treasury Bills at the current 14.5%, you should be gaining about #725,000 at the same period.

Let's try and look at the bright side of things, Nigeria shall be great by God's grace.

Alexxx2000:
It's a long story but I will try to abridge it.

My mom raised I and my brother of 5yrs old single-handedly. There's a separation in the family so we're shuffling the deck. She's an hairstylist with meagre wages.

My dad was never part of the family. They both separated because of infidelity and harsh treatment. Since then, my dad, I guess erased our memories from his life.

I must confess, she's trying but the bills is weighing her down. My little brother was to start school last year but we couldn't pay for fees but after saving, we decided to put him in a cheap school close to the house.

first of all do you have any access to your dad...if yes you might want to hear both sides of the story...single mothers (most) are very bitter women

Now, my mom want to stop us from bearing my father's name. She mandated me to change mine as well to her own dad's name.

now why is she adamant that you should that and not her...has she lost the road to her in-laws place because i am sure they are aware of the existence of you and your brother



Yesterday when I returned from the Pos attendant job I do, she brought the topic again and she said, nothing is holding her back on her decision.

Is she right for taking such decision? What will you advise me to do please?

festacman:
You lied about Abike Dabiri's performance as NTA reporter. She was the star of the NTA in her years. Go and verify.

Unyimekelvin:
I need someone to say something about this before I commit suicide please

megaxart:
If the total value of your order is over $20 (or $50 in some banks) you won't be able to use your card to make the purchase due to the monthly limit of 20USD. To bypass this you can use a virtual dollar card on platforms like chipper. I made my account and verified it on Saturday in a couple of hours and made a purchase with it today. It was pretty smooth. The only issue is their rate, it's pretty high at N710/$1 but they do have a 5% payback program on purchases.

udede:
YES i have been married for about 10 years and my wife is in his early 30s. She doesn't want kids but I want them,and we have non. She refuses every medical test and diagnosis with flimsy excuses.

I need a second wife as soon as possible, some one that love kids and want to have them, I'm a Christian and an Igbo from Anambra but my denomination dosent oppose polygamy (polygny)

lonelydora:
As a man, the moment you raise your hand against a woman, you cease to be a man.

But, women can run their mouth sha.

dammodee911:
Recently installed a 5.5kwh Smk hybrid on and off grid inverter system coupled with 4 units of 12v 200ah blue carbon lithium ion lifepo4 batteries and 8 450watts mono solar panels. Everything seems fine, but the only downside is that my 9kva firman 12990esr generator can’t seem to charge it. So far only the solar and Nepa light have been able to charge it. But with the raining season on full mode and epileptic power supply, I really need the generator option. My installer said my generator frequency isn’t enough, this is a generator that comfortably powers my 3hp inverter standing AC and 1.5hp inverter AC. What can I do pls?

ProudlyNGN:
Why don't you go and report him by yourself to the nearest efcc? Do we look like your messenger?

Channah1:
Poured palm oil in a pot on low heat and added panla fish, onions, crushed garlic and some Maggi crayfish cubes. stir-fried and covered until the aroma was popping.

I then added the chopped tomatoes and fresh pepper with some dry ground pepper for extra spice. Covered it to dry the liquid.

When the tomatoes was done, I added fresh ugu leaves stired and brought it down immediately.

Served with hot white rice. Uuu... This tastes so great!

Join me.

UyaiIncomparabl:
I saw this post on Facebook and it makes me question myself asking what "Nigerian men want". It irks me so bad.

Women have been debased to NOTHING that a chore has become a yardstick in choosing a wife. I keep asking myself if God did not make a mistake to have given the headship to them from the beginning or he should not have removed a rib to create a woman goes both ways at least less drammer for man..

And now, I'll reiterate this here. I also don't care about the reactions it brings. It's not my business how you feel but I must say this to men- DO NOT SET UNNECESSARY STANDARDS THAT YOU WON'T MEET. Read that again. you might want to practice what you preach by not replying every quote. Would he have washed the girl's father's or mother's clothes if turns were switched? NO. Many men here won't either. It degrades them after all. ONLY women should cower and wash g-pee tanks because they want to marry. Marriage only favours the women after all. It's the women who do these things I blame. You don't rate yourselves.

If you try this with me, I'll FAIL your test woefully. It is the audacity to make this a post for me. They make marriage seem so unpalatable and dramatic. only people with inflated egos think like this

Manners should tell you that you do not sweep when a guest is around. like it was planed by both him and his mother...presummtious to say the least...It is ABSOLUTELY rude and that shows that you do not even respect me enough to have kept your abode neat before my arrival. And that to me, is a RED FLAG!

It also tells me that "I am not welcome in your abode". I am immensely glad that the girl in the story dodged a bullet. Good riddance. the guy dodged a bullet as well...thanks to his mum

Signed; Bitterleaf Feminist. The wall is fast approaching get ready

DOWN2HeartLoved:
I usually come to nairaland to get advice on business or any other related stuffs am affected with

Currently am in a tight spot, have been dating a lady I met during a trip, after a month, we started chatting and I went to visit her, things were smooth until we have a child, now she's different

The thing am surprised about her is I don't know her family background, only believed what she told me, she's from Auchi and Orogun and the mother lives in Ondo, we have issues I had to move out of my own house for her, the problem is I'm thinking she has children outside, she's always 28 every year, am thinking she's close to 40, why lie about age and many more.

Reasons am baffled, her mother isn't showing any concern.

She has lots of brothers

She always calls me a small boy

She doesn't even care now, even if I die

Problems:- I have invested on this relationship emotionally, physically and even more,

Is she from Benin? She lied too, she has turned my people against me, right now no one reason me seriously again, because everyone is telling me she's a club girl and I need to leave her, she just laughs and blocks anytime I called her, people are telling me she might have built a house with my money elsewhere.

Am shocked this is happening to me.

ahnie:
He's obsessed with me.....I don't have attention to give to him,I think he's jobless becox if he isn't,he would not carry my matter like bone straight.

Able bodied men I know invest their energies in making their lives better...like I said before,I owe him no damn explanation and he would never get my attention.


It beats my imagination...on a Monday morning like this ... you're suppose to be at work or think of what to better your life,you just dey carry my matter for head.

You're pained that I didn't join my husband in the fun....your coconut brain no be you reason welda he dey around or not or hates public places.

You go just dey open mouth waaa waaa dey talk anyhow.continue monitoring my every moves .

God1000:
There's need for serious gun control measures in US because it seems americans love their guns more than themselves