Chuky7:


Please could you share again.

Like I said I'm new here. would value your opinion.

jedisco:


In summary, these were my views...

Few years back, I liquidated most cash based naira investments into the usd.

My reasons were...There has been no time in history (over 40yrs) that there were 2 different exchange rates with a significant gap between them that the naira did not continue to devalue. A 25% difference between the two rates as we've had recently effectively means that by simply holding the dollar, one is likely to outperform most naira based cash investments... This has remained true for the majority of the last decade...
As I don't have access to cheap forex or a business to actively transfer the cost to customers, I was left with two options... One is watching the buying power of my naira reduce while I bear the brunt of subsidizing forex for the few rich... The second option was to keep some of my savings in forex pending when CBN merged both rates

How...
The hassles of a dom account or holding hard forex is too much. I opted to convert into crypt0 stable coins. These are crypt0 coins whose value is pegged to a known currency (mainly usd) and their price is effectively non volatile... When I did this, one could directly buy such coyns on exchanges with the naira. Now the way to do that is using the peer to peer (similar to an escrow) scheme run my most exchanges which is safe if you know what you're doing. The good thing is that both buying and selling is done at the prevailing market rate. After getting such coyns, I can decide what to do... I can decide to stake them (similar to fixed deposit) with interest rates of about 7% apr or transfer them out and keep in a wallet pending when I want to sell back into naira


Finally, while I hope the naira regains stability so this inflation can abate... What I wouldn't do is impoverish myself so that a few rich can feed fat. The CBN has actively introduced alot of measures last week trying to combat the forex disparity. Though I believe they're completely missing the point, but lets see how the market responds to these measures...

emmanuelewumi:
We now have the opportunity to japa out of this place

ositadima1:


The buying power of Naira will keep reducing as long as there is export deficit. Nigeria spends more dollars than it earns.

Be careful with crypt0s, most professional investors put only a small portion of their investments in crypt0.

One secrete, If u had entered the stock market when most stocks hit their lowest early last year, u would have beat the current devaluation. The NSE is know to do such bonanza every once in a while.

maishai:


If PMB and APC get mind, "Let them remove fuel subsidy or whatever they call it", All hell will be let loose and Afganistan will come to learn work from Nigeria...............

There have been pockets of violence all across Nigeria that the mainstream media have just been toning down, all occadioned by the increase in all forms of taxes collected by government officials to compensate this inflation that is biting hard on every body.......,

Afghanistan will be child's play the day fuel subsidy is removed for real

Bbbwings:

Jos uni students were murdered recently.
None made the news

jedisco:


Cutting the deficit would sure help. But having such arbitrage between both rates would make cutting that deficit impossible... Both rates have to be merged before any progress can be made...

jedisco:

The crypt0 space is a rapidly evolving one with lots of offerings that rival usual banking systems... Most of the forex remittance into the country today is done via crypt0. When CBN introduced certain bottlenecks, it backfired and they ended up making more folks in diaspora resort to using crypt0 backed means to send back forex as it's easier, safer, and cheaper.
That said, holding stable coins is very different from trading volatile coyns... My concern with stable coyns would be more of protecting my account against breach and not volatility...

jedisco:

Regarding the NSE, while there are a few bright stars, it's not a market that interests me at present... Its all share index is currently a little above half of what it was 14 years ago. I'd struggle to find a weaker market worldwide. Before I invest in a market, I want to be sure it's one that has been trending up with time... My focus would then be on finding the bright stars in that market... It's like comparing property investment in Lagos/Abuja and Borno because one or two spots in Borno are appreciating in value

janga:
@ositadima1
bro be calmin down naa, there’s no way crypto will go down straight to zero without the retest of broken S/R no matter the kind of fud affecting it, its pump/dump via demand/supply

ositadima1:


Export deficit is d main issue and not the other way round, it is the reason CBN deviced parallel markets in the first place as a way to ease pressure on our reserves while allowing essential users access to cheaper rates. But, like most things in Nija, it is subject to exploitation.



I want to point out that, unlike dollars that have d full backing of d USA economy cryptos don't, they are purely speculative instruments. If USA or some other influential country decide to block bitcoin, maybe because terrorist use it or some other reasons, ur cryptos will go to zero or close to zero so fast u wouldn't be able to pull out ur money.




It is not for everyone sha. But, with the right knowledge someone can get in at bottom or close to bottom and make it out with decent returns, then wait for d next bonanza when ever that might be.

ositadima1:


Export deficit is d main issue and not the other way round, it is the reason CBN deviced parallel markets in the first place as a way to ease pressure on our reserves while allowing essential users access to cheaper rates. But, like most things in Nija, it is subject to exploitation.



I want to point out that, unlike dollars that have d full backing of d USA economy cryptos don't, they are purely speculative instruments. If USA or some other influential country decide to block bitcoin, maybe because terrorist use it or some other reasons, ur cryptos will go to zero or close to zero so fast u wouldn't be able to pull out ur money.


Bitcoin is decentralized no Government can block, has China not blocked yet it is still pegging at 50,000 now




It is not for everyone sha. But, with the right knowledge someone can get in at bottom or close to bottom and make it out with decent returns, then wait for d next bonanza when ever that might be.

OgogoroFreak:
Bitco1n is closer to $1m than it is closer to $0

freeman67:





$50k is closer to $1m than it is to $0? Oboy this you maths strong ooo... This one na pure over hype..When it went down we didn't see any marketer/hype man ooo. It's gaining momentum now all different kind of hype have started again...

richforever123:


Bitcoin is decentralized no Government can block, has China not blocked yet it is still pegging at 50,000 now

OgogoroFreak:
Those wey get sense know say when there is no hype, is the right time to load up on some cheap co1n.

I wonder why most people dont learn by recognising pattern.

ositadima1:


Export deficit is d main issue and not the other way round, it is the reason CBN deviced parallel markets in the first place as a way to ease pressure on our reserves while allowing essential users access to cheaper rates. But, like most things in Nija, it is subject to exploitation.

I want to point out that, unlike dollars that have d full backing of d USA economy crypt0s don't, they are purely speculative instruments. If USA or some other influential country decide to block bitc0in, maybe because terrorist use it or some other reasons, ur crypt0s will go to zero or close to zero so fast u wouldn't be able to pull out ur money.

It is not for everyone sha. But, with the right knowledge someone can get in at bottom or close to bottom and make it out with decent returns, then wait for d next bonanza when ever that might be.

ositadima1:


OK naa

Don't tell me u have never heard the phrase panic selling.

ositadima1:


I hope u read my initial post. Investing in bitcoin is ok, but the bulk of ur money shouldn't be in it(most gurus advice 5 to 15% of ur assets). I was responding to @jedisco who was implying that moving ur assets to crypto was a good way to edge against naira devaluation.

Like I said before, cryptos are purely speculative in nature.

ositadima1:


I hope u read my initial post. Investing in bitcoin is ok, but the bulk of ur money shouldn't be in it(most gurus advice 5 to 15% of ur assets). I was responding to @jedisco who was implying that moving ur assets to crypto was a good way to edge against naira devaluation.

Like I said before, cryptos are purely speculative in nature.

Tobex4realTobex234:

People in the field to do what exactly? You guys just think anything app or digital or fintech must be unreal. For context, OPay has processed $2 billion in transactions in just one month, and yes Opay is an app.

OldBeer:

Nowadays what we have are apps with almost nothing backing it.
Most people don't even know the address or pedigree of the people behind the apps. As long as they can cross leg and collect money, everything is okay.

Tobex4realTobex234:


This is what you tell yourself lol... Even traditional banks are playing catch-up, they are now hiring teams to help with their digital channels. Heard about Sterling Onebank or Stanbic One pass, Wema's ALAT, First bank's First mobile e.t.c?

It's beyond the app my friend, it's the ease of use, the user experience, the lower barrier of customer acquisition, the scalability, and many more..

PresidentBuhari:
The CBN just halted activities of most of these companies and froze their accounts, risevest inclusive ...

https://www.nairaland.com/6707187/cbn-secures-order-freezing-risevest

Willie2015:


Absolutely correct...
I have long position in Bitcoin and Ethereum...
Both not more than 5 percent of my entire portfolio...
Remainin 10 percenton stocks that run a solid bizness...
And at the same time have exposure to crypto....

Tobex4realTobex234:


This could be Bamboo, Risevest and co in the future but no, the short-sightedness of a clueless government is hampering them from getting there. And to you Mr Field Officer, if you have some time off the field, go and read about Softbank.

I also hope you know $400m investment is not given just by building apps, cuz if na by that even our daddy ewumi go don go build him own app.

Engrfemi1:
Good morning to all builders in the house please I want to know the estimate of a decking which d down part is two units of two bedroom flat and the upper part of the building will be a hall for an event center,tho I don't know the measurements of the building yet because am not the one that started it the client just wanted me to continue, please help out,thanks in anticipations

ositadima1:


Please get ur facts right. China did not ban bitcoin, recently it banned bitcoin mining in some locations.

jedisco:


In summary, these were my views...

Few years back, I liquidated most cash based naira investments into the usd.

My reasons were...There has been no time in history (over 40yrs) that there were 2 different exchange rates with a significant gap between them that the naira did not continue to devalue. A 25% difference between the two rates as we've had recently effectively means that by simply holding the dollar, one is likely to outperform most naira based cash investments... This has remained true for the majority of the last decade...
As I don't have access to cheap forex or a business to actively transfer the cost to customers, I was left with two options... One is watching the buying power of my naira reduce while I bear the brunt of subsidizing forex for the few rich... The second option was to keep some of my savings in forex pending when CBN merged both rates

How...
The hassles of a dom account or holding hard forex is too much. I opted to convert into crypt0 stable coins. These are crypt0 coins whose value is pegged to a known currency (mainly usd) and their price is effectively non volatile... When I did this, one could directly buy such coyns on exchanges with the naira. Now the way to do that is using the peer to peer (similar to an escrow) scheme run my most exchanges which is safe if you know what you're doing. The good thing is that both buying and selling is done at the prevailing market rate. After getting such coyns, I can decide what to do... I can decide to stake them (similar to fixed deposit) with interest rates of about 7% apr or transfer them out and keep in a wallet pending when I want to sell back into naira


Finally, while I hope the naira regains stability so this inflation can abate... What I wouldn't do is impoverish myself so that a few rich can feed fat. The CBN has actively introduced alot of measures last week trying to combat the forex disparity. Though I believe they're completely missing the point, but lets see how the market responds to these measures...

QueenNemesis:

Thanks for your prompt response, sir.

I did not see any loan offer document infact the approval of the loan is quite silly because I did not accept the Loan Offer after I was approved

And ofcourse, I am aware I will repay that is why I am not treating it as free money.

I was hoping that a passive investment strategy can be suggested for me that will eventually be capable of repaying the loan and leave a little change for me.

If anyone knows how I can access the loan offer document. I don't mind.