NewStats: 3,261,247 , 8,173,493 topics. Date: Wednesday, 28 May 2025 at 04:23 PM 1t511n

afroxyz:

So what does the 'erudite' tomato seller suggest?

Savage

Theconglomerate:
Inflation is yet to set in or atleast,not to its optimum degree to this new exchange rate.
Trust me it is still coming.
If I were you,I will use all of that naira liquid in my to purchase now and fill my warehouse and cut my losses now rather than later cos its gonna get worse.

warehouse is filled already and I still have a container that can't be shipped into the country now due to lockdown. I invested some Naira in bitcoin too and that investment was the best move. If I had known, I would have invested all my naira but that didn't seem like a smart move to me then.

Right now my new decision is never to keep upto even a million in Naira in my bank . I will always make sure my money stays in dollar.

ojesymsym:
I don't think this guy is health Serve. Health Serve is full of grammar, this one is just forceful in his opinion.

Na him ooh, the same mentality, he has now added beef from the way u people chased him away the last time.

Na him, me I sure....

Theconglomerate:
I thought you all were preaching how fixed investments were the best and how nothing better had happened to humanity after it?
There are some flexibilities the real economy will give you that this fixed whatever can't.
Imagine how safe people that hoard commodity will be this period?
If the naira depreciates even further,very very good.
If it doesn't and stay where it was,then it is business as usual.
Even if it appreciates,a person still has close to a month or thereabout to offload stock before cheaper commodity caused by currency appreciation starts flooding the markets.
Imagine how frustrated people having T-bills and all other fixed investments will be now knowing they could have adjusted to the incoming inflation if they had their liquid at their disposal but no,its tied to fixed investments that will liquidate in a years time,after inflation must have hit 300%
Later some self acclaimed economist will come and claim how person A invested in so so so bond and is now rolling in millions and have bought half of banana Island .
I wonder when humans will learn that there aren't shortcuts to riches but with hardworking,proper planning and persistence.

the problem is your approach is always crude so i cant discus with u....sorry am very much grounded in the real economy and investments in fixed income are not picked from trees but from cash generation from physical activity....we are leaders in aviation fuel distribution nationwide with over 20m litres annually...

Hmmmm. The reason I have my doubt is that, Health serve was pure thoeritical grammar, this one has some real life practical experience just that his presentation is forceful and confrontational.

zamirikpo:


Na him ooh, the same mentality, he has now added beef from the way u people chased him away the last time.

Na him, me I sure....

OgogoroFreak:
warehouse is filled already and I still have a container that can't be shipped into the country now due to lockdown. I invested some Naira in bitcoin too and that investment was the best move. If I had known, I would have invested all my naira but that didn't seem like a smart move to me then.

Right now my new decision is never to keep upto even a million in Naira in my bank . I will always make sure my money stays in dollar.

If naira appreciate nko?
Currency is the worst form of holding value,especially in a country like this that politics is valued way more than economics.
CBN controlled by Godwin Buhari can Bleep up the economy just to buy votes like what happened in 2017
Why do you sound like your goods overseas already bought and paid for but yet to be shipped is a bad thing?cos I see you gain instead rather than lose
As for the bitcoin issue

Theconglomerate:
If naira appreciate nko?
Currency is the worst form of holding value,especially in a country like this that politics is valued way more than economics.
CBN controlled by Godwin Buhari can Bleep up the economy just to buy votes like what happened in 2017
Why do you sound like your goods overseas already bought and paid for but yet to be shipped is a bad thing?cos I see you gain instead rather than lose
As for the bitcoin issue

Naira appreciate, is that a thing?

If you look back history, Naira always depreciate with time. In the nearest future, a dollar would even be ₦1,000

How a depreciation of naira affect me...1 buy over 100 pcs of gloden crown tyres ever year the price has moved from 40k to 78k ( 12-2020) ,i buy hunderd of spare part from noodlze for my man tiga truck which now 650k from 200 k , injector , batteries etc ( 40k each)...Daf 95 xf moved from 3.5m to 6.5/7 while brand new howo is now 22m ...this now affect cash flow projection , purchase of low quality etc ....i also pay school fees in euros in ireland ....

afroxyz:

So what does the 'erudite' tomato seller suggest?

If you no dey real economy,build commercial house.
Atleast it adjusts with inflation,both it's cost and it's rent too.
And invest the money in your building project as it comes,rather than fixing it for interest with hopes of using all the capital plus accrued interest to develop the property with at once.
Doing it in steps will hedge the project against inflation since throughout the course as prices of materials will hit highs and lows.
Sometimes your money will buy you more,sometimes it will buy you less which will still be a cost advantage on an average.
But if you fix the capital for later with Hope's of developing afterwards with proceeds of the fix and this kind of inflation hits?na sorry ooo...

OgogoroFreak:
Naira appreciate, is that a thing?

If you look back history, Naira always depreciate with time.

2017 when CBN started defending the naira by pumping in dollars in the forex market,it bleeped up a lot of speculators na.
From 520 to 360.
Multiply by 160 naira by your total fx and take your eye see losses.
Exporters,speculators and co hear am that season.

rationalmind:


Okay, let me try to break it down a little bit more.

Emma says getting loans for consummables like rent, school fees or to buy cars is a bad idea.

But I think if you can get that loan at a very good rate, it's better to use it for those consumables. That way, you free up funds that you would have otherwise used to buy the consummables. Those funds can then be put to use in something that generates more returns than what is being paid on the loan.

Hope you get?

Crystal clear. Thanks Rational minds

Theconglomerate:
2017 when CBN started defending the naira by pumping in dollars in the forex market,it bleeped up a lot of speculators na.
From 520 to 360.
Multiply by 160 naira by your total fx and take your eye see losses.
Exporters,speculators and co hear am that season.

Yes I clearly. I was also making cool money while the price was going up and made some loss when it dropped but the loss was insignificant.

One thing I am very sure of right now is that dollar is not going back to ₦360

OgogoroFreak:
Yes I clearly. I was also making cool money while the price was going up and made some loss when it dropped but the loss was insignificant.

One thing I am very sure of right now is that dollar is not going back to ₦360

The drop happened so fast,how did you hedge against that to the point where the loss was insignificant?
Also you sounded like your goods already destined for here overseas was a bad thing.I'm curious why?
Any ideas?

We havent got a lot in reserve at the moment to defend with. I think it will be a pretty terrifying free fall. Aboki fx is now a new source of hypertension. I wonder how businesses in Nigeria will import stuff.

I the sense of desperation and hopelessness in 2016. I cant believe it's about to happen again.

These are not very good times. I

OgogoroFreak:
warehouse is filled already and I still have a container that can't be shipped into the country now due to lockdown. I invested some Naira in bitcoin too and that investment was the best move. If I had known, I would have invested all my naira but that didn't seem like a smart move to me then.

Right now my new decision is never to keep upto even a million in Naira in my bank . I will always make sure my money stays in dollar.

Be careful. It is a very risky venture. I lost 5m in months and some have good testimony. It is highly volatile. You can participate but don’t use all your fund

Theconglomerate:
The drop happened so fast,how did you hedge against that to the point where the loss was insignificant?
Also you sounded like your goods already destined for here overseas was a bad thing.I'm curious why?
Any ideas?

Simple, I imported in very large quantities when dollar first started going up and kept on selling as it keeps going up. I did some shipment in between too but when dollar fell and stabilized, I didn't exactly made a loss I infact got my capital and very little profit that wasn't worth it. That's for the last shipment alone that period.

The goods that haven't shipped the issue is just about space to store them if they arrived without lockdown being lifted.

missjekyll:
We havent got a lot in reserve at the moment to defend with. I think it will be a pretty terrifying free fall. Aboki fx is now a new source of hypertension. I wonder how businesses in Nigeria will import stuff.

I the sense of desperation and hopelessness in 2016. I cant believe it's about to happen again.

These are not very good times. I

we are already use to these fluctuations. no matter what life continues.d fundamental problem of nigeria is still begging for a solution. before they said d system cant work well under corrupt leader , now we have a man of integrity same outcome, its time to restructure.
lets not cry much, we re all fuc.kd here, whetther u hedge in naira or dollar. if u save in dollar,u will still spend d dollar and have need for more, dt time u buy at d high rate. d rise in dollar will make prices to go up, so when u save in dollar d inflation will affect u one way or d other, dollar keeps rising bc many speculators re buyin up dollars, sth might happen and many will rush to sell off and price go crash. we will al adjust to d new high rate, for those in biz, u buy dollar high u sell ur goods high too, u go to buy ither stuffs u need in nigeria d price will be high too. so everything high high. na workers wit fixed salary go suffer most.best re people who earn in usd. if u earn in naira u re still fckd. i have lots of goods in warehouse bt will seel them finish and will require to buy more so my joy will be cut short.

Can it get to a point when banks will not be able to give you your USD from your domiciliary ?

My brother you said the true but i have managed to collect rent of about 10m plus and also dont forget the house in question the value also increases, just that for over the years now the rental value is still the same 3m to 3.2 annaully, why i am not really crying is because i am not planning to sell and also i am not in the country.

Lastly the money i get from the rental is also reinvented in any property and little in treasury bill.

Pascopele:
The most heart breaking story I heard this week. Someone shared how he bought a house in Lekki for roughly 60M in 2014.

The house is realistically worth maybe 30M naira today.

So he bought it for $390,000 in 2014. And it's worth about $70,000 today.

VALUE INCINERATION.

globalresource:


Be careful. It is a very risky venture. I lost 5m in months and some have good testimony. It is highly volatile. You can participate but don’t use all your fund

You lost 5m because you were quick to sell. My only fear is if bitcoin stop being in existence just like liberty reserve not the volatility. If I sell my bitcoin today, I would be making some millions already because of exchange rate and the worth of bitcoin also went up from $5000 to $7800. but I will sell when exchange rate stabilizes.

OgogoroFreak:
Simple, I imported in very large quantities when dollar first started going up and kept on selling as it keeps going up. I did some shipment in between too but when dollar fell and stabilized, I didn't exactly made a loss I infact got my capital and very little profit that wasn't worth it. That's for the last shipment alone that period.

The goods that haven't shipped the issue is just about space to store them if they arrived without lockdown being lifted.

oh I see.

ojesymsym:
Hmmmm. The reason I have my doubt is that, Health serve was pure thoeritical grammar, this one has some real life practical experience just that his presentation is forceful and confrontational.

He's most likely the one. One thing you should observed about the thread is that the major contributors Ahibo, Emma and others back their points up with real life experiences, which makes their opinions relatable. This is why a lot of people can take them are virtual mentors

The wolf in sheepskin has learnt this and has adapted this strategy with his new moniker. Check carefully and you will see that the pattern of writing of the former and the present moniker aren't so different

Lol... What you are accusing him of is called mutation. So the guy na virus ni? Coz na only virus de mutate.

On a serious note, I hope for the sake of humanity that I am right and you guys are wrong, otherwise we will be dealing with a highly celebral criminal in future.

pizapato:


He's most likely the one. One thing you should observed about the thread is that the major contributors Ahibo, Emma and others back their points up with real life experiences, which makes their opinions relatable. This is why a lot of people can take them are virtual mentors

The wolf in sheepskin has learnt this and has adapted this strategy with his new moniker. Check carefully and you will see that the pattern of writing of the former and the present moniker aren't so different

times like this is when we push our boat to real estate. January 2017 when we were in times like this. Dollar was 480-500. I bought a land measured at 100ft by 100ft for 4.8m naira and one side of the land has an incomplete 2flats of 3 bedrooms each at a roofing level.

Fast forward in 2019, the same street someone sold 100 ft by 100ft for 7m naira with nothing inside the land with plenty abeg. This shows if i was to buy the land now, I'd have paid 10m naira or more.

By the special grace of God, I'm currently building a 6flat of 2 bedrooms each on the other side, hoping to complete it in 2 to 3 months time. 120days is my estimated time frame for it.

Real estate is one of the oldest businesses and in times of inflation, it has a way of standing out.

My mom built 2 houses of face me, i face you in 1968, up till today with little renovation she is still getting money from those houses. She said she has gotten the money of those houses back like a million times.

If you don't know what to do with your money, build a house for tenants in habitable environment , you will never run at loss. If dollar self go up, house rent go increase. You might think the rent is low, but a time will come when you will make the money used in building that house in rent for just a year. House my mom built less than 1000 naira, she makes 5000 naira now from a single room in a month times 26rooms, that is 130k naira in a month and over 1.5m a year. #Fact!

http://www.vanguardngr.com/2020/04/breaking-senate-gives-accelerated-approval-for-buhari-to-go-for-fresh-loan-of-n850-billion-from-the-domestic-capital-market/



How will this affect tb rates

OgogoroFreak:
You lost 5m because you were quick to sell. My only fear is if bitcoin stop being in existence just like liberty reserve not the volatility. If I sell my bitcoin today, I would be making some millions already because of exchange rate and the worth of bitcoin also went up from $5000 to $7800. but I will sell when exchange rate stabilizes.

Imagine u bought btc at 16k more than 2 years ago. Don’t invest all. My piece of advise. It could go back even $500

globalresource:


Imagine u bought btc at 16k more than 2 years ago. Don’t invest all. My piece of advise. It could go back even $500

Surely it can but it won't stay there for sure.

Bitcoin for more than 2 years and still made a loss is almost not possible unless you don't know what you are doing.

Hope this will help NTB rate to go upwards

You said it all i made that same mistake building 5bedroom duplex in the village which i have not slept in for one day since 2015 i build the house, everyday of my life i cry and regret millions spend on building the house just because of per pressure.

ahiboilandgas:
The ibo man the most successful enterprenural group in africa builts several apartment units for a reason ..that why onitsha is like that ..they later on build a nice retirement duplex.....while other start will duplex ( liability) then hustle had to maintaince ans stay afloat....

Ajet001:
Half way into the book titled "The Millionaire Next Door"and the recent really eye-opening posts on this thread has prompted me to make this post and I do hope it get the much needed engagement.

Wealth Accumulation in Nigeria
In the book, I learnt that the majority of the American Millionaires who were interviewed made their fortune not only by being frugal but also remained frugal after building their NetWorth.
They spend little on consumptions but save and invest a huge percentage of their income.
I can say, they literally save and invest to the point that their NetWorth can last them decades without working.Financial independence

Thank you for the book. Reading through the reviews, I found something shocking.

I love the book, The Millionaire Next Door. It talks about how it is a myth that most millionaires in America have inherited their money. The fact is, we have created such a great country over 250 years. We have actually found the way for poor people to go from nothing to huge wealth and to create a life-changing opportunity for their children and grandchildren. We celebrate it, write movies about it, and our libraries are full of books about it. There is nothing wrong with that. -- [b]Bernie Sanders

Diyke4rich:
You said it all i made that same mistake building 5bedroom duplex in the village which i have not slept in for one day since 2015 i build the house, everyday of my life i cry and regret millions spend on building the house just because of per pressure.

That's the cross every Ibo man must carry. Just learn and move on. I abandoned mine for 4years now at lintel after going through this thread, will continue when am fully physically on ground.
I have an uncle who was the 1st to build 2 wings of 2 storey building in the village (ojoto Anambra) in the late 70s, he died very poor in 2005 in Lagos without any property in the city. The roof and the windows louvres of the village building have been blown off because the children from different wives are not united enough to maintain their late father's edifice.

That property if situated in Onitsha or Lagos would have seen him living well till old age. But unfortunately he didn't have the foresight or idea at that time.