Young man in tears after buying dollars with N100k and converting it to pounds

• A Nigerian youth is in regret after taking a financial decision based on an advice someone gave on the social media platform X
• The X user had said people could profit from the exchange rate crisis in Nigeria by buying dollars, changing to British pounds sterling and then converting to naira
• A daring young man decided to buy dollars using N100k and shared the heartbreaking outcome after converting it to pounds

A Nigerian man, Moshood Kayode Badejo, is in tears after losing about N9k while trying to make money off the exchange rate crisis.

Data from FMDQ showed that on Friday, February 23, the naira depreciated against the US dollar at NAFEM by about 6%, or N94.19, to close at N1,665.50/$1, compared to the N1,571.31/$1 rate the previous day.

The images used here are for illustration purposes.
Photo Credit: The Yudel Media, FG TradeSource: Getty Images

The CBN data showed that against the Pound Sterling and Euro at NAFEM, the naira closed at N1,880.81/£1 and N1,609.89/€1, respectively.

X advice, which cost Moshood money

In light of the exchange rate disparity, an X influencer, Osaretin Victor Asemota, advised people to buy US dollars, change to British pounds and then convert to naira.

Without hesitation, Moshood jumped on the advice and bought US dollars with N100k. He got $61.85 with N100k and converted it to pounds, which gave him £47.88.

When Moshood converted the pounds to naira, he got N91,595. Displeased, he took to X with a screenshot of the transaction and tackled Victor, who gave the advice.

“You will ask for baddy, God will give u bob risky,” Moshood wrote.

At the time of this report, Victor has deleted his earlier tweet where he gave the advice but it could still be seen in another he made mocking Moshood for taking his advice.

See the tweets below:

People tried to explain the figure difference

@youngest_prof01 said:

“Oga the main reason is the buy amount is different from the sell amount.

“U used buy amount for your calculation what did you expect.”

@gbadamosiwole said:

“Stop trying to save face! You didn’t know what you were talking about and obviously you couldn’t under what conditions it will work nor mention the caveats!

“I have been thinking about you since yesterday, that how on earth are you a tech influencer!”

@tykeiy said:

“How will you even dive into this without proper finding. Things like this has never come out fine, after charges upon charges, u would lose.”

@Itzpelumi said:

“I think it’s the charges.

“Charges for changing to USD.

“Charges for changing to GBP.”

@Ikobayojnr said:

“Imo I’m thinking buy usdt on binance ng here, send to wallet of your guy in the Uk, he sells on p2p- takes his cut and sends naira equivalent. Dunno if that would work.”

@Mim16554172 said:

“Please how’s it done, I want to try with 10 dollars.

“Do I use different apps?”

@LArules07 said:

“The difference in buy rate and sell rate already in itself cancels out any business wisdom in this maths. If you like use five different platforms for the transaction, making a loss is as sure as night and day.”

Man predicts fall in exchange rate soon

Meanwhile, TheTalk.NG previously reported that a man had predicted that the naira would be N967 to a dollar soon.

Victor Odolofin made a post on X, insisting that the naira will gain against the dollar in April 2024.

He specifically said the fall in the dollar rate would happen before April 20. Victor said his prediction would come to pass, eliciting different reactions among his X followers.

There has been a serious exchange rate crisis in Nigeria as the scarcity of dollars persists.

Source: TheTalk.NG

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