Nigerians abroad are allegedly using this opportunity to send in forex to finish housing projects in Nigeria
Tuesday, October 24, 2023
Nigerian Naira Weakens As Dollar Gains More Strength....
The value of the Nigerian naira continued its downward spiral at the opening of business activities on Monday October 23, 2023 crashing at the parallel market to N1,210 to the dollar......
34 comments:
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What a time to have a brother or sister abroad. Wish I had one at the moment.
ReplyDeleteThe hardship in the country won't only frustrate you but also confuse you as well. Imagine greeting someone good evening at morning and when I recollected and corrected myself, the woman smiled and said to me, ''My pikin I understand. No think too much, it will get better.''
The other time I entered taxi and when I alighted, the driver gave me my change of 200. I gave him 500 and was telling him my change is 300. He asked me how much was the transport fare and I responded 300 and he asked again, how much should be my change. It was then I realized the 200 he gave me is the actual amount. As he was about driving, he told me ''if you don give woman belle, go face your wahala for house. No carry am enter road.'' I don't know whether to laugh or curse him.
Lol
DeleteYou keep giving mixed signals one minute you’re balling another min we don’t know :
DeleteAnon, so people who're balling don't faces challenges in Nigeria most especially with the way the country is at the moment and when they're not even among the politicians.
DeleteOh well I was 'balling' if you say so but I didn't remember saying I was wealthy at a anytime.
Lol
DeleteHahahaha, bro you too much!!, This is Nigeria 😂🤣
DeleteHonestly, looking back we had it good and never even knew it!
ReplyDeleteI have 1k3 dollars would change it next week.
DeleteHmmmm this is something else.
ReplyDeleteHope we are not heading to #2,000 soon.Person don tire jare
ReplyDeleteOmo Oluwa oh
ReplyDeleteIt's not funny at all.
ReplyDeleteIt's well with Nigeria naira
ReplyDeleteHow profitable is buying dollars and saving it in a USD account. Please who knows how this operates?
ReplyDeletePeople that bought dollars for 1030 naira to a dollar just last two weeks are selling for #1230 as at today..
DeleteBV wey listen advice then bought a lot and cashing out now;some no wan even resell theirs..just left it permanent
Multiply 200 naira profit per dollar for someone that bought 10000 dollars,you get it now abi??
Some even bought more,you are still asking question when you should be in access bank opening a Dorm Account with your two guarantors..
If you want to sell your own dollar anytime,you can contact us too..
People bought over 15000 dollars five years back when rate was lower;do the maths if they resell same dollar today at 1230 per dollar;which bank investment fit give you that kind profit in five years??
If you snooze,you loose..rush and open a Dorm account today..
@MARTINS
@Martins, is like I will close my business and be buying dollar to sell this period ooo. Martins thank you!
DeleteIt’s a risky business and it’s a slippery slope.one single govt policy or economic condition can bring the value of dollar up or down and then you’ll lose millions.
DeleteI bought Euros last year at 706 naira to a Euro to pay tuition feee, but unfortunately I couldn't travel. I left d money in my dorm a/c. As at this morning, it is 1400 to a Euro, I smile 😀 any time I convert what I have in my dorm a/c into Naira. I am even thinking of investing the profit into land. That is another goldmine.
DeleteI wish i can buy dollar seriously this is a good deal oooo
ReplyDeleteWhat is the role of the new naira notes yet???
ReplyDeleteIt is well ooo...
ReplyDeleteIt is well
ReplyDeleteAs a Nigerian living in the UK, this fall of Naira benefit me. But I feel sad that it impacts 100's of millions of people back at home.
ReplyDeleteOn the app I use to send money to Nigeria (Lemfi), £1 is now N1,462. Every day, it keeps increasing by between N15 - 35 naira and sometimes by hundreds.
My estimation is that the Naira will fall to about N1,800 - N2,000 per £1 by mid-November.
The Minister of Finance/Economy has mentioned there is a $10 Billion dollar injection from abroad coming within 4 weeks. SO this will slow down the fall and possibly stabilise the currency to around the £1 = N1,500 mark and this will be stable for years to come.
One rule of thumb that I always advise anyone is this - If you have more than N1 million savings, do not ever leave it in Naira.
Open a dollar or pounds dormicilliary account and ensure your savings are always in Dollars/Pounds. Naira can never gain value over the dollar or pounds, so always ensure all your savings are in dollars or pounds.
The rich does this. You should too. If not, that your N2 million in the bank will turn to worthless dust when you are ready to use it.
Last month, I needed £8,500 to send N10 million naira home. Today, my Lemfi transfer app says I need just £6,825. and FYI, back in 2014, I would have needed double the amount.
What to do in this economy to float:
1. Keep your savings in dollar/pounds
2. Find a remote job. There are many writing jobs, fiverr jobs. The little dollars you make can make a difference
3. Start an online business that pays dollars e.g. Youtube video (even podcasting) is a good example.
4. If you have an allotment - start farming in your backyard to reduce cost of food. There are easy farming methods that does not require cutlass/hoe and little monitoring. Growing vegetables alone will make your life easy.
5. If you have family abroad - ask for help sometimes. Their little £50 will change to N73,250. Only do this if you have a cordial relationship and you help eachother.
I hope that helps.
Cutemista!
Thank you
DeleteGod bless you 🙏
DeleteGreat advice! Thank you!
DeleteThe fall of naira doesn't benefit abroad people cos the money dey send home has lost purchasing power. So 30k is the new 10k.. economically. No one benefits from this madness in Nigeria
Delete18:20, Thank you! This was what I was going to type. You think it profits you because you are sending less but what you overlook is that you are short-changing the people you are sending money to, because the people you are sending money to are now paying double or more for goods and services compared to before since prices of things are doubled and increased. If you were sending them 10million before and they use it for something of 10 million naira value they can't anymore because that amount now can only cover for something worth half of that price. You are not sending 10 million again but lesser due to the hike in prices if things.
DeleteI was the original commenter. Irrespective, it still benefits me! My money keeps it value. That is the real benefit here.
DeleteI really don't understand the concept of buying and selling dollars
ReplyDeleteThe concept is that so long as Nigeria imports goods more than we export;the naira will keep crashing and dollar will keep rising..
DeleteImportation depends on Dollar,while exportation depends on Naira..
So smart ones in business knowing this change naira to dollar irrespective of the exchange rate after BIZ everyday;because Nigeria depends on Importation more than Export..
That was why immediately this govt said those 43 items that were ban by Buhari can now be brought in;everybody I know in Biz rushed and used all naira they had and bought dollar;because with the rate of Import dollar will likely hit 1500 to a naira soonest..
It's not a curse,it's a reality because you can't give what you don't have..
So if for example you have 500k upwards in your Nigerian bank account,best option is to change it to dollar cos that's the only way you can get more value..
Hope this helps..
@MARTINS
"That was why immediately this govt said those 43 items that were ban by Buhari can now be brought in;everybody I know in Biz rushed and used all naira they had and bought dollar"
DeleteGreat guy Martin but this comment is actually incorrect. The lifting meant that they could now approach the banks and interbank forex market for USD to fun imports under this list. They are exempt before that. The thing is that the government felt bringing them in will remove them from the parallel market. They were in the parallel market and are contributing to the pressure there. So government brought them into the official market. Nobody ever banned the import of those things , they were only prevented from access to govt dollars for items govt consider frivolous at the time.
We need to Export more against importing.
ReplyDeleteThe Government should Export or transform our Raw Mineral Resources to End products. This is so bad for Business in Nigeria.
Where are all the Financial Gurus ooo? We need Financial Advice that will move our Economy Forward.
Thanks a lot Martins. Please which is best - Buying dollars from Bureu the change operators or from bank? Thanks.
ReplyDelete