On buying dollars.
I recently remembered how confused I used to be every time I thought of what it meant to buy or sell dollars. So as with everything I want to begin to unpack, I spoke to a few people about it (I just like to hear people close to me explain it in their own language, since I’m usually used to how they talk). This is what I could understand:
You have some dollars (maybe you’re just returning from the states or something, you sha have dollars). They the abokis/bureau de change guys BUY from you that you have dollars so they usually (would like to) “buy” it cheaper from you. In this case, you are selling to them.
But when they sell, (that is, I come with my Naira to buy dollars from them) they add like 2 or 3 dollars more. This is why whenever you want to buy from them, when you call them, ask them how much they are buying first, so they can’t lie when you ask them how much they sell. I’m sure some traders are immune to this trick sha so if you have more tricks, kindly attach them in the comments so that we can all learn.
Also, I would really like to learn how to trade trade; that is, with those red and green lines and graphs.
I can’t tell you how many times I’ve tried to learn it but it just won’t stick. Share simplified insights with me if you have some, you hear. Daalu.
Okay, go back to work🤭