How To Profit From Dollar Crisis In Nigeria As EFCC Raids BDCs

Looking to profit from the dollar crisis in Nigeria? This blog post contains powerful information that will show you how to make money during this time of economic uncertainty. Learn about the different strategies that you can use to get ahead, even when the market is down. 

The Officials of the EFCC simultaneously raided the offices of black market currency dealers (Bureau de Change operators) in different locations in Nigeria on Tuesday, November 1, 2022, arresting scores of operators.  These actions of EFCC coupled with the business unfriendly unconducive and inconsistent dollar policy regime of the Central Bank of Nigeria, CBN have further sunk the Naira to nearly N900 per dollar at the parallel (black) market. That is according to the PUNCH.

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Post Content

• Background To The Story
• How To Beat The Dollar Inflation
• Ways To Earn In Hard Currency
• FAQs

Background To The Story

If you have been listening to the news you would realize that these raids are coinciding with the arrest of a Kogi State House of Assembly candidate of the NNPP, Ismaila Atumeyi with N326m and $140,500 cash by the EFCC.  What is the connection one may wonder?

Recently, the Central Bank of Nigeria, CBN announced that effective from December 15, it will launch the country’s redesigned naira notes which will replace higher notes (N100, N200, N500, and N1000) notes.  They say it is aimed at fighting counterfeiting, inflation, and insecurity.  Consequently, all the activities in and around the Naira-Dollar exchange and the raiding of BDCs, and the resultant plunge in Naira cannot diverge from the CBN’s announcement of a new Naira notes as the BDC operators and individuals alike, especially politicians are desperate to exchange their ill-gotten money into hard currency such as the USD

How To Beat The Dollar Inflation

1. Save In Foreign Currency

Since the inception of this administration, we have advised our social media followers who want to save money for any reason to save in hard currency till they figure out what to invest in. That advice still suffices because the worst has not happened yet as far as the Naira fall is consigned.

2. Earn In Foreign Currency

Until you can profit from any situation, you cannot be said to be wealthy.  It is a fact that new millionaires and billionaires emerge out of every economic recession and inflation, and the one we are in right now will not be any different.  The question you should be asking yourself now is, are you positioned for a change?

Ways To Earn In Hard Currency

There are different ways and platforms to earn foreign currency from Nigeria. Platforms such as Fiver and Upwork provide wonderful opportunities for people around the world to work and earn in a borderless manner. Other ways to earn include but are not limited to

• Forex trading
• Dollar arbitrage
• Affiliate marketing
• Etc.

In our subsequent posts, we will show you the best ways to profit from the above. Subscribe and follow so you will be the first to be updated. Also, leave us a comment and share with friends

Till we come your way again, stay safe and profitable

 Also Read: Inflation And Uncertainty Hits Harder As IMF Warns Of Global Economic Growth Contraction In 2023 

Disclaimers: 

1. Noble Solutions does not have the copyright of the header image used on this post.  the said image was gotten from radarr 

2. Nothing in this post is financial or investment advice, they are for your information and entertainment so what you do with them is entirely your responsibility. See our disclaimer here.

FAQ

Who is EFCC?

The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement agency established in 2003 to investigate financial crimes such as advance fee fraud (419) and money laundering. The EFCC was established partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), which named Nigeria as one of 23 countries that were non-cooperative in the international community's efforts to fight money laundering. The agency has its head office in Abuja, Nigeria.

What is the meaning of Bureau de Change?

Bureau de change is a French word that means a business establishment where people can exchange one foreign currency for another.

What is forex?

Forex is The foreign exchange market (Forex, FX, or currency market) is a global decentralised or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling, and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world.

What Is Currency Arbitrage?

Currency arbitrage is a forex strategy in which a currency trader takes advantage of different spreads offered by brokers for a particular currency pair by making trades. Different spreads for a currency pair imply disparities between the bid and ask prices.

What is Affiliate marketing?

Affiliate marketing is a marketing arrangement in which affiliates receive a commission for each sale they generate for a merchant. This arrangement allows businesses to outsource parts of their sales and marketing processes. It is a form of performance-based marketing where the commission acts as an incentive for the affiliate; this commission is usually a percentage of the price of the product being sold.

What is inflation?

Economic inflation is a general increase in the prices of goods and services and a fall in the purchasing value of money in a given economy.

What are the causes of the dollar crisis in Nigeria?

The foreign currency crisis, especially the USD crisis, started when CBN stopped forex sales to the Bureau De Change operators and only sold to commercial banks for what they term ‘legitimate needs. The Naira has subsequently depreciated by over 26% on the parallel market since then and by over 74% in the last eight years.

Why is the Naira depreciating in value?

Analysts have blamed the continuous weakening of the Naira on rising import bills made worse by the increase in fuel subsidy payments, dollar savings and stockpiling by politicians, and the accumulation of cryptocurrencies by young Nigerians who have lost confidence in the local currency due to its massive systematic devaluation against foreign currencies by the country’s CBN.