emerged01:
Since the beginning of thid dollar naira mess,I have changed everything I used to buy. I now go for substitute of what I used to buy. I no fit kill myself. If toothbrush self too cost I go change to pako. I no fit kill myself o.

Funny thing is that they will still increase the price of locally made products even when it has nothing to do with dollar that's how this country is programed

Vision101:
You are here shouting over a naira that has all these years been overvalued. The over valuation has been supporting your consumption economy and importation business.

The good side is that it will stop the importation mentality. I have been calling my relatives and friends abroad that this is the right time to invest in Nigeria. Just a few dollars and they could own a prime property that the value can sure triple in few years. They could invest in bluechip companies on the stock exchange with few dollars.

Every event is an opportunity for smart and discerning investor. The ordinary people will spend endless time complaining.

Nigeria has bluechip companies? LOL?

orisa37:
NA BANKS: NA BANKS: NA BANKS. CBN IS NOT QUALIFIED AND COMPETENT. ALL OUR COMMERCIAL BANKS' CHIEF EXECUTIVES AND SENIOR MANAGERS ARE GUILTY. THEY SHOULD BE BOUNDLED, ROASTED AND WIPED OUT.

cbn officials and tip politicians are involved in the game too, that is why they cannot regulate banks.

Artscollection:


Most people don't even understand what is going on, they just type like omokri.

I dey hope say nobi me u dey call omokri sha o

Trustmea:

Funny thing is that they will still increase the price of locally made products even when it has nothing to do with dollar that's how this country is programed

you don't know economics . I am sure you are not business oriented person

BannedUser:


I didn't get to wait that long to preserve the value of my money.

In less than two years, my usd savings has almost doubled in value (Naira-wise).

Here are just some of the purchases I made back then:

I don't understand what you're trying to prove.

What you don't realize is that your money is still worth that same amount in dollars. You have not gained anything by converting to usdt other than saving the value of your money at the point of exchange. The naira continues to be worthless and the moment you change it back to naira, you will only get the equivalent of the naira you exchanged for the US dollar at the time of your purchase all those years ago

Trustmea:

Funny thing is that they will still increase the price of locally made products even when it has nothing to do with dollar that's how this country is programed

I tell you! Buhari made us to eat local rice but it became so expensive because the farmers were given opportunity to grow.

Thegamingorca:



What you don't realize is that your money is still worth that same amount in dollars. You have not gained anything by converting to usdt other than saving the value of your money at the point of exchange. The naira continues to be worthless and the moment you change it back to naira, you will only get the equivalent of the naira you exchanged for the US dollar at the time of your purchase all those years ago

I'm tired of explaining and talking to that dude...once he converts back to naira ... the money is still worthless coz of inflation self

Ckonnet:


So they should be keeping the naira that is dipping

Invest your money in stocks or physical business and stop keeping dollar to cause havoc on our economy.

modernWays:


Invest your money in stocks or physical business and stop keeping dollar to cause havoc on our economy.

I know you don't understand what is going on so no need explaining to you.

Kachidubem:

Asin ehn... I just dey laff... like they dont have expenses to make or what ....

How can somebody store cash since 2011 till date and leave it untouched ..lmao

Somebody said he saved in dollars back in 2013 (950k naira) ... now he withdrew the money in 2023 (4.4mill naira)

So , he took 10 good years to gain profit of 3 million naira... 10 yrs to make 3 mill doesn't sound impressive self to me

Plus, I can bet you , whatever you planned to buy 2013 be it car or anything, by 2023 when you withdraw your money, INFLATION will be waiting for you

My frnd in uni bought Lexus rx350 suv in 2014 2.7 mill, even if he had saved that money in dollars to make 3 mill profit ..today that same car cost 6.6 million naira.

Still arguing about a very clear issue. 🙄 I had this same discussion on another thread with someone claiming that investing in Nigerian real estate is better than saving in dollars.

Now you're making fun of "salary earners". Again very elementary things...

1) Business owners and investors also have savings accounts, even LONG TERM savings accounts. I'm sure even Bill Gates and Aliko Dangote have some savings.

2) As I wrote on this thread
https://www.nairaland.com/7772322/japa-worth-it/15#125548332
saving in dollars is the basic MINIMUM that anyone should do. Even doing that BASIC LEVEL of saving still puts you ahead of anyone saving in naira. The situation goes off the charts when you INVEST the dollars in USA assets. That's what many people do including businessmen...they invest for the long term as a form of pension!

Do you also want to argue about the relative returns of USA based assets compared to Nigeria based assets? Even Dangote is moving assets to the USA to escape the stagnant Nigerian economy

https://www.bloomberg.com/news/articles/2020-01-09/africa-s-richest-man-plans-u-s-office-to-help-diversify-wealth

Are you smarter than Dangote❗️❓️❗️

Kachidubem:

I'm tired of explaining and talking to that dude...once he converts back to naira ... the money is still worthless coz of inflation self

You're just wrong. Sorry 😞

It's terrible trying to have a logical discussion with most Nigerians. 😕 A very special people indeed.

Enjoy your country😉 thank goodness I can't be there with you 😅

IbeOkehie:


Still arguing about a very clear issue. 🙄 I had this same discussion on another thread with someone claiming that investing in Nigerian real estate is better than saving in dollars.

Now you're making fun of "salary earners". Again very elementary things...

1) Business owners and investors also have savings accounts, even LONG TERM savings accounts. I'm sure even Bill Gates and Aliko Dangote have some savings.

2) As I wrote on this thread
https://www.nairaland.com/7772322/japa-worth-it/15#125548332
saving in dollars is the basic MINIMUM that anyone should do. Even doing that BASIC LEVEL of saving still puts you ahead of anyone saving in naira. The situation goes off the charts when you INVEST the dollars in USA assets. That's what many people do including businessmen...they invest for the long term as a form of pension!

Do you also want to argue about the relative returns of USA based assets compared to Nigeria based assets? Even Dangote is moving assets to the USA to escape the stagnant Nigerian economy

https://www.bloomberg.com/news/articles/2020-01-09/africa-s-richest-man-plans-u-s-office-to-help-diversify-wealth

Are you smarter than Dangote❗️❓️❗️



You're just wrong. Sorry 😞

It's terrible trying to have a logical discussion with most Nigerians. 😕 A very special people indeed.

Enjoy your country😉 thank goodness I can't be there with you 😅

Okay

Kachidubem:

Asin ehn... I just dey laff... like they dont have expenses to make or what ....

How can somebody store cash since 2011 till date and leave it untouched ..lmao

Somebody said he saved in dollars back in 2013 (950k naira) ... now he withdrew the money in 2023 (4.4mill naira)

So , he took 10 good years to gain profit of 3 million naira... 10 yrs to make 3 mill doesn't sound impressive self to me

Plus, I can bet you , whatever you planned to buy 2013 be it car or anything, by 2023 when you withdraw your money, INFLATION will be waiting for you

My frnd in uni bought Lexus rx350 suv in 2014 2.7 mill, even if he had saved that money in dollars to make 3 mill profit ..today that same car cost 6.6 million naira.

Bros what are u saying sef?

that your friend 2.7 m naira 13500 dollars in 2014 is now worth 13m black market rate.

So you see he will buy the car now in 2023 and even have more than enough change to spare to play with that is enough to conveniently buy another same car.

As u can see, Saving in $ is very wise and earning in $ more wiser

modernWays:


Invest your money in stocks or physical business and stop keeping dollar to cause havoc on our economy.

govt is not serious

Na govt go drive the process take the initiative

Just like Singapore, Vietnam and China. Govt has to be actively involved and intentional about it.

VeeVeeMyLuv:


Both foreign and indigenous investors begin to avoid it like a plague further complicating the already bad situation.

Don't mind Omokri, weakening currency of a country with terrific foundational problems, division, wrongest value systems, flawed reward system is a Very very bad idea and will never improve export

Honestly is frightening!! with the liquidity crunch, any foreign investor will avoid such economy Because you can't repatriate your profit as well.

VeeVeeMyLuv:

Bros what are u saying sef?

that your friend 2.7 m (in dollars) 2014 is now worth 13m black market rate.

So you see he will buy the car now in 2023 and even have more than enough change to spare to play with that is enough to conveniently buy another same car.

As u can see, Saving in $ is very wise and earning in $ more wiser

Not 2,7 million in dollars .... it is 2.7 million in naira


Read again

VeeVeeMyLuv:

Bros what are u saying sef?

that your friend 2.7 m (in dollars) 2014 is now worth 13m black market rate.

So you see he will buy the car now in 2023 and even have more than enough change to spare to play with that is enough to conveniently buy another same car.

As u can see, Saving in $ is very wise and earning in $ more wiser

Read read read


He had 2.7 mill naira to buy Lexus in 2014, if he had saved that 2.7 mill naira in dollars and leave it ... it would be like 6.6 mill naira today in 2023

But today , that same lexus car cost 6.6 million naira in 2023... so wetin him gain exactly

My point is ... inflation will not still let you enjoy your money

Kachidubem:

Read read read


He had 2.7 mill naira to buy Lexus in 2014, if he had saved that 2.7 mill naira in dollars and leave it ... it would be like 6.6 mill naira today in 2023

But today , that same lexus car cost 6.6 million naira in 2023... so wetin him gain exactly

My point is ... inflation will not still let you enjoy your money

Yea I know it's in naira

Best exchange rate: 185.2778 NGN on 23 Dec 2014. Average exchange rate in 2014: 165.15 NGN. Worst exchange rate: 158.7483 NGN on 04 Jan 2014

So @ N200 to $1 your friend's 2.7 m was $13,500 in 2014

Now in 2023 $13500 is N10,314,000.00 (CBN official rate)

N13,500,000 in black market.


Stop defending bad thing, stop defending these bad leaders (your paymasters).

VeeVeeMyLuv:

Bros what are u saying sef?

that your friend 2.7 m (in dollars) 2014 is now worth 13m black market rate.

So you see he will buy the car now in 2023 and even have more than enough change to spare to play with that is enough to conveniently buy another same car.

As u can see, Saving in $ is very wise and earning in $ more wiser

Back in. 2013/14, you could get this car for 2.6 or 2.7 (around that range)

Today , look at the price car dealers are putting ... inflation na vibes killer

Try dey understand my point before you jump

VeeVeeMyLuv:


Best exchange rate: 185.2778 NGN on 23 Dec 2014. Average exchange rate in 2014: 165.15 NGN. Worst exchange rate: 158.7483 NGN on 04 Jan 2014

So @ N200 to $1 your friend's 2.7 m was $13,500 in 2014

Now in 2023 $13500 is N10,314,000.00 (CBN official rate)

N13,500,000 in black market.


Stop defending bad thing, stop defending these bad leaders (your paymasters).

I'm done with...happy saving in dollars for 10 years ...and still watch it result to almost nothing meaningful when you concert it back to naira

Byeee

VeeVeeMyLuv:


Best exchange rate: 185.2778 NGN on 23 Dec 2014. Average exchange rate in 2014: 165.15 NGN. Worst exchange rate: 158.7483 NGN on 04 Jan 2014

So @ N200 to $1 your friend's 2.7 m was $13,500 in 2014

Now in 2023 $13500 is N10,314,000.00 (CBN official rate)

N13,500,000 in black market.


Stop defending bad thing, stop defending these bad leaders (your paymasters).

200 naira was $1.... is this one black Market rate ?

So you want to use bank official rate and buy den sell in Market... stop deceiving yourself bro

Tell us if this your 200 to $1 was the official or black market rate

Kachidubem:


Back in. 2013/14, you could get this car for 2.6 or 2.7 (around that range)

Today , look at the price car dealers are putting ... inflation na vibes killer

Try dey understand my point before you jump

Even if he buys the car at the asking price of 8.350m naira after converting his $13,500 saved since 2014, there will still be change of Over 1m naira remaining. So your friend is still the winner at the end.

Ckonnet:


I know you don't understand what is going on so no need explaining to you.

Some do but pretend.
Same people.

Kachidubem:

200 naira was $1.... is this one black Market rate ?

So you want to use bank official rate and buy den sell in Market... stop deceiving yourself bro

Tell us if this your 200 to $1 was the official or black market rate

The pressure on the naira at the foreign exchange market might continue to mount and see further depreciation in value of the naira this year. The Naira fell by 200 kobo on Tuesday, as the parallel market exchange rate rose to N180 per dollar from N178 per dollar on Monday. This was on vanguard newspaper November, 2014

See link here : https://www.google.com/amp/s/www.vanguardngr.com/2014/11/unending-woes-naira-exchange-rate/amp/

As you can see it was even lower than 200 in parallel market! Goodluck really tried for our economy then, if not for insecurity caused by those who swore to make the country ungovernable.

Kachidubem:


Back in. 2013/14, you could get this car for 2.6 or 2.7 (around that range)

Today , look at the price car dealers are putting ... inflation na vibes killer

Try dey understand my point before you jump

What's worse is that the car don tey for market and should cost comparatively less in 2023 as a 2009 car.

If it sure for him make he go price rx350 of 2018

Kachidubem:


Back in. 2013/14, you could get this car for 2.6 or 2.7 (around that range)

Today , look at the price car dealers are putting ... inflation na vibes killer

Try dey understand my point before you jump

The question we should ask ourselves is that if the car's price tripled after 10 years did our income/salary also triple?

It did not triple that's why the price is killing vibes. Had it been salary or income tripled automatically accordingly in response to devaluation and inflation, buyer would have been able to purchase it conveniently like it was in 2014.

VeeVeeMyLuv:

Even if he buys the car at the asking price of 8.350m naira after converting his $13,500 saved since 2014, there will still be change of Over 1m naira remaining. So your friend is still the winner at the end.

So ...man a to wait for 9 years to buy his first car in 2023 ... and it a 2009 car

Everything about ypur reasoning and logic about saving is nonsense... sorry man !

I put it to you , you can't save or put your money in place for 9 years untouched...you can't even do it for two years

All these , if to say 'i save in dollars 2013' BLA BLA bla is trash... how many average citizens in this country can actually leave money untouched for that long... abi wahala and expenses don finish

Thegamingorca:



What's worse is that the car don tey for market and should cost comparatively less in 2023 as a 2009 car.

If it sure for him make he go price rx350 of 2018

Abi...na true self ... 2009 car in 2023... almost 14 years ..chai !!!

Na 2018 Lexus Rx we suppose dey talk for 2023 with him saved dollars ...lol

VeeVeeMyLuv:

Even if he buys the car at the asking price of 8.350m naira after converting his $13,500 saved since 2014, there will still be change of Over 1m naira remaining. So your friend is still the winner at the end.

Since he saved in dollars and sacrificed 9 good years ...he shouldn't be going for a 2009 car in 2023 ... at least let him get a Tokunbo 2018 Rx350 Lexus


Asking price ; 32 million naira ... choke on it bro.

Saving in dollars still nonsense when you concert it back after years

Kachidubem:

So ...man a to wait for 9 years to buy his first car in 2023 ... and it a 2009 car

Everything about ypur reasoning and logic about saving is nonsense... sorry man !

I put it to you , you can't save or put your money in place for 9 years untouched...you can't even do it for two years

All these , if to say 'i save in dollars 2013' BLA BLA bla is trash... how many average citizens in this country can actually leave money untouched for that long... abi wahala and expenses don finish

Okay I get your point now
I fully agree with you
you win

I apologize for reasoning that way

Pardon me.

opamoses1:

How many Nigerians spend dollars on a daily or even monthly basis.

You're completely ignorant. You need to get more knowledge.

valentineuwakwe:
I see it dropping to N900 by December.....

. Should we put a $100USD bet on this one??