millionboi2:
is only u and I that knows about the cbn rate because we are Nigerians, when you informed them,thy will implement it.

Becos we work in CBN Abi? Guy, stop trying to excuse their abuse of our system. Official rate of every country is on the internet. You don’t need to live in
Any country to have exclusive right to the information.
And moreover they have offices in Nigeria. They were never ignorant of the rate. They simply made more profits for themselves knowing that the subscribers are desperate to purchase the cryptos even at ridiculous margins.

danowena:

Becos we work in CBN Abi? Guy, stop trying to excuse their abuse of our system. Official rate of every country is on the internet. You don’t need to live in
Any country to have exclusive right to the information.
And moreover they have offices in Nigeria. They were never ignorant of the rate. They simply made more profits for themselves knowing that the subscribers are desperate to purchase the cryptos even at ridiculous margins.

Come to think of it,thy are not bdc,thy don't collect or give physical dollar, everything is electronic.....thy are not the cause of rise in dollar man.

millionboi2:
Come to think of it,thy are not bdc,thy don't collect or give physical dollar, everything is electronic.....thy are not the cause of rise in dollar man.

I can see ur limitation. Transaction is transaction whether it is cash or not. They are a fintech means they deal with money. But i will end the discussion here.

LordAdam16:
This. 👆 Anyone buying dollar now should not keep it in a Nigerian domiciliary account. Don't say you were not warned.
-Lord

Lord, are you, boss, saying that we should also sell our usdts in crypto wallet right away?

HayTerran:

Lord, are you, boss, saying that we should also sell our usdts in crypto wallet right away?

Your crypto is safe.
The Nigerian government does not have control over it.
You can always move it to a non-custodial wallet you exercise complete control over.

However, Nigerian domiciliary accounts are completely within the purview of the FG and CBN.
A PND (Post No Debit) can be placed on it for arbitrary reasons.
Ideally, this shouldn't ever be a concern to the average person.
But the government is running out of scapegoats to pin the devaluation blame on.

When Lebanon ran out of scapegoats, it froze dorm accounts.
Life went on.
Currently, people in Lebanon still save in FX.
They just buy and safekeep the cash, put it in a foreign account, in foreign assets like dollar bonds or overseas stock, or in crypto.
With many Nigerians stashing a significant percentage of their wealth in FX, it is simply too risky to put it anywhere the Nigerian FG can easily get their grubby hands on. Not worth it.
Avoid the risk by declaring Nigerian dorm accounts non grata for peace of mind.

-Lord

LordAdam16:


Your crypto is safe.
The Nigerian government does not have control over it.
You can always move it to a non-custodial wallet you exercise complete control over.

However, Nigerian domiciliary accounts are completely within the purview of the FG and CBN.
A PND (Post No Debit) can be placed on it for arbitrary reasons.
Ideally, this shouldn't ever be a concern to the average person.
But the government is running out of scapegoats to pin the devaluation blame on.

When Lebanon ran out of scapegoats, it froze dorm accounts.
Life went on.
Currently, people in Lebanon still save in FX.
They just buy and safekeep the cash, put it in a foreign account, in foreign assets like dollar bonds or overseas stock, or in crypto.
With many Nigerians stashing a significant percentage of their wealth in FX, it is simply too risky to put it anywhere the Nigerian FG can easily get their grubby hands on. Not worth it.
Avoid the risk by declaring Nigerian dorm accounts non grata for peace of mind.

-Lord

So the average Nigerian can now open and operate foreign accounts. Right?

Tranquility2345:


So the average Nigerian can now open and operate foreign accounts. Right?

If the Nigerian dorm accounts are blocked, what alternative will you turn to?
Use that alternative now.
This is not rocket science.

-Lord

LordAdam16:


If the Nigerian dorm accounts are blocked, what alternative will you turn to?
Use that alternative now.
This is not rocket science.

-Lord

Do you think it is easy to open foreign accounts as an average Nigerian

You most likely do not live in Nigeria that’s why e easy to just open mouth waaaaa

Tranquility2345:


Do you think it is easy to open foreign accounts as an average Nigerian

You most likely do not live in Nigeria that’s why e easy to just open mouth waaaaa

Are you dense?
I listed the 4 major ways the average Lebanese now stash their savings in FX.
Here it is for clarity:
"They just buy and safekeep the cash, put it in a foreign account, in foreign assets like dollar bonds or overseas stock, or in crypto."

Why are you stuck up on foreign accounts?
There are Nigerians who have foreign accounts domiciled in pan-African branches of Nigerian banks.
If that and other options for foreign accounts is untenable, there are other ways to save in FX as a Nigerian.

Just don't buy and stick it in a Nigerian dorm account that can be restricted at any time.
The average Nigerian will be creative enough to find an alternative when dorm accounts are closed.
Why not put in the effort now to find alternatives? A stitch in time saves nine.

If you are only concerned about the difficulty of opening a foreign account, by all means stick your savings in a Nigerian dorm account and GTFO my mention.

-Lord

LordAdam16:


Are you dense?
I listed the 4 major ways the average Lebanese now stash their savings in FX.
Here it is for clarity:
"They just buy and safekeep the cash, put it in a foreign account, in foreign assets like dollar bonds or overseas stock, or in crypto."

Why are you stuck up on foreign accounts?
There are Nigerians who have foreign accounts domiciled in pan-African branches of Nigerian banks.
If that and other options for foreign accounts is untenable, there are other ways to save in FX as a Nigerian.

Just don't buy and stick it in a Nigerian dorm account that can be restricted at any time.
The average Nigerian will be creative enough to find an alternative when dorm accounts are closed.
Why not put in the effort now to find alternatives? A stitch in time saves nine.

If you are only concerned about the difficulty of opening a foreign account, by all means stick your savings in a Nigerian dorm account and GTFO my mention.

-Lord

You siddon for that country wey you jakpa to go hustle come dey give unrealistic advice to ordinary Nigerians when you don’t even know their reality and you dey ask me whether I dense. Yamayama fall on that your bald head there

Tranquility2345:


You siddon for that country wey you jakpa to go hustle come dey give unrealistic advice to ordinary Nigerians when you don’t even know their reality and you dey ask me whether I dense. Yamayama fall on that your bald head there

Buy dollars in cash and stack it with your naira in your piggy. Unrealistic!
Buy crypto and save it in a non-custodial wallet. Unrealistic!
Buy dollar-denominated sovereign and top-rated corporate bonds and other fixed income assets. Unrealistic!
Buy stock and non-volatile ETFs through the likes of Trove, Bamboo. Unrealistic!

The average Nigerian who buys dollar to save in a Nigerian dorm account can reasonably be expected to be resourceful and knowledgeable enough to leverage the aforenamed alternatives.

You're only deliberately hankering for a showdown.
Unfortunately for you, you adopted a weak position.

You cannot say the only option to save in FX for the average Nigerian is a dorm account.
And that if the FG/CBN closes Nigerian dorm accounts, no average Nigerian will buy FX to preserve their wealth ever again.

Both are categorically untrue.
You know they are untrue.
But you're bored and you need to start something.
Well, go do that with someone else.

-Lord

LordAdam16:


Buy dollars in cash and stack it with your naira in your piggy. Unrealistic!
Buy crypto and save it in a non-custodial wallet. Unrealistic!
Buy dollar-denominated sovereign and top-rated corporate bonds and other fixed income assets. Unrealistic!
Buy stock and non-volatile ETFs through the likes of Trove, Bamboo. Unrealistic!

The average Nigerian who buys dollar to save in a Nigerian dorm account can reasonably be expected to be resourceful and knowledgeable enough to leverage the aforenamed alternatives.

You're only deliberately hankering for a showdown.
Unfortunately for you, you adopted a weak position.

You cannot say the only option to save in FX for the average Nigerian is a dorm account.
And that if the FG/CBN closes Nigerian dorm accounts, no average Nigerian will buy FX to preserve their wealth ever again.

Both are categorically untrue.
You know they are untrue.
But you're bored and you need to start something.
Well, go do that with someone else.

-Lord

I feel like slapping the nasty taste out of that your mouth wey dey smell.

You want people to buy dollar and keep at home make thief come collect am or for them to die of heart attack stressing about when thief go show?

How many average Nigerians know how crypto works or have the guts to try something like crypto that can disappear overnight? Abi you think say na Gen Z be the majority of Nigerians wey get Naira to change?

See your smelly mouth like buy dollar denominated bonds. Na so e easy? You really think a non US citizen can just wake up and buy US bonds?

You dey talk buying US stocks from Trove and Bamboo like say na Gen Z be the people wey hold all the naira? How many old school people do you know that are willing to put their hard earned cash in those fintechs or in stock market wey be like gambling to them?

Yamayama fall on that your dull bald head wey you think say smart.

Just continue your hustle for that country wey you jakpa go and stop giving unrealistic advice when you don’t know the reality of the average Nigerian living in Naija. Bozo

LordAdam16:


Your crypto is safe.
The Nigerian government does not have control over it.
You can always move it to a non-custodial wallet you exercise complete control over.

However, Nigerian domiciliary accounts are completely within the purview of the FG and CBN.
A PND (Post No Debit) can be placed on it for arbitrary reasons.
Ideally, this shouldn't ever be a concern to the average person.
But the government is running out of scapegoats to pin the devaluation blame on.

When Lebanon ran out of scapegoats, it froze dorm accounts.
Life went on.
Currently, people in Lebanon still save in FX.
They just buy and safekeep the cash, put it in a foreign account, in foreign assets like dollar bonds or overseas stock, or in crypto.
With many Nigerians stashing a significant percentage of their wealth in FX, it is simply too risky to put it anywhere the Nigerian FG can easily get their grubby hands on. Not worth it.
Avoid the risk by declaring Nigerian dorm accounts non grata for peace of mind.

-Lord

More wisdom boss

I appreciate your insight LordAdam

Tranquility2345:


I feel like slapping the nasty taste out of that your mouth wey dey smell.

You want people to buy dollar and keep at home make thief come collect am or for them to die of heart attack stressing about when thief go show?

How many average Nigerians know how crypto works or have the guts to try something like crypto that can disappear overnight? Abi you think say na Gen Z be the majority of Nigerians wey get Naira to change?

See your smelly mouth like buy dollar denominated bonds. Na so e easy? You really think a non US citizen can just wake up and buy US bonds?

You dey talk buying US stocks from Trove and Bamboo like say na Gen Z be the people wey hold all the naira? How many old school people do you know that are willing to put their hard earned cash in those fintechs or in stock market wey be like gambling to them?

Yamayama fall on that your dull bald head wey you think say smart.

Just continue your hustle for that country wey you jakpa go and stop giving unrealistic advice when you don’t know the reality of the average Nigerian living in Naija. Bozo

My only take away from your missive is that you're ret*rded.
Congratulations on winning the "I am congenitally st*pid" genetic lottery!
Could not have happened to a more deserving cr*tin.

Your losing argument keeps changing.
First it was that the options were unrealistic to the "average Nigerian".
Now, they are actually realistic for a lot of Nigerians, who you derisively label as Gen Z, just not the orthodox cohort.

Somehow, I should not share actionable measures because there are some people who may not be able to leverage it.
GTBank and co should all remove their apps because only Gen Z can use them.
Palmpay and co should all shutdown because only Gen Z can use them.

See how irredeemably f**lish you are!
That's like saying screens are not realistic because blind people can't use them.
If you were in my immediate vicinity, I'll have smashed your bald head into a wall.

Here's what f*ckface!
If you can't turn to modern solutions to eliminate the risk of losing your money, you can continue playing Russian Roulette.
The "average Lebanese" who have their $100B stuck are resorting to desperate means like attempting to rob banks to get their own money.
https://edition.cnn.com/2022/09/14/world/lebanon-bank-heist-access-money-frozen-savings-intl-hnk/index.html

As Phyno and co sang, them no dey tell person.
If using crypto or getting your FX in cash or buying FX-denominated fixed income assets is unrealistic; I guess obtaining firearms, planning a robbery or kidnapping relatives of bank executives is easier.

Look at you performing mental gymnastics to come up with reasons why Nigerians should not use freely available alternatives.
You'd think when $30B is on the line, potential victims will crawl over broken glass to get their savings out of harm's way.
I guess they have to wait until they have to start making calls, queuing in the sun for hours for months on end, writing letters, and carrying placards.

Id*otic mofo.
Not one constructive input from you.
Only using your litany of alternate monikers to derail conversations.
Worthless Neanderthal!

-Lord