odimbannamdi:


Nice to know.

Regarding the emboldened, God pass you...

God ke! God is not running our economy oo..At this rate it'll certainly get above 1k by 2023.

odimbannamdi:


Thanks for the response
While I do my research, do you mind throwing more light as to how I can use it to get dollars nearly at CBN rates?

CBN rates? Nahhh

odimbannamdi:


Nice to know.

Regarding the emboldened, God pass you...

No mind them. Enemies of progress.

Abeg I just recovered from covid-19, yet to get my smell back

An interesting drama between MTN vs Nigerian Banks. MTN finally opted for Fintech, an opportunity Fintechs have been waiting for.
...the future started yesterday, we are already late.

maishai01:


No mind them. Enemies of progress.

Abeg I just recovered from covid-19, yet to get my smell back

.

DigitalMallam:
An interesting drama between MTN vs Nigerian Banks. MTN finally opted for Fintech, an opportunity Fintechs have been waiting for.
...the future started yesterday, we are already late.

We were just discussing this in a trade whatsapp group I belong to. FG government stepped in today to resolve the issue and USSD options for MTN have now been returned. But the news didnt state the terms of the compromise that led to the settlement.

However, the fact that MTN didnt yield to the threats of bank, but instead sought alternatives for customers through USSD speaks volume about the power MTN (and telcos generally) wields and the future of Fintechs in Nigeria

If the compromise wasnt well accepted by both parties, this issue may resurface in the near future.

odimbannamdi:


Baba, you sef saw it abi? Just because the baba wants to make a whopping 300naira per dollar, he doesnt mind if millions of Nigerians experience untold hardship to achieve it.

Oga Emefiele, please continue to defend our naira biko...

God pass all of them.

Hope this doesn't degenerate to a political row

Lol

odimbannamdi:


Nice to know.

Regarding the emboldened, God pass you...

maishai:


Hope this doesn't degenerate to a political row

My thoughts too...let me quickly go and delete my post so that we dont derail the thread. I just hope the baba hasnt seen it...

Zobah:
Prophet of doom

More like reality.
Food items prices have jumped These past two months

condomuser:
They buy and sell lower denominations at lower rates, they even classify dollars according to serial numbers to determine the buying rate.

The $10k dollars I bought in March 2020 at N365/$ is comfortably sitting in my account, I can sell now and cash out N1.2 profit but just not yet I'm waiting for $1 to hit N800/$.

Do you really think the N800/$ is going to happen? How could Nigeria survive that?

ahiboilandgas:
yes nah ......smart travelling students buy this smaller demonition...cheaper .....i can deposit any amount of smaller dollar into my dorm accounts......if u know u know ....this use to be business of some bdc people deposit and withdraw 100 dollars bill from a differ bank and live large

What are they buying those denominations for? Is there a place to check the exchange rate for these low denominations? And do abokis(why did this forum change "aboki" to "northerners" ) have a lot of these low denominations (5k US plus)? If you were traveling to the US, why would you care if your money was in lower denominations vs. higher ones? US banks accept them all. Something seems missing.

Some good information here. Read a couple of posts on Deposit insurance and assumed it was something more substantial. I read a post where someone said it was 250k per bank. That's seems very inadequate. I couldn't find the answer on the FDIC site, does anyone have a link to the info. If it is that low, what do people do if they have more money than that. Maybe, I'm just seeing the doom in it.

From what I heard, except one wants to go and bank the Dollar in US Bank that's when the higher denomination is better. If the traveller is to spend it there, the lower denomination is even better.

Nigerian BDC operators however prefer that politicians that love to stores Dollars.

IjeBos:


Do you really think the N800/$ is going to happen? How could Nigeria survive that?

same way Nigeria survived when it moved from ₦160/$ - ₦485/$. It would surely become ₦1,000 in the nearest future. #buy_b1tcoin

Not any amount ooo. Banks de select max amount of low denominations they de accept. They won't even accept $50 at a go. I doubt if they will accept $20 even. At least I know that for gtb.

ahiboilandgas:
yes nah ......smart travelling students buy this smaller demonition...cheaper .....i can deposit any amount of smaller dollar into my dorm accounts......if u know u know ....this use to be business of some bdc people deposit and withdraw 100 dollars bill from a differ bank and live large

ojesymsym:
Not any amount ooo. Banks de select max amount of low denominations they de accept. They won't even accept $50 at a go. I doubt if they will accept $20 even. At least I know that for gtb.

u need a new bank and u new to increase the Nigerianess in you ...

The rates on the Dollar Fund is currently 5.83%.
Can someone please explain to us if $1000 is invested in nig eurobond at the rate above.
Is ones capital safe with eurobond barring all economic indices ?
We need more education please as we cannot just leave dollars in Dom account yielding nothing.

...

odimbannamdi:




Chai! I have a professional exam to write in July and it will cost me 1,050usd. I asked the administering body whether they can give me about 11 invoices (10 at 100usd and 1 at 50usd) so that I can pay with my bank cards, considering the 100usd limit, but they refused. Buying at black market rate is already tearing my pocket now, not to talk of then.

Please what do you guys advise I do to buy dollar for this purchase at CBN rate or a little higher?

No need to worry. You can use a form A to pay for it in naira converted at the prevalent exchange rate.

ucybaby:


No need to worry. You can use a form A to pay for it in naira converted at the prevalent exchange rate.

Really? I thought Form A is mainly for school fees payment. How can I go about this? Please shed more light. Thanks

odimbannamdi:


Really? I thought Form A is mainly for school fees payment. How can I go about this? Please shed more light. Thanks

The organisation will give you an invoice and the fees schedule that contains their account details. You can go to your bank with the documents and request for a Form A.

OgogoroFreak:
same way Nigeria survived when it moved from ₦160/$ - ₦485/$. It would surely become ₦1,000 in the nearest future. #buy_b1tcoin

Let's set aside that the naira at 1000 would be tragic for the country. This N485 was/is in the midst of a global pandemic and recession coupled with really low demand for oil. Even the last time (maybe 4 years ago) it went up to ~500, it crept back down to ~380. Granted I'm not confident in the Government being able to set a climate for better economic development. But N1000 seems like a leap. What factors do you think will get it to N1000?

Whoever is planning to buy crypto from these telegram groups like escrow, don't do it.. They are scam.... They keep posting transactions buy this, receive that, sell this, they are al clique don't fall for it.
I am trying to buy some crypto from escrow, a friend added me to the group immediately the admin receive the money I paid he removed me from the group.

What they do is the buyer pays to admin, the seller credite your wallet and the admin will then credit the seller acct. They are all lies pls don't fall for it.

ucybaby:


The organisation will give you an invoice and the fees schedule that contains their account details. You can go to your bank with the documents and request for a Form A.

Thanks for this advise, ma'am. Will explore it.

ojesymsym:
Not any amount ooo. Banks de select max amount of low denominations they de accept. They won't even accept $50 at a go. I doubt if they will accept $20 even. At least I know that for gtb.

That was in the days when you were paid naira when you received dollars from abroad via WU and co. But now that they pay in dollars, they even prefer to accept lower bills in order to have bills to pay out. I think the major problem is just the date range.

FlashDboy:
Whoever is planning to buy crypto from these telegram groups like escrow, don't do it.. They are scam.... They keep posting transactions buy this, receive that, sell this, they are al clique don't fall for it.
I am trying to buy some crypto from escrow, a friend added me to the group immediately the admin receive the money I paid he removed me from the group.

What they do is the buyer pays to admin, the seller credite your wallet and the admin will then credit the seller acct. They are all lies pls don't fall for it.

Many will not understand the importance of regulation till they loose their hard earned money.........

As bad as we all complain of cbn, sec fdic amcon, they serve to regulate the activities of players in their jurisdiction

I laugh out loud when I hear Nigerians say they are cashing out on crypto currency where none have bought dedicated asics designed to mine Bitcoin and co even at the pc level........


I believe crypto currency is the future of digital money but not in the way, it's being peddled by Nigerian marketers,

maishai:


Many will not understand the importance of regulation till they loose their hard earned money.........

As bad as we all complain of cbn, sec fdic amcon, they serve to regulate the activities of players in their jurisdiction

I laugh out loud when I hear Nigerians say they are cashing out on crypto currency where none have bought dedicated asics designed to mine Bitcoin and co even at the pc level........


I believe crypto currency is the future of digital money but not in the way, it's being peddled by Nigerian marketers,

If ever "laugh out loud" each time you hear about that, it's completely out of ignorance.
You don't need to be a miner to make money in cryptocurrency.
There are miners, and there are traders and investors.

You need to do some research on things you don't quite understand, and become knowledgeable.

Concerning the post above, which provided a premise for your expected condemnation, why would any sensible person buy from a telegram group when there lots of recognized exchanges??

IjeBos:
Some good information here. Read a couple of posts on Deposit insurance and assumed it was something more substantial. I read a post where someone said it was 250k per bank. That's seems very inadequate. I couldn't find the answer on the FDIC site, does anyone have a link to the info. If it is that low, what do people do if they have more money than that. Maybe, I'm just seeing the doom in it.

The reference was to $250k in the United States, not 250k naira in Nigeria.
$250k is not a small amount in the United States.
£85k is not a small amount either, that's more than 3 years salary for an average white collar employee in the UK.
₦500k on the other hand, is definitely a small amount based on cost of living in Nigeria.

Note that deposit insurance simply guarantees depositors in failed banks that they will get something to live on and continue covering their needs first of all, while the failed bank is being liquidated. It doesn't mean that that is all they will get.

So if you have 2 million naira in a bank and it fails, NDIC is supposed to give you 500k immediately or as soon as possible, while at the end of the liquidation of the bank (which takes hundreds of years in Nigeria), the proceeds will be shared among the depositors in proportion to the amount of the deposits they had in that bank.

ChybuzzDD:


If ever "laugh out loud" each time you hear about that, it's completely out of ignorance.
You don't need to be a miner to make money in cryptocurrency.
There are miners, and there are traders and investors.

You need to do some research on things you don't quite understand, and become knowledgeable.

Concerning the post above, which provided a premise for your expected condemnation, why would any sensible person buy from a telegram group when there lots of recognized exchanges??

Most info on bit coin just get way too technical before one gets to the 10th page,

I just want to obtain money(bit coin), keep it and spend it when I want, but this whole bit coin makes it look like I'm learning a new trade

Maybe that's y it appeals to I.T individuals

Crypto/BTC is the new gold, if you're not in it, you will hear of it in the next year.

Just purchased some heavy BTC this morning, all I see is more money !

FlashDboy:
Whoever is planning to buy crypto from these telegram groups like escrow, don't do it.. They are scam.... They keep posting transactions buy this, receive that, sell this, they are al clique don't fall for it.
I am trying to buy some crypto from escrow, a friend added me to the group immediately the admin receive the money I paid he removed me from the group.

What they do is the buyer pays to admin, the seller credite your wallet and the admin will then credit the seller acct. They are all lies pls don't fall for it.

You fell for such? When would people learn to atleast "Google" first before parting with money??

If you can't find anything about them through Google, it means it's most probably a scam too.