Too Many E-gold Exchangers In Nigeria???

[Oyeleke Toye]

At the last count, I've seen over 20 egold exchangers in Nigeria. And it looks like a new one keeps springing up everyday.

The question is: is this a good development for Nigeria's E-currency economy? Are fraudsters just seizing the opportunity to perpetuate their evil deeds?

[phronesisxp]

its like saying new banks are springing up nd there is fear, what is needed is a good and strong body to handle the exchangers, that will safe the industry a long way the way nigerian banks was reformed. no other solution, nobody can stop them because this is an emerging market in nigeria, the every one must just endeavour to buil their integgrity to arise as the leading exchange company . this is hard work on the part of the advertising exchangers, only fools can be deceived by them and newbies not people like us who are well informed who knows the source of the exchangers and gets it directly from the source bypassing the exchangers exhorbitant prices. i think the exchangers should be reasonable with teir prices also and stop exstorting nigerians. though many become rich maximising others ignorance but someday the ignorant man will find wisdom and passionately sideline his extotioners. thank you.

[Oyeleke Toye]

While I agree with you on some points, I totally disagree on others.

Yes, the e-gold exchange market is an emerging one and only needs to be monitored and coordinated properly. AND YES, THE FACT THERE are many will make exchangers strive to offer the best service. This is a plus for customers as they have a lot of exchangers to choose from.

The part where I begin to disagree with you is where you begin to attack exchangers.

You know what? A serious exchanger must maintain stock at all times, meaning they cannot depend on hyips or autosurfs to get their egold. They go out of their way to buy egold with their money in anticipation that someone will buy the egold from them in the near future.

I believe you know the risks involved in a venture as volatile as this. If an exchanger stocks $10,000 in his egold and wakes up to find out that the price of gold has dropped and his egold is now about $9000 or even if his account is hacked and he loses all the egold, who bears that loss?

If you have paid an exchanger and he comes to give you an excuse like that, will you not drag him to the efcc??? And yet these things happen every now and then to exchangers. It has happened to me and others I know. But we bear the loss alone.

Look what you don't know is that the business is a high risk one. The exchanger bears the risk on behalf of his customers and he must be paid for such.

In as much as I do not support exchangers charging exorbitant fees, I also will not stand and allow people insult  exchangers of whom I happen to be one.

The sooner people understand this the better. And one thing I always say to people who attack exchangers saying they know our secrets, is to join the business themselves.

They should start running their own exchanges and see if they won't want to charge far more than what we charge presently just to survive.

If you wondering which exchange service I represent, it's the famous www.goldnairaexchange.com

[toni]

Nice and splendid explanation you gave him Leke! Most people out there think we exchangers just hike price so as to make so much profit, well we know better.i can recall last month when gold dropped, i lost about $250, yet i bore the burden  an still sold the remaining.Now tell me how i will make up if we dont put extra measures to checkmate such eventualities.

@phronesisxp  ur ideas are good in regulating the egold economy in Nigeria, but attacking them is not an ideal thing to do , cos as an exchanger , i wont sit back and watch, i rather correct the impressions and spell it out so that u and others will know that we are not geared to rip anyone dry of their hard earned money.
You can start offering an exchange service too and get ur orders from suppliers abroad.i get my supplies from e-gold dealers, i dont depend on hyips or autosurfs for my e-gold funding.
It might interest u to know that @ goldpaynaira.com , we give our clients the best treat in terms of effieciency in e-gold funding.A TRIAL WILL CONVINCE YOU> see u soon pal!!

[evergreen]

Hello, nice one. i can see reasons for your comment. But you should see this market as an emerging market that hasn't got any direction at least for now. some people will surely give the needed direction.

i learnt about the idea of having a body for the exchangers.That's a good idea and though i've not been around i need to know how you meet for the new body to make some contributions. For the next meeting let me know.
Thanks
Engr. Unobagha Emeka
Ceo, lagosgoldexchange
www.lagosgoldexchange.com
08033852085

[bily]

i have heard both sides of the arguement n i think u all r making sense.

as for the exchangers, u r in biz n there r risks involved in evry biz. imagine what would happen if all biz put d cost of all their risks on the customers?? n besides u always talk about when gold drops! what about when the value of gold rises??

i use internatnal exchangers directly n i knw all d hazzles involved n i can sympathize with u local exchangers. so i would say ur prices r not really too high, but what we r simply saying is that u could do better.

im sure if i were to tell people how much i pay in naira per dolla of gold.....................oga toye na my personal friend!!!!

[Oyeleke Toye]

Oga Billy,

Ok so na you be our referee. Actually I don't expect you to side us oh. Afterall you no be exchanger (even though you know what we do). Besides, if you are not for us, you are against us. ( chai I am just joking oh).

You know the funny thing is that some other exchangers that charge higher than us are actually challenging us. They think we are being too lenient.

But seriously, we are not that bad. remember apart from price fluctuations, we have to pay for adverts to find buyers for the gold, we have to maintain stock always ( you won't believe how stressful this could be at times), pay office rents.

Men just look at this way, we run a business and our business is egold exchange. Ther's nothing we can do for now.

[Joygold]

The development should not be treat to both the existing and upcoming exchangers.  There are many factors that will separate the boys from the men.  It is not enough to have a website to parade oneself as an exchanger.  Some of these factors are:

- integrity of the owners
- prompt service delivery
- customers support
- verifiable contact address and many more!

For we at JoyGold-Ventures.com, customers are kings and we do everything possible to give them efficient and effective service delivery. 

I use this opportunity to thank you Toye as a friend and other colleagues in the Exchange business in Nigeria, I wish you all a merry xmas.

Finally, to us all in the exchange business, bibles says what does it profit to gain the whole world and loose our souls... therefore let our "yes" be yes and "no" be no indeed.  LET INTEGRITY BE OUR WATCH WORD.

CEO:  JoyGold-Ventures.com
E-mail: admin@joygold-ventures.com
Support Desk: 08038619867
CEO Hot Line: 08055595211

[phronesisxp]

let not this issue rest like that, thank God i spark this out from Toye's ignition, let there be a resolute. the decision can be made right here from the numbers of exchangers using this forum, let ther be regultions before things get out of hand, thouh ther definitely be flexibility, the future of internet wealth in nigeria is explosive lets grandfather it and let not things get out of hand, leadership is also te ability to forsee challenge and provide advanced solutions. thanks, id' love to be updated.
thanks for all your comment. particularly bily my guy, he'll never change

[baniel]

Toye,please i can we meet and discuss training to become an exchanger.This is my number 08033675816 or 08053421334.I ama journalist looking for genuine income sources.

[Oyeleke Toye]

Hey just to let you all know. The e-gold exchange terrain is
about to get hot. Some major guys have vowed to reduce the
number of exchangers in Nigeria to 3 or less. And this is no
empty threat. I have seen their game plan and men they know
what they are saying.

So to our small exchanger brothers, get ready for mergers and
acquisitions or get ready to quit the scene. Me sef I never know
which option to take 

@baniel
Why not? We can meet but its going to be at my office in Egbeda
or somewhere close. Call me 08028281192 so we can fix the
appointment.

[phronesisxp]

who are the major guys? since you know them.

[Oyeleke Toye]

who are the major guys? since you know them.

1. Yes I know them

2. No I'm not telling.

Thank You

[Wellington]

Hmmm, this discussion is quite interesting.  But let me ask a question, 'Is anybody (exchanger) feeling threatened? No cause for alarm.  The market is more than big enough.  Infact, it is just emerging.

As for big guys limiting the number of exchangers, that's quite hilarious.  It is like saying one Malam will come on the exchange scene today and limit the number of Malams exchanging dollar.  Where is he going to start?  Even EFCC cannot issue any law/decree on E-gold exchanging; if they don't know, we will tell them.   We cannot fold our arms and watch them embarrass Nigeria.

If some 'newbie exchangers' decide that this pie is too sweet to share and they are now giving themselves headache on how to 'reduce the number of e-gold exchangers to three' how about those who have been exchangers before them?  If those ones had restricted the business to 'three exchangers' where would these jjc exchangers be?

E-gold is too dynamic and unrestricted for that kind of monopoly.  Even FBI could not curtail its spread.   Thank God for that, otherwise we would have seen a lot of selfish factors at play.  Have those people forgotten that in every aspect of the Nigerian economy it is demand that dictates the price?  We no longer have any form of 'Price Control'.  If anyone decides to price himself out of the market, that is his business.  At the same time, no one can stop anybody from doing business.  Thank God again for that.

Also, anyone who feels that exchangers are currently 'cheating' people, let him be courageous enough to go into the market and sell e-gold at any rate he feels like selling.  He can even sell at the rate dollar is being sold at Allen Avenue - we will embrace him. 

To Your Incredible Success,

Olakitan Wellington
www.financial-freedom-elites.com
www.igiveyouall.wordpress.com

[Oyeleke Toye]

Very well said Madam Wellington. This thing is more like
someone trying to play Dangote in Egold Exchange.

I agree totally with you. They'll find this an almost
impossible mission. I'm watching them very closely.

I should even add that to play e-gold exchange big,
you should be ready to take major risks. It's a very
risky business. Not for the faint hearted.

Anyone bold enough to take the risk head-on
deserves to be paid very well for it.