ositadima1:
An interesting way to estimate true exchange rate. Take for example samsung galaxy s10 plus, this phone should have the same functionality anywhere and so same value irrespective of location right?

It costs about $600 on Amazon and #315,000 on Jumia. If I divide 315,000 by 600 I get about 525. If I am to neglect transportation cost differences I can say that $1 is worth about #525.

Anyway, The Economist did same with McDonald's burgers which they called Big Mac Index.

https://en.m.wikipedia.org/wiki/Big_Mac_Index

Shey you now see why I said naira is overvalued and artificial na.
It is one thing that is drawing this country back.
Everyone keeps buying things at the government's expense.
If we can eliminate stealing and review the naira as Emefiele is doing currently,Nigeria will boom!
We will have so much local and foreign reserves to fix all we need to fix in this country I swear.

ojesymsym:
invariably, $1 = $100+ (106.80yen)
It may interest you to also not that the value has largely been like that since 1986

It may also interest you to know that they found the true value of the yen to usd in 1986
Why would you devalue when you have everything going on great for you and no pressures or expenditures to preserve your currency?

ojesymsym:
Please explain the bolded because the very next image you put out there says 106 yen.

100USD I meant.
Typo

DexterousOne:



In the basket of 8
JPY is the weakest (nominally)


The USD, EUR, GBP CHF CAD AUD and the last one ALL exchange more than the JPY


I have been trying to say this

They are not reading to get me

whew...

DexterousOne:



Thank you very much

I'm so glad someone here gets what I have been trying to say

Of course,very weak.
100 USD=10K+ Yen...

ojesymsym:
All these things you listed here are some of the strengths that I know JPY has, so that is why I am curious to know how it is one of the weakest in the world.
It is not as strong as the USD I know but how is it one of the weakest in the world is my own personal concern. Canadian dollar is not as strong as the USD yet you cannot claim it to be a weak currency.

It is weak nominally because the japanese keep devaluing it so that una go come buy their market na
Something you all refuse.

A person in the far east like say Indonesia,Taiwan,Philippines etc..will pick the yen 100 times before the dollar because all what he might need to buy to be comfortable in life is found in japan and he will pay cheaper logistics to bring it to his country rather than buying from America with dollars.
Does that mean the person is stupid or should have picked the USD instead?No
This is what will soon happen to all these shitholes surrounding Nigeria the moment we fix infrastructure,start producing fuel and free up the markets with little government political hindrances.
When some of you compare Ghana to Nigeria,I honestly think you are mad,no offense.
This is not patriotism but simple reality.
Na because of steady light abi wetin

A japanese can live in Japan without ever seeing or knowing the price of dollars and will be very comfortable till kingdom come.
If USD varnishes today maybe because somehow Taliban manages to bomb the entire USA,the japanese wouldn't even notice because they can get almost all they want locally,with or without dollars.
Their currency might be triple digits when compared with USD,but what matters is what it can buy without an intermediary currency playing a part in the littlest process to sell that produce.

ojesymsym:
The point I am making is that, it is considered in the same league as USD, Euro, Pounds. JPY is no where close to being one of the weakest in the world, that I am sure of.

It is considered in that league not because of its nominal strength but the sheer variety of what it can purchase in its locale.
This is why it is listed alongside major currencies like USD,EUR,etc...not necessarily strength.
I can go to Japan with yen and buy Caterpillar,cars,truck,medicine,infact everything.
I can't do that with Kuwait dinar without passing through an intermediary currency.
Strength doesn't matter,rather what the economy can offer is what makes a currency valuable.

ojesymsym:
I do not do forex trade but I believe that jpy is one of the 8 major currencies that they pair during trade.
I swear this is the first time ever I have heard that the Japanese currency being one of the worse in the world. I suspect he meant something else abeg. Japan?? in a continent that has Lebanon, Afganistan, Pakistan?

You peg a currency to another not because of nominal strength but rather purchase option(what you can buy from there,ie a country that has everything you might need) from that economy.
Kuwait dinar is so strong no doubt,but who have you seen pegging its currency with theirs?
So having currencies pegged to yours doesn't necessarily mean nominal strength.
Japanese yen is weak no doubt but it is very valuable.
Nominal value for money doesn't matter at all.
There will come a time when shithole countries like Ghana,Cameroon,Tchad,Benin and Togo will all have their reserves in naira,whether they are stronger than naira nominally or not.
That is,they will prefer to have naira than dollars,reason I am against this ECO nonsense they are trying to do.
It is at Nigeria's disadvantage and they'll turn Nigeria to a dumping ground if we dare accept a unifying currency with our infrastructure lack.
Just wait and see

HeavenlyBang:


Terrible idea.
Save some money and buy something like a 2013 Accord V6 instead.

Edit: Since flooding is an issue, you want want to look at an SUV. Can't go wrong with an RX350.

He said his budget is 6-7m.
How much be 13 accord?abi e don add money?
He go get change wella if he buys the accord.
Kind of a downgrade looking at his budget.

The kind of things weh una dey carry these days dey baffle me.
Let me just assume she has money or is connected enough to benefit you in the long run,else you have just been played a fool and mortgage your future happiness.
Her "Christian mother" hand even big pass your head
Use your head,play your cards right,make good bread I think you are gunning for quickly and bounce.
Honest advice.
And the funny thing be say this woman no even get money,very obvious.
Guy you fucķ up,hoha!

naijaoyibo:
This is a business I have been vying to start. Where I live, the demand is high. They currently import from southern Asia and India. And I understand that Nigeria is one of the major producers and exporters.

Where do you live?
Just curious,nothing serious.

GonFreecss1:


Like you said, it’s not sustainable and these antics won’t deter from the fact that it is a game of demand and supply. People are still demanding for more dollars than they are demanding Naira.

PS - How goes the tomato business? Still growing I hope?

Nna still growing ooo.
I just dey go market to go sell like this.
I just hit the 100k capital mark yesterday.

Godbpraised:
Mr tomatoes how market?

Unto which levels na?
I no understand.
You mean tomato market?

Looks like the CBN is planning some desperate move to strengthen the naira this coming week.
Saw that they debited N216B from banks today so that there would be little naira chasing the few dollars they might release on monday.
Truth is,how sustainable would it be?
Can they do it?
Bittersweet moments!!
Cc Gonfreecss1.
What do you think?

cooldudeng:


Logically it makes sense. However, if the tenant is that loaded he or she wont really be a tenant in the first place. Truth is, a 2.5m rent would “possibly” have a senior manager working with a multinational as a tenant. The reality is, with the current economic downturn that job can be lost and rent would be a struggle.

Default is a risk that comes with tenancy. I’ve got one on my hands.

Lots of guys in their mid careers with family will always rent semi detached duplex.
Also,what of transferring families.You don't expect a family settled in Abuja in their property that moved to lagos to also buy another house na.
They will always rent.
Bottom line,there is a market for these things always.
I didn't say risk of default is zero,but it is way way way less than in their backwater counterparts.

legitimatefrank1:
Guy don't support evil! The man is obviously guilty of all she accused him of, hence his begging... He deserves what she is serving him!

You for send your brother to go love that kind expired cargo na,as na better thing.
Wetin she expect?say that man love am abi wetin?
Next time no quote me if you no get better thing to yarn.

ahiboilandgas:
very true ....dangote group cannot be draging rents with union properties owner of union homes ....i can own shares in union homes....

I never knew they sell shares on already built buildings.
Why?
Is it to pay back the bank loan they used to build the property or what?

Donbrig:


Sorry to slightly disagree with you. Many would prefer to put 80m in fixed deposit and earn 10%, rather than invest same 80m in real estate and earn 20%. Remember you are going to have less stress with your 80m in fixed deposit. Unlike investing same 80m in real estate, where you have to contend with some devilish tenants, costs of repairing facilities in your commercial house from time to time. Real estate is indeed profitable in Nigeria, but you must be ready to face the stress and high blood pressure that goes with it, even if you have a good lawyer or agents helping you out, you can only mitigate the stress a bit, but cannot be completely eradicated.

If you buy better house for better place with 80m,you and tenant no go get issues.
People that will give you trouble won't be able to afford beginners rent for that kind of property in the first place.
So if you buy 40m mini duplex for lekki,you go come dey drag with tenant untop 2.5m rent?
He who goes for that property can afford it effortlessly almost 80% of the time.
Default is rare.
Na all those old,backwater properties weh tenant dey drag with landlord for wella

Romangalactic:
If not for the fact that she was so desperate for a man and was easy to play, why will she ever think some young hustler from naija will be interested in her and not her papers?
Does she not look at herself in a mirror at all?

Nna I tire oo.
Which kind love be that?
Untop something weh be like juju.
If you get money in Nigeria,forget abroad else you go dey see this kind nonsense tire.
I bet say if na Naija dem no born this lady to dey try this thing else body go tell am.

Poor man dey for trouble.
If that man be get money,whether e impregnate another woman or not,this lady no go try this kind rubbish.
Else her double slap go sure

This is no damn C300

dingbang:
would like to go into groundnut processing. I am in bida

you no dey ph again?

Following.
Quite daring I must say,kudos.

ojesymsym:
I do not see how Nigeria can ever have a unified exchange rate, people who move in illegal money will always need the backend exchangers as well as those who are not necessarily doing anything evil but not want to be tracked.

When you devalue appropriately,forex will be surplus and difference between black market and single official rate no go pass 5 naira.
Na so e suppose to be.
Wetin dey make black market explode na CBN dollar liquidity scarcity.
That makes everyone in Nigeria patronise black market by force and explodes their price as they go through hell to get that money.
Imagine going to kenya to source for forex to sell in Nigeria.
Now you get the picture I hope.

DexterousOne:


I'm in support of free float

And stop paying subsidies

Go check my previous comments.


All that forex we are wasting is not the best.


Note
Free float does not equate devaluation

And a free float will bring in a lot of forex

But bdc operators may not like it

Well,floating is not really a solution in our case.
It comes with it's own problems which is SPECULATION.
This is why I say we get the true value of the naira first(by free float of course) and devalue appropriately.
Floating does not bring FDI or FPI because investors aren't confident.
Investors want devaluation so they won't be in for any surprise.
Naira is overvalued,the true price of naira is in the 400 range,450 if you ask me.

DexterousOne:


We actually are

I thought you were preaching against it
You change your stand because CBN is quitting the charade ba?

emmaodet:


Bro, can you help me get genuine buyers for african natural honey and gallstones in europe?

Cheers

Ha bros you know say I no dey into regulated export no more.
I like chaos abeg,no time for orderliness.
But things like this is every where,go apapa go find agents weh get buyer and looking for supply na.
I know one man called Ayru.Na agent we use many years ago.
His office is at #30 Bombay road,Apapa lagos.
White small one storey building for the top floor.
I no get their contacts again but you fit go the address,cheers.

ojesymsym:
How does the export process work?
My fear is that they have stringent regulations there that you are completely at their mercy in terms of who defines if a product meets specs or not and ultimately your payment.
What are the bottlenecks and possible pitfalls?

To me I think if you can be patient to wait for TBs to mature after one year,then you can do official export.
First stage is sampling,you first send the buyer what he wants via UPS and the likes so that you guys can finalise on quality and all that at this stage.
Since as it is your first time to sell to the buyer,e go open LC for the trade.
This LC na collateral from his bank to secure your money,so that he can't abandon the goods at the ports or take your goods and don't pay.
That is if the buyer no pay you,his bank will pay you and later collect the money from him with force.
It's your security.
Then you will register with NEPC so as to complete your NXP folder that contains a host of documents and gives you the go ahead to export.
Nigeria registrations na just money,no much bureaucracy as they don't even check All they want is money
When you and your buyer conclude and he opens LC,you contact shipper for container,buy and load and take to the ports and hand the bill of lading shipper give you to your bank and your bank will forward it to buyer's bank that will give to buyer for clearing.
Now you guys will agree on your contract when he is to pay and his bank will be aware.
When the time reach and you no see your bread,just contact your bank and your bank will contact his and you will get your money almost immediately.
But if you guys start do business for long and trust enters,you won't need this no more as you already know him and where to find him if he fùcks up.
You are not at the buyer's mercy at all,unless you load something else different from the sample you guys agreed on,so take plenty pictures of everything you do as proof for any future argument.

ahiboilandgas:
i was just inform....of the unification....very painful ........in real term all our new sukus profits is gone .......is cbn now scammers .....madam shopey help me look for ireland companies looking to buying agricultural raw materials like ginger .....man need to earn in euros

Welcome aboard the new reality.
Go France,business dey there wella for una northern agricultural products.
Go yourself,no send any agent or middle man.

https://nairametrics.com/2020/06/17/naira-falls-at-the-official-market-as-government-reveals-plans-to-unify-the-exchange-rates/

The shithole is about to devalue again...
I tell you,you no hear...
I advise you,you no gree..
When the time is right my brother ehhh,telli person eh them no dey telli person...