aieromon:


Do you spend USD in Nigeria? What is the basis of your argument?

The basis of the argument is that we all have expenses in dollars. Your phone, clothes, Tv, laptop are not made in Nigeria. I could have bought a phone last year but I invested the money in Naira to grow it.
Now, the capital + returns are not enough to purchase the same phone even though my money has increased in Naira terms.
The aim of saving is to preserve wealth for future needs/wants. Naira has failed to retain value and most people now are skeptical of holding it as a store their wealth.
The wealth of the world is calculated in USD not Naira. As currency for world trade, wealth is calculated and expressed in USD. If you only held Naira, then your money is has lost value commensurate with the fall in Naira value.

Olaide1295:

The basis of the argument is that we all have expenses in dollars. Your phone, clothes, Tv, laptop are not made in Nigeria. I could have bought a phone last year but I invested the money in Naira to grow it.
Now, the capital + returns are not enough buy the phone even though my money has increased in Naira amount.
The aim of saving is to preserve wealth. Naira has failed to retain value and most people now are skeptical of holding it as a store their wealth.
The wealth of the world is calculated in USD not Naira. As currency for world trade, wealth is calculated and expressed in USD. If you only held Naira, then your money is has lost value commensurate with the fall in Naira value.

Then if the government cannot retain the value of the currency, they should switch fully to USD! Haba.

And the most annoying thing is that wages and salaries remain the same in naira

Olaide1295:

The basis of the argument is that we all have expenses in dollars.

If you earn income in Nigeria, your expense is in NGN.

VeeVeeMyLuv:

Then if the government cannot retain the value of the currency, they should switch fully to USD! Haba.

skydiver01:
Interesting NTB auction results today. Very little demand even with increased rates.....

Amazing. If early this year anyone had told the rates will ever climb this high again, I would have seriously doubted it, but here we are.

glimpse33:
Dollar is currently 775

Tbills, mmf, and naira Savings are Useless.

Between the investor and non investor, who is more useless?

Olaide1295:

The basis of the argument is that we all have expenses in dollars. Your phone, clothes, Tv, laptop are not made in Nigeria. I could have bought a phone last year but I invested the money in Naira to grow it.
Now, the capital + returns are not enough to purchase the same phone even though my money has increased in Naira terms.
The aim of saving is to preserve wealth for future needs/wants. Naira has failed to retain value and most people now are skeptical of holding it as a store their wealth.
The wealth of the world is calculated in USD not Naira. As currency for world trade, wealth is calculated and expressed in USD. If you only held Naira, then your money is has lost value commensurate with the fall in Naira value.

But it's unfair to use the illegal exchange to compare. Naira has been fairly stable if you have legit deals, go through the banks. Exchange at about 400.

RayRay06677:


But it's unfair to use the illegal exchange to compare. Naira has been fairly stable if you have legit deals, go through the banks. Exchange at about 400.

The major problem is that banks are the main culprit perpetuating the illegality

aieromon:


Do you spend USD in Nigeria? What is the basis of your argument?

Good question.

RayRay06677:


Between the investor and non investor, who is more useless?

Another brilliant question.

ibechris:




Another brilliant question.

The non investor has the flexibility to mutate to a favorable investment of better value while the investor in TB is trapped until the tenor matures..

Gavrelino123:


The non investor has the flexibility to mutate to a favorable investment of better value while the investor in TB is trapped until the tenor matures..

You don't have to hold your TB till maturity

Gavrelino123:


The non investor has the flexibility to mutate to a favorable investment of better value while the investor in TB is trapped until the tenor matures..

What do you think sells at secondary market? Tbills that can't wait to maturity.

VeeVeeMyLuv:

Then if the government cannot retain the value of the currency, they should switch fully to USD! Haba.

And the most annoying thing is that wages and salaries remain the same in naira

If they do, our own dollar would still reflect our economy and not that of the US in terms of value.

Leadership failure and greed of the ruling class are the bane of the Nigerian economy.

aieromon:


If you earn income in Nigeria, your expense is in NGN.

This argument is really not looking at the bigger picture. It's surprising that you're in this thread and have this idea of how money and forex works.

IYGEAL:


If they do, our own dollar would still reflect our economy and not that of the US in terms of value.

Leadership failure and greed of the ruling class are the bane of the Nigerian economy.

Rather, followership failure is the problem. leaders are reflection of who they lead. leaders are few that gets power from plenty followers. Its election season, followers will elect their best fits and turn around to complain from 2023 to 2027 when they will recruit another bunch of misfits to represent them and continue the complain.

glimpse33:
Dollar is currently 775

Tbills, mmf, and naira Savings are Useless.

I used over 12million naira to purchase Dollar at 770naira 24hours ago.

Now Dollar is 785 naira, and it will be 800naira in few days .

Tbills, MMF are Useless...

glimpse33:


I used over 12million naira to purchase Dollar at 770naira 24hours ago.

Now Dollar is 780 naira, and it will be 800naira in few days .

Tbills, MMF are Useless...

Gbam

You are doing well, if you know you know.

glimpse33:


I used over 12million naira to purchase Dollar at 770naira 24hours ago.

Now Dollar is 785 naira, and it will be 800naira in few days .

Tbills, MMF are Useless...

RayRay06677:



Rather, followership failure is the problem. leaders are reflection of who they lead. leaders are few that gets power from plenty followers. Its election season, followers will elect their best fits and turn around to complain from 2023 to 2027 when they will recruit another bunch of misfits to represent them and continue the complain.

Dont mind them. Some Nigerians are very funny people. They will vote for old men who has nothing to offer just because of religion and ethnicity. After voting for useless old men they will start complaining and disturbing God with their useless prayers.

glimpse33:


I used over 12million naira to purchase Dollar at 770naira 24hours ago.

Now Dollar is 785 naira, and it will be 800naira in few days .

Tbills, MMF are Useless...

You did very well. I told many close friends in Nigeria to do the same few months ago.

glimpse33:


I used over 12million naira to purchase Dollar at 770naira 24hours ago.

Now Dollar is 785 naira, and it will be 800naira in few days .

Tbills, MMF are Useless...

What if that same dollar nosedive to 720 what song will you be singing?

Biakwa:


What if that same dollar nosedive to 720 what song will you be singing?

It will nosedive at 1000 naira

RayRay06677:



Rather, followership failure is the problem. leaders are reflection of who they lead. leaders are few that gets power from plenty followers. Its election season, followers will elect their best fits and turn around to complain from 2023 to 2027 when they will recruit another bunch of misfits to represent them and continue the complain.

Of course followers have a good share of the blame. But we are know who the culprits are.

glimpse33:


I used over 12million naira to purchase Dollar at 770naira 24hours ago.

Now Dollar is 785 naira, and it will be 800naira in few days .

Tbills, MMF are Useless...

The useless Tbills is more certain than the gambling in dollar, the reverse might be the case. The dollar is weaker as at today, it's only deemed strong when compared to a weaker currency like ours.

Tbills is a secured investment, better than not investing at all. If I want to take risk, I will take a far better risk like I did last time.

RayRay06677:


The useless Tbills is more certain than the gambling in dollar, the reverse might be the case. The dollar is weaker as at today, it's only deemed strong when compared to a weaker currency like ours.

Tbills is a secured investment, better than not investing at all. If I want to take risk, I will take a far better risk like I did last time.

Everybody knows that the naira will not appreciate with this present government in power so those holding the USD are in a safe haven for now.

RayRay06677:


The useless Tbills is more certain than the gambling in dollar, the reverse might be the case. The dollar is weaker as at today, it's only deemed strong when compared to a weaker currency like ours.

Tbills is a secured investment, better than not investing at all. If I want to take risk, I will take a far better risk like I did last time.

What do you mean the dollar is weaker, the dollar that is waxing strong everyday? Naira is even currently overvalued going by the strength of the dollar today.

Biakwa:


What if that same dollar nosedive to 720 what song will you be singing?

That's nothing to worry about, anybody buying dollar should be doing it for long term.

I believe CBN is trying to mop us cash before trying to stabilizing the exchange rate. However, expect rates to continue to rise in the near future. Even if $1 crashes to 500 today on the black market, do you think it will stay at the same rate in 2-3 years time.


The current CBN administration and the government messed up big time.

In 2015, dollar was 180. Today it is #440 officially (devalued by 144%). Even if you kept dollar since then and did not invest at all, you might be better off those that have been investing in fixed income even when they compound every kobo.

In the same time frame On the black market side, it has moved from #200 to #770, that's almost 300% loss of value.

Stocks seems to be the only naira based investment capable of beating devaluation overtime, however the current rate of devaluation is so much that it might even be difficult for stocks to beat devaluation.


I am afraid and really hope we don't go the Lebanon way.

aieromon:


If you earn income in Nigeria, your expense is in NGN.

True but the expense is estimated in dollar.

Other than food items, virtually every other thing we buy is Nigeria is influenced by forex.

I'm surprised that the cost of cement has not gone up this year, because dangote over years have sold at a price equivalent to certain amount $

Olaide1295:

The basis of the argument is that we all have expenses in dollars. Your phone, clothes, Tv, laptop are not made in Nigeria. I could have bought a phone last year but I invested the money in Naira to grow it.
Now, the capital + returns are not enough to purchase the same phone even though my money has increased in Naira terms.
The aim of saving is to preserve wealth for future needs/wants. Naira has failed to retain value and most people now are skeptical of holding it as a store their wealth.
The wealth of the world is calculated in USD not Naira. As currency for world trade, wealth is calculated and expressed in USD. If you only held Naira, then your money is has lost value commensurate with the fall in Naira value.

With the fall in value of the Naira and the surging inflation rate, how do you preserve and grow your wealth?

You can diversify and invest with us through our forex fund management service in other to beat the high inflation rate, preserve/increase your purchasing power and at the same time build your wealth in an inflationary economy. Visit the link below.

https://www.nairaland.com/7349176/worlds-most-consistently-profitable-forex

It will hit =N=1,000 by December 2022 becaue the policy CBN rolled out will make people most especially politician to convert to $. Currentky
$ is scarce and you know the law of scarcity and it effect on price.

glimpse33:
Dollar is currently 775

Tbills, mmf, and naira Savings are Useless.

Good day gurus in the house. Pls, I would like to be clarified here. Assuming that you bought a tbill of 364 days @ 14.5% and u decided to terminate it before maturity. How are they going to calculate the full face value of your tbill? Assuming u invested #1million and you were given a discount value of #145000, you held d tbill for 90 days and decided to terminate it. How much is going to be your full face value at this point?