Okay

Lost contact, paid 2014 and he delivered 2015 and I discontinue communication with him. He was marketing manager for luminous Lagos. Actually using their former technicians for maintenance. Just contact luminous and pray the person can be as resourceful as that guy as his advise helped a lot.

Hamachi:
Is this cartons or just pieces?

I be end user, equivalent of 10 litres

XiaoLi:
You bought dollars 472 for business or to keep?..sounds strange you bought 472 and sold 465

For business. Had to make purchases for about 700 dollars. Toll rates fell in less than 24 hours after the CBN announcement

ahiboilandgas:
why did u buy in the first place?

My Business. I do so always

Dollar rate from Aoki as at now........ 430!

Conglomerate, is this true? Is this still in line with your prediction?

spriteB:
Dollar rate from Aoki as at now........ 430!

ojesymsym:
Conglomerate, is this true? Is this still in line with your prediction?

It can be true,same thing happened when CBN injected a $100mln like 3months ago.
Look where we are.
Panic will always be,later reality sets in...

iamadonis2:
Anyone here knows current black market rates for the dollar? It’s the Monday we’ve been waiting for. Painfully, I was forced to quickly resell dollars I bought for 472 at a measly 465 Friday afternoon.

Some of you are just too funny and should go into entertainment.

OgogoroFreak:
Some of you are just too funny and should go into entertainment.

Take time out. Ask me what happened. Then come back and type a more civilized comment. Ready to ask me?

So, should we sell, hold or buy?

TransAtlanticEx:
It can be true,same thing happened when CBN injected a $100mln like 3months ago.
Look where we are.
Panic will always be,later reality sets in...

spriteB:
Dollar rate from Aoki as at now........ 430!

where?

The last time dollar dropped like this, a lot of people were lucky to buy at N375/$ after a few days it kicked off again.
One thing i will say is, a 25% devaluation is equivalent to 2.5 years interest on fixed income. It could be best to monitor. I have never seen a government that grow its reserve by borrowing money.

Another round of devaluation is not far.

ojesymsym:
So, should we sell, hold or buy?

ojesymsym:
So, should we sell, hold or buy?

Well I wouldn't say anything on this as to the fact that I don't wanna be held responsible for anything.
However I wouldn't support buying right now.

Donbrig:
Nothing is impossible to change in Nigeria, our problem is lack of discipline and political will to get things done. Nigeria is a country where you can break every rule without any consequence. If Nigerians decide to speak with one voice and make sure everybody pays severely for every rule they break, things will start to work out positively.

Nigeria has one of the best rules or constitutions in the world, but having the right minded leaders to implement these rules effectively is our biggest problem as a nation.

The problem of Nigeria is one of quantity vs quality. Somany people and most of them are mediocre at best. There is hardly any pride in work, no dedication. Everyone is after quick cash. 90% don't think, they just live. No originality, everyone copying each others nonsense. I don't see Nigeria beign better in a hundred years time.

If you are one of the few smart ones, the best you can do is to make ur self comfortable and forget about patriotism, forget about Nigeria, it is a lost cause.

As I see it now, I don't blame the ones in d public offices squandering our so called national cake, I did do the same, period. Whatever Nigerians are facing right now is what they deserve.

My 5 cents sha.

Enyinne:
Doing uber biz is stressful but manageable if u hv the right car, u must be available and willing to source ur parts and give to ur mechanic , not just any mechanic.Ladipo market will be ur second home as buying direct from there reduces ur cost.These may apply if u are running fleet of cars . 2. Good drivers can never be taking for granted but never trust them as they are all there with u to make ends meet. Ur eyes should be opened and never take any flimsy excuse from them or else ur weekly rental will be played with . 3 . Never be afraid to fire any driver with excess baggage of long story. Use uber market place to source for ur drivers . Nairaland drivers , hummm. Just stay clear of them
4. Never joke with maintenance and using good oils. Depending on the oil , u can change at 7000miles upwards,right timing helps to avoid clogs in engine
5 .insurance is optional. U can use axamansard insurance as they are the rave in my own time
7. Tracker is very essential and inspect car monthly to checkmate driver . And most importantly most drivers will give u wrong address , find out by tracking ur car consistently every night to know car location. The address seen the first 2-3weeks is the drivers home , pls jot its down should incase u need it.
8. Its not a bad business, its good depending on how available u are to take care of ur biz but I believe u will learn fast as soon as u start .
9. Sound car is very very importanter . Tokunbo most preferred.

Gracias.

Quality vs Quantity.
Productivity vs Mediocrity.
Originality vs Copiers.
Creative vs Complainers

ositadima1:


The problem of Nigeria is one of quantity vs quality. Somany people and most of them are mediocre at best. There is hardly any pride in work, no dedication. Everyone is after quick cash. 90% don't think, they just live. No originality, everyone copying each others nonsense. I don't see Nigeria beign better in a hundred years time.

If you are one of the few smart ones, the best you can do is to make ur self comfortable and forget about patriotism, forget about Nigeria, it is a lost cause.

As I see it now, I don't blame the ones in d public offices squandering our so called national cake, I did do the same, period. Whatever Nigerians are facing right now is what they deserve.

My 5 cents sha.

Enyinne:
Doing uber biz is stressful but manageable if u hv the right car, u must be available and willing to source ur parts and give to ur mechanic , not just any mechanic.Ladipo market will be ur second home as buying direct from there reduces ur cost.These may apply if u are running fleet of cars . 2. Good drivers can never be taking for granted but never trust them as they are all there with u to make ends meet. Ur eyes should be opened and never take any flimsy excuse from them or else ur weekly rental will be played with . 3 . Never be afraid to fire any driver with excess baggage of long story. Use uber market place to source for ur drivers . Nairaland drivers , hummm. Just stay clear of them
4. Never joke with maintenance and using good oils. Depending on the oil , u can change at 7000miles upwards,right timing helps to avoid clogs in engine
5 .insurance is optional. U can use axamansard insurance as they are the rave in my own time
7. Tracker is very essential and inspect car monthly to checkmate driver . And most importantly most drivers will give u wrong address , find out by tracking ur car consistently every night to know car location. The address seen the first 2-3weeks is the drivers home , pls jot its down should incase u need it.
8. Its not a bad business, its good depending on how available u are to take care of ur biz but I believe u will learn fast as soon as u start .
9. Sound car is very very importanter . Tokunbo most preferred.

other points to note
choice of car- 1.6 or max 1.8 litres engine capacity will save operator fuel cost. good Nigeria use corolla can be gotten for 1.2m vs 1.8m on direct tokumbo.
Driver selection- a very key success factor. experience shows that drivers who were once mechanics or involved in repairs manage vehicle better. they easily diagnose faults and are not cheated by mechanics. Ensure that driver you intend to engage does not have large family else your delivery will end up for family upkeep. So many good driver start to default as family and responsibility increases. Ensure you do not engage drunk or addicts otherwise delivery will be used to fund addiction.

Cyberknight:



After all they closed the borders to discourage rice smuggling in breach of ECOWAS treaty obligations (with the consequent retaliation from Ghana directed at Nigerian traders), they should have simply banned "repurposed" rice from Benin Republic.

Why do you think you have to use the term smuggling if "repurposed" rice wasn't already banned?

Now, the CBN is handling the forex situation pretty well, and I'm sure you can't come up with a recommendation that will achieve a better result. Come up with one, and I should find you its fault(s).

For those saying forex will crash only to go back up, it isn't happening! So some of you said CBN would run out in 2017. We had 3 years of stability. Even with some unavoidable circumstances around COVID 360 to 386 is under 7% still.

einsteine:


Companies are borrowing in dollars everyday. I have read quite a few Credit Approval Memos where the currency was dollars. Also, many loans these days are hedged. That's why there is a forwards market. Besides, you don't make money without a little risk.

And there's no problem even if the dollars lie idle. Those dollars could as well be offshore. They are not the entitlement of the Nigerian government.

.

Most dollar loans are to Oil and gas companies who have oil proceeds in dollars.
They are not entirely funded with customer FX deposits as banks have other forms of FX liabilities such as Eurobonds. They also get FX as they trade naira for FX with IMTOs and exporters.

Before LDR banks like GTBANK and ZENITH had LDR below 60% meaning that 40% was idle. So even if they were lending out their FX deposits at the same rate as naira deposits, about $8bn was still idle.


And about offshore operators coming to fill the gap in the event of dorm account closure, how would you move your paper dollars to them after buying from aboki? DHL everytime?

einsteine:



The price would drop then go back again.

The CBN position is not backed by fundamentals. They can't keep up with the demand in the long term. People are waiting with billions (just like you waiting for it at 400) to snap at any cheap dollars.

At the end of the day, the foreign reserve will be depleted. It is a bazaar for speculators and currency hustlers.

You're on your own. You've forgotten that between the CBN and speculators, none controls dollar supply but one does naira supply. Or you think the naira is in endless supply to speculators? If the CBN decides to limit money supply to the system as they are currently doing with this ultra low yield market, where will speculators get enough naira to buy dollars at funny prices?

If as a speculator, you only had 100m naira.

Wouldn't you certainly have to choose between buying 250k dollars at 400 (limiting the price) and buying just 100k dollars at 1000 (limiting the demand)?

So since your naira supply is also limited you won't be able to make high dollar demand at a high price. This is something we've seen before.

einsteine:




Putting obstacles to free markets would always lead to undesirable consequences, in our case, the depletion of the foreign reserve, economic uncertainty and eventually Investor apathy

What obstacles is the CBN putting in the case of Nigeria? None absolutely.

If as a prominent person in my community, I say that youths who have financial issues should come to me and I would give them interest-free loans. But I mentioned some things my loans couldn't be used for to include bet 9ja shops and beer parlors. Would it make any sense for any youth in such a community to say I am putting obstacles on his way to starting a business?

The CBN is not saying you shouldn't import private jet or toothpicks or whatever, it's just you would have to get your forex for such imports elsewhere. What's the obstacle in that? Or it makes sense to you for the CBN to give you $200m of scarce FX to import a jet for you and your family alone, and then be unable to meet up with a $20m demand by a pharmaceutical that will produce drugs for the benefits of millions of citizens.

We should only read theories in the context of their applicability/relevance to our peculiar situation.

pluto09:



Yes, I expect the price to drop and then go back up again.
One has to be on top of his game as a speculator.
The CBN does not have enough dollar to meet all the demands, they are just trying to manage a delicate situation and in all honesty I can't blame Meffy.

There's more than enough dollars to meet genuine FX obligations. And there will be for much longer time to come.

TransAtlanticEx:
Them first say 31st oga,go check.
Them come change mouth to 7th now
Can you imagine,a whole central bank of a country not sure about dates,untop chikini $50mln them want release
The way boys dey wait to mop up that their chicken change and hike the price again ehn...
We all know they can't continue with the intervention and want to use scare tactics to defeat boys,even abokis have realised and pay no attention to their tomfoolery.
If they do,their reserve go finish.

Those boys wen dey wait, they have unlimited naira supply? if you dey wait with 90m and rush buy to $200k at 450, what else can you do when price crash go 420. You're out of liquidity. Na to dey hope say CBN will run out, it won't happen!

You sir sound so confident.

awesomeJ:


Those boys wen dey wait, they have unlimited naira supply? if you dey wait with 90m and rush buy to $200k at 450, what else can you do when price crash go 420. You're out of liquidity. Na to dey hope say CBN will run out, it won't happen!

awesomeJ:


You're on your own. You've forgotten that between the CBN and speculators, none controls dollar supply but one does naira supply. Or you think as the naira is in endless supply to speculators? If the CBN decides to limit money supply to the system as they are currently doing with this ultra low yield market, where will speculators get enough naira to buy dollars at funny prices?

If as a speculator, you only had 100m naira.

Would you certainly have to choose between buying 250k dollars at 400 (limiting the price) and buying just 100k dollars at 1000 (limiting the demand)?

So since your naira supply is also limited you won't be able to make high dollar demand at a high price. This is something we've seen before.

Sorry but your first paragraph is absolute nonsense. How does a low interest environment limit Naira supply? Please think it through.

There is a lot of reaching for yield by investors (including an engagement in speculation of various sorts) and this is primarily caused by the low risk free interest rate. For clarity, Naira supply increases in low interest environment.

Unless T-bill yields increase sharply, Crude Oil revenue increases and the CBN eases on its capital control, then any intervention by the CBN is ultimately fruitless and would simply allow speculators who have the wherewithal to play the game make undeserved profits at the expense of the national treasury.

awesomeJ:


Those boys wen dey wait, they have unlimited naira supply? if you dey wait with 90m and rush buy to $200k at 450, what else can you do when price crash go 420. You're out of liquidity. Na to dey hope say CBN will run out, it won't happen!

You are obviously unfamiliar with speculative attacks on currencies. If the UK, Switzerland, Thailand and Indonesia could not survive speculators attacking their currency, is it Nigeria with a mono-product economy that would survive it?

X21:


other points to note
choice of car- 1.6 or max 1.8 litres engine capacity will save operator fuel cost. good Nigeria use corolla can be gotten for 1.2m vs 1.8m on direct tokumbo.
Driver selection- a very key success factor. experience shows that drivers who were once mechanics or involved in repairs manage vehicle better. they easily diagnose faults and are not cheated by mechanics. Ensure that driver you intend to engage does not have large family else your delivery will end up for family upkeep. So many good driver start to default as family and responsibility increases. Ensure you do not engage drunk or addicts otherwise delivery will be used to fund addiction.

And most importantly is that investors should only buy the amount of cars they can manage efficiently.... Magic number for me is 5

awesomeJ:


What obstacles is the CBN putting in the case of Nigeria? None absolutely.

If as a prominent person in my community, I say that youths who have financial issues should come to me and I would give them interest-free loans. But I mentioned some things my loans couldn't be used for to include bet 9ja shops and beer parlors. Would it make any sense for any youth in such a community to say I am putting obstacles on his way to starting a business?

The CBN is not saying you shouldn't import private jet or toothpicks or whatever, it's just you would have to get your forex for such imports elsewhere. What's the obstacle in that? Or it makes sense to you for the CBN to give you $200m of scarce FX to import a jet for you and your family alone, and then be unable to meet up with a $20m demand by a pharmaceutical that will produce drugs for the benefits of millions of citizens.

We should only read theories in the context of their applicability/relevance to our peculiar situation.

So the capital controls are not obstacles?

Investors brought in both FDI and PI and exchanged their Forex at official rates and got a CCI in return with a guarantee that they would be allowed to repatriate profits at official rates and the CBN reneges on that and you say there are no obstacles?

The CBN subsidizes certain goods up to and including such useless things as pilgrimages and you say that's no obstacle to free trade?

Your problem is not just a lack of understanding of macroeconomics but a belief in Economic Nationalism which is sad really.

We would see in the near future if the foreign reserve would'nt be depleted by the bad economic managers of the nation

awesomeJ:


Most dollar loans are to Oil and gas companies who have oil proceeds in dollars.
They are not entirely funded with customer FX deposits as banks have other forms of FX liabilities such as Eurobonds. They also get FX as they trade naira for FX with IMTOs and exporters.

Before LDR banks like GTBANK and ZENITH had LDR below 60% meaning that 40% was idle. So even if they were lending out their FX deposits at the same rate as naira deposits, about $8bn was still idle.


And about offshore operators coming to fill the gap in the event of dorm account closure, how would you move your paper dollars to them after buying from aboki? DHL everytime?

Your last paragraph is that a serious question?

Philantropists:
Inciting fear by the CBN worked in 2016 when there were less troubles, unfortunately 2020 has genuine troubles shortage in oil price revenue, covid19, us china trade war.

No policy the CBN implements now will crash the price of dollar, if the CBN inject the 32 billion usd reserve into the black market now, it will be mopped up by businesses in less than 24 hours and i'm sure they won't dare such. Injecting funds to the black market can better be managed, if the CBN keep injecting $200m at the blackmarket every week, it will take three years to empty the reserve to ground zero, surely they won't inject that much too. The best options is to increase home made productivity, have better home made hospitals, schools, medical insurance, food production then remove forex expenditures like FORM M, PTA, BTA etc. Nothing extraordinary will come next week, just anticipation that magic will happen, there is no magic will real economics.

Bros, say what you know now!

You're saying oil at $30 in 2016, production at under 1.2m bopd due to millitancy, reserves at just $23bn with backlog of $4bn parallel rate at 526 vs official 199.

Are you saying that was better than now with oil at $45 production at 1.4mbopd, reserves at near $36bn and parallel 470 vs official 380?

How much is $32bn? about 13trn. Where are your boys going to get enough naira to mop even 10% of that in weeks talk less of mopping it all in 24 hours. You talk as if it's air they'll use to buy the dollars. Ask your own self. If you're offered dollars at 380 tomorrow. be honest to yourself, can you raise liquidity tomorrow to even buy up to $1m?

einsteine:



Sorry but your first paragraph is absolute nonsense. How does a low interest environment limit Naira supply? Please think it through.

There is a lot of reaching for yield by investors (including an engagement in speculation of various sorts) and this is primarily caused by the low risk free interest rate. For clarity, Naira supply increases in low interest environment.

Unless T-bill yields increase sharply, Crude Oil revenue increases and the CBN eases on its capital control, then any intervention by the CBN is ultimately fruitless and would simply allow speculators who have the wherewithal to play the game make undeserved profits at the expense of the national treasury.

You should rather say you're ignorant, and you shouldn't be proud about it.

You only need basic school maths to understand that. If there's N10trn in investable funds, and yields are at 20% pa, the yield market would create N2trn in fresh naira supply . To help you comprehend better, buying 10trn worth if Bonds, t-bills, CPs, and OMOs at 20% yield, investors get N2trn as interest, taking the naira supply to N12trn.

On the other hand, in a 4% yield market, the same 10trn only creates 400bn in interest earnings, taking the naira supply to just 10.4trn.

I guess you're confusing SUPPLY with LIQUIDITY.

In this low yield market, what we've had is excess liquidity as investors are short of investment outlets. But Supply growth has been much slower. Even when you factor in the stimulus funds from the CBN.


Except you can explain how-according to your ignorant assertion-naira SUPPLY,(not liquidity) increases in a low yield environment, you'll have to admit that you're the one talking nonsense, and learn to polish off your ignorance.

How much do you think it was costing the CBN to manage liquidity via OMO.

You know not enough, you'll be quick to be calling something nonsense!

einsteine:


You are obviously unfamiliar with speculative attacks on currencies. If the UK, Switzerland, Thailand and Indonesia could not survive speculators attacking their currency, is it Nigeria with a mono-product economy that would survive it?

Why are you asking a question that's had an obvious answer now? It's like asking a mother of 3, "if xyz can't have a baby, is it you that will now have one?" Open your eyes! She has three already.

Why couldn't speculators keep USD at 520 or even 400 from 2017? Your folks were confidently buying at 520 expecting to sell at 1000, for years they couldn't even sell at 400, you're asking if Nigeria survived it. Shouldn't you know your question is misdirected? Because the real question is can the speculators survive?

I've you're so confident start buying dollars tomorrow at 470, let's see where it lands you.