[Hello house please help provide answer to my below question b4 a sister invest.

quote author=yinkaoke post=100490852] 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.[/quote]

Oh okay, didn't know that.

izmercy:


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.

Seriously I felt so ashamed about it. Though it was a friend who introduce me after telling him I need to buy some crypto..... Though he said he hasn't bought from them but he sees transactions going on there but I should do a due deligence before buying.

OgogoroFreak:
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.

Sometimes it is very easy to be removed from reality when ones hears the different currencies and millions mentioned on this thread. I went through this thread https://www.nairaland.com/6491625/30000-salary-earners-how-cope/1 and my heart bleeds meeeiii.

It is so easy to sit on a high horse and judge people, sometimes threads like this helps us understand that the suffering some of us call suffer na heaven for a lot of people.

Cyberknight:


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.

Ok; regarding the 250k reference. I couldn't find any detailed numbers on the NDIC site. Agreed that 250k is not a small amount in the US. On the other hand N500k is around US1,000-1,500 depending on the exchange rate the past 4 years. That still seems inadequate. I understand it is the minimum you will get, but given the potential for staggering amount of corruption in Nigeria, would you be comfortable saying that if a bank failed it wouldn't fail catastrophically?

Anyhow, for those that have >N5million. How are you storing your money?

FlashDboy:
Seriously I felt so ashamed about it. Though it was a friend who introduce me after telling him I need to buy some crypto..... Though he said he hasn't bought from them but he sees transactions going on there but I should do a due deligence before buying.

You also felt safe paying into a personal account not a company account.

IjeBos:


Ok; regarding the 250k reference. I couldn't find any detailed numbers on the NDIC site. Agreed that 250k is not a small amount in the US. On the other hand N500k is around US1,000-1,500 depending on the exchange rate the past 4 years. That still seems inadequate. I understand it is the minimum you will get, but given the potential for staggering amount of corruption in Nigeria, would you be comfortable saying that if a bank failed it wouldn't fail catastrophically?

Anyhow, for those that have >N5million. How are you storing your money?

By opening a multiplicity of accounts, enduring the poor services of the old generation (systemically relevant banks) and offering up regular prayers to whomever you believe in.

Cyberknight:


By opening a multiplicity of accounts, enduring the poor services of the old generation (systemically relevant banks) and offering up regular prayers to whomever you believe in.

Lol.. Are Dom accounts insured for higher amounts?

IjeBos:


Lol.. Are Dom accounts insured for higher amounts?

No

Wait so a Nigerian dorm account with say $10k is insured only up to roughy $1k.

Make me understand please

The first question should be if dorm accounts are insured at all.

Tobex4realTobex234:
Wait so a Nigerian dorm account with say $10k is insured only up to roughy $1k.

Make me understand please

For goodness sake, your dorm accounts are safe. WTF!!!!!

The way deposit insurance works is that an individual is insured for up to a stated amount. NGN 500k in Naija, GBP85k in the UK and USD250k in the US. European countries have around Euro100k. Note that these amounts are per person per bank.

Using Naija as an example, if you have 3 current accounts, 2 savings accounts, 2 dom accounts and 10 fixed deposit accounts in one bank totaling NGN1 billion, the maximum the deposit insurance will pay you is 500k if that particular bank fails. You will get more from the proceeds of the liquidation of the bank depending on how much is recovered and other processes. I think Cyberknight explained this in a post.

The fact that banks are not expected to fail does not mean that people should not know about how deposit insurance works.

Nobody is saying money is not safe in banks but high net worth individuals in developed countries are advised to spread their cash over the insured limits in several banks to mitigate the risk of bank failures. Note that these people don’t hold a lot of cash in the first place. Most of their funds are invested and only their emergency funds and monthly spending funds are held in cash. So it is rare to find individuals holding one million dollars in cash in the bank!

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,

How do we buy the asics?

maishai:


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

Nothing difficult about, with YouTube you can learn anything. I am not even an IT individual.

How banks made their money in 2020. Interest income is still the major source of revenue for all of them

Some microfinance would not survive 2021

hustla:



Gtbank dollar card

Please what cost is involved in opening a dorm Account with gtbank? I know the dollar card service charge is 5000 naira yearly, but is there another cost involved in opening and maintaining it? Thanks

People are now gradually driving electric cars in Nigeria. Like play, like play.

https://twitter.com/234Drive/status/1379506116305031173?s=19

OgogoroFreak:
People are now gradually driving electric cars in Nigeria. Like play, like play.

https://twitter.com/234Drive/status/1379506116305031173?s=19

how will they charge it?

Aquilapriscilla:
how will they charge it?

I pass my neighbour

On a serious note, the owners most likely construct charging stations at home

rookidmart:

I pass my neighbour

On a serious note, the owners most likely construct charging stations at home

Hmm they will spend on electricity

Aquilapriscilla:

Hmm they will spend on electricity

I haven't done the maths, but I don't think it will be as much as fuel costs.
Apparently Tesla vehicles are very fuel electricity efficient.

Opzyyy:


Please what cost is involved in opening a dorm Account with gtbank? I know the dollar card service charge is 5000 naira yearly, but is there another cost involved in opening and maintaining it? Thanks

Not sure bro

They refused to issues one to me after paying because of my references

Haven't had time to go there since then

OgogoroFreak:
People are now gradually driving electric cars in Nigeria. Like play, like play.

https://twitter.com/234Drive/status/1379506116305031173?s=19

Seen 2 Teslas in VI

I wonder how they charge them or will maintain batteries if they have issues

Executive Directors of MTN also reported a pay raise from N586 million per annum in 2019 to N732 million in 2020. This is attributed to the appointment of Modupe Kadiri as Executive Director in March 2020.....chai this employee don pass enterprenures oooh

emmanuelewumi:
How banks made their money in 2020. Interest income is still the major source of revenue for all of them

....Executive Directors of MTN also reported a pay raise from N586 million per annum in 2019 to N732 million in 2020. This is attributed to the appointment of Modupe Kadiri as Executive Director in March 2020......his chap is almost earning a billion ?

ahiboilandgas:
Executive Directors of MTN also reported a pay raise from N586 million per annum in 2019 to N732 million in 2020. This is attributed to the appointment of Modupe Kadiri as Executive Director in March 2020.....chai this employee don pass enterprenures oooh

Will you now advise such a person to resign to go and be an entrepreneur in the name of answering 'iam an entrepreneur?'.

Any possibility that this upward trend will get to double digits by the next quarter?

61 million every month.

Where do I start my prayers from now??

Maybe the salary is pegged to the dollar and when dollar increase, the salary may increase. If that is the case, I wonder if he will ever agree to reduce even if dollar reduce?

ahiboilandgas:
....Executive Directors of MTN also reported a pay raise from N586 million per annum in 2019 to N732 million in 2020. This is attributed to the appointment of Modupe Kadiri as Executive Director in March 2020......his chap is almost earning a billion ?

NL1960:


Will you now advise such a person to resign to go and be an entrepreneur in the name of answering 'iam an entrepreneur?'.

na to open his own Auditing firm by the sideline and grow to the level of Pwc....he will still.make more money runing a successful accounting firm .....u no hear how much Ned earn for Paris club refund 54 bn naira