"Stop Lending Money To People In Naira"

The title might seem unpatriotic, but not entirely so.

Quick story

In 2018 I sold an SUV to a friend at 3.5m, he paid 2m and said he would balance up in the future.

Fast forward to 2021 October he pays me ₦1m with a pending balance of ₦500,000.

Vehicle sold in 2018 is now ₦5.3m in 2021.


Lesson learnt.

Going forward all transactions that have to do with pending payments will be signed as dollar equivalents .

Meaning if you want to take a loan or owe me large sums of money E.g ₦1m (sept 2021 2,433.5799 US Dollars) all we will do is check current dollar rate and peg repayment on the dollar equivalent in the future (2,433.5799 US Dollars)


The end



source http://www.nairaland.com/6834101/stop-lending-money-people-naira