I hope this animal is arrested, I can't even imagine what the woman will do to the girl in private if she can do this in public.

Well done boss. kindly assist.

2T1BR32E85C897719.

All the OP listed are the current challenge of Market place in Nigeria and it will be good for the OP to also indicate the advantages.

Every bussines has its challenges, how you able to handle this challenge is what really matters.

Ymodulus:
[size=18pt]The Currency Business[/size]

The currency business, is the best business I have runned till date. And still running. In the currency business. It's the best thing ever to happen to my life.

Story
When I first start the currency Business I lost 1,126,000 and had to settle back using my savings.

The Idea

Funny the best business ideas I worked on, where all gotten when when driving. I started the currency business last year around September.

I noticed then that, a lot of Chinese importers pay as high as 245 naira per dollar to import goods or send money to china. This is the black market rate of the dollar.

Failure
I thought to myself why can't I generate a way to send the dollars to china at a very cheap rate? Then I tried and I and a nairalander who schools in china TdayoF we both agreed to send money via money gram. It backfired. I did another it backfired I lost heavily I ended up using the returns from my car to settle up my Chinese clients. I lost N1,126,000 approximately.


Some days later I heard on Nairaland from a close nairaland friend who I introduced into the importation business ( Jeff1506 ). I heard from him that a bank by name stanbic bank charges N199 / $1 to pay online. Then I quickly contacted my friend shinaf ( my business partner. Trusted, even though we have never seen till date ).

Aliexpress Platform
We contacted a Chinese friend , who is a Chinese. We told him then that we will pay for items on his store using our Naira Master Card. And that if we pay for an item, we will confirm the order and he uses the money to pay into any Chinese local account.

Note! Aliexpress requires 15 days after which orders are confirmed for seller to get his money. But we wanted the payment to be daily and so we needed someone who can trust us and will use his money pending the end of 15days.

Our seller was the right guy. He is very rich, as he has done official jersey and contract deal for Barcelona Fc , Under 23 Argentine football club, he runs other business.

Mathematical Breakdown
If we pay for an item of $1000 on aliexpress this is how the payment goes.

Chinese local Account = $1000
+
Aliexpress 5% = $50. ( those who are familiar with aliexpress knows that aliexpress takes 5% of any payment as profit. So I and my partner catered for it )

+

Chinese partner 1.5% = $15.

Total = $1065

Now when we want to pay into any Chinese account the sum of $1000 we will pay online $1065.

Now

$1065 * 199 ( stanbic rate for dollars as at then ) = N211935 / $1000= N211.935 / $1 ( exchange rate).

This means the rate at which the dollars gets to Chinese local account after all addictions and all expenses is N211.935 per dollar

Selling the Dollar

Now as at that time the Dollar in black Market is N245 / $1. And 98% of importers use black market rate.

In Lagos if you want to send $1000 for example and the rate is 245 per Dollar. The sending company charges you N3 per each dollar as sending fees. This means you are actually sending at N248 per Dollar.

Innovation
I and my partner sold ours at N235 / $1 . lol! We crashed the market and this got our phones buzzing.

Who were our clients?
When we started my partner shinaf ask us to focus on Nairaland Business. I refused, we even had misunderstanding over this. I told him that I want our customers to be the rich. Then he called me over ambitious fellow. So I made sure I handled marketing of the dollars. I used my connection with owners of big shipping companies in Nigeria and told them what I do. That way we sell to them N235 and they sell to end users 248. We build up our clients base.
Some of our clients include.

1. Major Wholesalers of Phone Accessories in Ikeja Phone Market.
2. Alhaji's and Hajiyas.
3. Importer of Toyota spare parts
4. Importers of Toyota cars
5. Major cargo importers.
6. Owners of shipping companies
7. Owners of BDC ( The biggest BdC in Minna, became my parley through this ).
8. We sent for some Nairalanders who were our close paddies.


Issues
* Every Stanbic card then had a limit of $5000 per card per day. And we always needed to pay up to $20,000 a day. We had to contact some nairalanders, and use up their limit for that day. If we contact a holder of stanbic and uses up his card limit for that day we give him 2Naira on every $1.

This means we pay the nairalander N10,000 just to load his account and make payment online. Our trusted fellows were jeff1206 and one other nairalander.

We had 4 Cards ( Ymodulus card , Shinaf, Jeff , Last nairalander ). Every day we pay $20,000 online.

Now profit.

For every $1000 we send to china we gain this.

Our selling price = $1000 * 235= N235, 000
-
Our getting price= $1065 * 199= N211,935
=
Gain. = N23, 065

We gained N23,065 per every $1000. And the lowest money we send a day is $3,500.

Note at worst, when we say we there is no market for that day we send $3,500.

So we continued like this in a day we made roughly N60,000 worst case scenario.

Funding
We started with N734,000. All Investors were nairalanders who I have done business with on close level.
We gave them 10% of their income at end of month. We never got to month end. At 3rd weeks we refunded all their moneys. And interest.

Sad Storie

Banks began misbehaving with the cars daily limit been $300 per day and rate going so high with black market rate. There was no way we could keep up. We withdrew and relax.


[size=18pt]Currency Business part 2[/size]

During December, we got a means where by we can send Dollars at a very cheap rate to china, the dollars arrived china at a rate which gave us a margin profit of N45 naira.

We made use of the opportunity and continued sending. We still made sure our clients were the rich and big guys. We still sell more.


In currency business 2. Some nairalanders where part. I employed some on contract basis of N4,000 a day. Also thanks to my close Banker friend who is also a nairalander. Thanks for your daily assistance. He gave us all necessary help and if I am to say he has like 30% of the business .

In currency business 2, we are making far far more than pattern 1.


[size=18pt]January 2016 and new way of currency Business[/size]

Due to the cbn regulations, my partner and I got to search for new ways of sending and we didbgot one.

We got a company in Chicago and new York that sends money for Nigerians to Nigeria. But they had a fault. When Nigerians goes to pick their money they get paid at bank rate of N198 / $1.

We cashed in on this contacted the company through someone I know ( its like person connect us to the oga at the top ). We told the company we can pay them at higher rate. They agreed.

So if they are to send $10,000 today from the United States to Nigeria. We will just pay their Nigerian contacts here. I don't want to state cost as I actively run this business.

Now all we require from them is to send our money directly to china. We cater for charges and all and our Chinese agent picks the money and keeps in his account for us.

This company now use us very well. And we do at least $2000 every day from them. And we make going to N80,000 from the $2K deal.



Competitors and Progress
At this point in time. I am now the official money transfer agent for 3 companies.


* ChinaWholeSale commodity. || He dropped a fellow company on nairaland here and am now his agent. I refused at first because I don't want to send below $1000. I want to keep that standard and record. But after much pressure from a friend who owns a shipping company in china. I had to agree


*I send for Aldor Mobiles. They are largest supplier of phone casing , earpiece , charger and accessories in wholesale for igbo guys on ikeja market.


* I still send for some Hajiyas / Alhaji business men.

*. I send for a big company call John Paul.

Success

My rate still outshines all. I play and underground facilitator while they shout to take the credit. But am happy as long as I make money and they make money.



***Photos***
I sent my seller $3749 on Dec 30 via our new way Currency 2.0

***second screenshot today: I sent our seller in china 983 from the united States of America.

His gain is $15. See him doing subtraction. We sold the $983 this afternoon around 1pm. Our gain is around N46k to be shared by my partner and I.


[size=14pt]Sorry I had to ensure that I don't release sensitive informations about this business, so I couldn't go into details about means and how I sent them. It's best it remains this way.[/size]

@young I dey watch u in 5D, Currency 2.0

Happy New Year, Best wishes

Loved Jimbo
Voltron - the Defender of the Universe! Sure favorite

Dieumerci:

You need to understand how he operates. The goods will leave for the airport this afternoon and depart Texas for lagos on Monday, your invoice will get to you before the goods are cleared at the lagos airport.
You don't need to beg for your invoice or get worked up. Most of us here are equally expecting our invoices.

So in a case he forgets to send my package or their is a discrepancy in the invoice, I done enter OYO ....the last time I used his service he sent invoice before your package leave for the airport (that was around the first two month of this Thread).
In any Biz, Good customer service is key

Tmany:
OP, Kindly send the invoice for this package 1Z7R3F941297260401

Op hope this package will be on its way to Lag tomorrow, cause for over a week have been begging for the invoice all you said is, you have a shipment scheduled for this Friday.
Not pleased with your service.

OP, Kindly send the invoice for this package 1Z7R3F941297260401

Iamsynord:
A big thank you to everyone

kindly Check out this interesting thread

Top Ten Nigerian artistes you never knew were producers .

www.nairaland.com/2451862/shocking-ten-artistes-might-not

Also watch out for my next music thread

Top Ten most popular diss songs in the Nigerian music industry..

Cool track ......

legalwealth:


That is N1,600

is this for real?

This country na wire ooooo, so militants got scholarship to Foreign University, what Wrong with all the University in Nigeria?
They should come and continue their studies in Nigeria jor, but this whole Amnesty of thing how long will the FG continue paying some selected few ridiculous amount of money monthly instead of investing in the development of this area ...... Sooner or later they will still go back to the creek cause FG will not pay them forever.

They are Made but there is that factor of LUCK there.

Hmmmm, see guys chopping money when i dey fire suit for rain.
Nice job Op

Nigeria Graduate are this are that.
Some of this reason are the same reason the employed/under-employed wait till they get the axe before they start working on that idea that has been on their mind for years.

Oga banks no dey follow this rates ooooo.
Even black market is cheaper than online payment rates for today

From the experience of most people here Seems most of this inverter life cycle is just a year, then you start changing parts.
I think I will stick to my generator till I can get someone that can give me 2 years warranty on the Batteries (seems they first get faulty before other parts).

francawilson:
My 2nd problm is:I bought an expensive men's wristwatch on aliexpress and its not working and I don't know what to do.

I remember I opened dispute sometym ago when someone sent me a gown that was below standard (rubbish material, rubbish faded colour; rubbish evrythng)&she said I shld send it back then sh wil refund me so I thought abt d process of sending back&d little money involved ($25) and decided to forgo it

But this watch I got it for $95 plus shipping fee of $8.

I intended to giv this watch out as a val present but it took ages to arrive. My anger is dat I went to Silverbird yesterday and saw exactly d same watch for just 28k;working&in good condition. I was so angry at myself. Although this is my 1st bad experience..

Anyway,now,how do I go abt this whole thng? Has anyone had such experience with aliexpress? What was d solution?

Hi can you kindly post a picture of the watch or the watch brand name / model number.
Regards

Oga when u start land Biz , where owode dey?
This kind land go good for duplex ooooo

iMerchant:


You can use Konga.

Build your e-commerce site powered by WooCommerce on wordpress.

Start a Facebook page, do facebook ads for "Shop Now" and "Page Likes" target your market.

You can use Kaymu.com.ng (Although I have stop) and you can also use Nairaland if your target market are here.

Best of Luck

Hi, how is the payment integration system like? For a e-commerce site powered by woocommerce

Which kind yeye online site, its only on Olx this kind of scam can work.

@ datechman I like my own pay but I don't like my job.
How we wan do am like this?
Masters also on my mind.

emusmith:


I remember how we use to eat indomie..lolllzzz.

You soak it and when it gets soft, you add you add the spice

Chai
So una no cook better concoction rice for mid night using smuggled stove and electric cooker.
Cold water indomie after eating all those watery beans, your intestine strong oooo

Which kind hostel una go, wa Na so so spirit walking and talking experience una get.
No skipping prep story.
No illegal cooking story.
No unexplainable provision and cash robbery.
Hostel was like 90% fun for me, the topic said "WEIRD" story Sha

@chinosxl
From the details on the front page you charge $10 per watch, I want to send about 20 new wristwatch all in box, to your address for onward forwarding to lagos.
Will the shipping cost be calculated $10 *20=$200 or will you use the actual weight of the package? the first option wouldn't be realistic.

davide470:
cc: Tmany, luvola

Boss I really appreciate, but seems am under qualified for the job.
B.sc Statistics + M.sc in the tunnel
I will surly send my cv.

boofydon:
At least, we can place a ban on things imported from indonesia or any country that executes a Nigerian.

why are you wasting your time, a country where hundreds die daily from things as simple as inability of paying treatment bills for sickness which the mortality rate is lower than 1% in other countries, death due to child delivery is a norm, a country where no one has been arrested in connection to the youth corp members killed during the post election violence in 2011.
Even if a Nigerian is excuted for other reasons apart from drug trafficking nothing will happen cause even Nigerian at home are worthless to the Government.

Hi I need a logistics company that can provide pay on delivery service in Lagos, Abuja and P.H, am based in Lagos.
BBM:79755686

Story for Ogun

All this your day will come soon story is good but bro in the main time sharpen your entrepreneur skills, you said you want to become a entrepreneur someday why not start now, today is a good day to start.
I don't know your age but surly you not getting younger and automatically getting disqualified for some job.
The fact is that is not all of us that would use this certificate to get a job.
Owo ni koko

Khumaloh:
Tinka say na only me oo. Make access contact me nw,ma 2m don ready

i like your style, the 2m na the koko the rest is just pure luck.