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How To Bet On The Super Bowl In Canada –  Top Super Bowl Betting Sites In Canada

By
TI Partners
-
0

It’s time for the Super Bowl and NFL fans in Canada have a chance to get up to $1,000 in free bets at BetOnline. Get your funds ready now so you can make the most of this amazing Betting experience. Don’t forget that Sunday will bring an unbelievable game filled with thrills and excitement.

How To Bet On The Super Bowl

Are you unsure of how to place a bet on the Super Bowl? While it’s fairly straightforward, to ensure you do not make a costly mistake, just follow these simple steps for how to bet money on the Super Bowl:

  • Step1: Review the sports betting sites that we recommend and decide which one is best for you.
  • Step 2: Open an account with that sportsbook and make your first deposit. Don’t forget to take advantage of the welcome offer.
  • Step 3: Navigate the site/app to the football section and locate the markets (props, futures, moneyline, point spread, totals) being offered for the Super Bowl.
  • Step 4: Click on the odds for the market you want to bet on.
  • Step 5: When the betting slip appears, enter the amount you wish to wager (but no more than what you have in your account).
  • Step 6: When you’re ready, click on ‘place bet’ and enjoy the game.

 >>>Claim Your Bonuses Now<<<

Best Betting Sites In Canada For Super Bowl 2024

  1. BetOnline – 25 Years of experience with Betting –  C$1000 Welcome Bonus
  2. BetWhale – Best Crypto Betting Option For Super Bowl 58
  3. EveryGame – Biggest Betting Brand for Canadian Players – C$400 Bonus
  4. MyBookie – Extensive prop bets available – C$500 welcome bonus
  5. XBet –  Newest Super Bowl betting brand –  100% up to C$500 Welcome Bonus
  6. BetUS – Super Bowl – C$2500 of Free-Bets Available

How To Place A Bet On The Super Bowl Online In Canada

BetOnline makes wagering on the Super Bowl a breeze! Their extensive selection of markets means selecting your bets is simpler than ever before. All you have to do is choose a favorite, click the button, and leave everything else in your hands.

If you’re ready to start betting, here’s how:

  1. Become a member today and make an initial deposit of C$2000
  2. Unlock your $C1000 bonus bet
  3. Enter the football betting page
  4. Choose your Super Bowl wager and place it in the betting slip
  5. Secure your wager and place your Super Bowl bet

Best Super Bowl Betting Sites Canada Reviewed

Let’s now discover exactly why our researchers rate these top Canadian Super Bowl Betting Sites, in the following sportsbook reviews.

BetOnline – Most User-Friendly Of NFL Live Betting Apps

BetOnline is undoubtedly one of the best Super Bowl betting sites in Canada. A complete all-round wagering brand, BetOnline allows you to enjoy a top-class NFL, NBA, racebook, and online casino. Within the revamped sportsbook, you can bet on esports and virtual sports too.

BetOnline provides an intuitive and user-friendly app, making in-play betting on the NFL simple. The odds are highly competitive, with hundreds of betting lines and props available for both teams and players.

Funding your BetOnline account is so easy, courtesy of a variety of payment options. Traditionalists can enjoy secure banking methods like Visa and Mastercard, but BTC is also an option if you prefer cryptocurrency. In fact, there’s even a range of special Bitcoin promotions, offering bigger than usual bonuses for those depositing in crypto coins.

Speaking of bonuses, be sure to register using the BetOnline promo code BET1000 if you’re new to the sportsbook. Doing so will earn you a 50% deposit match offer worth up to C$1,000. Players wanting to wager on the Super Bowl live market can also claim a risk-free bet worth C$25.

 >>>Claim Your Bonuses Now<<<

Everygame – Improved Super Bowl Betting Suite & Deep Futures Market

EveryGame has decades of experience serving the Canadian market, so its Super Bowl NFL offering, in general, has always been loaded. Players can wager on the moneyline, spread, and totals markets ahead of every regular and postseason game, or back teams/players to win in the futures markets.

Where live betting Super Bowl is concerned, Everygame added a live suite in 2021 and revamped the interface during the 2022 season. You can wager on every game while it is in play at competitive odds but the graphical display is still below par in our opinion, and there are no in-house stats/metrics or live streaming options. It’s a no bells and whistles approach but it does the job!

One area that Everygame really does shine in both pre-game and in-play is parlays: odds boosts are added regularly, and players can win up to C$1,000 by entering the Parlay Prince contest or enter into raffles to win 20x $50 free bets if one leg of a five-leg parlay fails. There are also a host of bonuses that can be used in tandem with NFL live betting just by entering Everygame promo codes 3XBOOST250 when prompted, plus a huge deposit match welcome offer that’s available for newcomers.

 >>>Claim Your Bonuses Now<<<

MyBookie – The Place To Be For Super Bowl Playoffs Betting

MyBookie sportsbook has worked hard to earn a positive reputation. The online bookmaker is especially well-known for its Canadian sports offering, but they have plenty of experience in international sports like NBA, cricket, rugby, and even horse racing. However, if it’s generous Super Bowl Playoffs live betting odds you’re after, this is the place to be.

The MyBookie Super Bowl betting site is extremely easy to use. The design is minimalist, but that lack of clutter just helps pages to load faster and in-play odds to refresh quicker. There’s a plethora of markets available and the prices are some of the best around.

The generosity doesn’t just end with the odds though, thanks to a multitude of bonuses and promotions. Reload bonuses, cashback rebates, and all kinds of goodies lie in store for regular players. Not to mention a selection of enhanced offers for cryptocurrency users and other promotions for the MyBookie casino.

New players can register with the MyBookie promo code MYB50 to pick up a nice little 50% deposit match bonus of up to C$500.

 >>>Claim Your Bonuses Now<<<

XBet – One Of The Top Crypto-Friendly Super Bowl Betting Sites

Another top Super Bowl betting site for Canadian users is XBet. You can deposit several crypto tokens too, alongside more traditional payment methods, including Bitcoin Ethereum, Ripple, and Litecoin. Plus the limits on deposits and withdrawals are more than fair, making the site as accessible to part-time bettors as it is to high-rolling VIP players.

In terms of the sportsbook, you’ll be spoiled for choice. Not only are there plenty of football markets to choose from, including futures, pre-match and in-play lines. But XBet also excels in other Canadian sports, offering one of the best NBA and tennis betting products. Follow all of the action via an array of live streams and place bets easily thanks to the user-friendly interface.

A notable example is that of the welcome offer. Join the sportsbook using the XBet promo code XBET50 and collect a 100% deposit bonus worth a possible C$500. You’ll only need to play the bonus funds through 7x, which should be no problem at all given the sheer number of betting opportunities.

 >>>Claim Your Bonuses Now<<<

BetUS –  Top Super Bowl Betting Site for Live Betting Promos

With hundreds of football betting opportunities, including props, point spreads, totals, and moneyline markets, BetUS is one of the best North America’s premier sportsbooks.

Among the more exotic markets, you’ll find all kinds of interesting props. “Which team will score the longest touchdown?” is always a fun wager to get involved with. BetUS is also among the best Super Bowl betting sites.

Further, there are dozens of international sports on which to bet, not to mention a full casino product. The clean and user-friendly interface makes it easy to wager whether using your desktop or mobile device. And the friendly support team is on hand 24/7 should anything ever go wrong.

Finally, a word about the range of bonuses and promotions. There are many to choose from, including a number of specially enhanced Bitcoin bonuses. The welcome offer is a standout example, with a 200% match available for new players using the BetUS promo code FIRST200. Do note, however, that the standard signup offer is a lower 125% match worth up to C$2,500 – but that’s still pretty good!

 >>>Claim Your Bonuses Now<<<

Most Popular Markets For Super Bowl Betting

There are literally hundreds of different football betting markets available at our top-rated Canadian Super Bowl sportsbooks. However, the following three are undoubtedly the most popular with bettors.

Moneyline

The moneyline is the simplest market of all, which likely explains its popularity. All you need to do is predict which team wins the game. It doesn’t matter whether it’s the Superbowl or a regular season fixture, there will always be Super Bowl betting odds available for the moneyline.

Totals

There are different types of total on offer, but they are often centered around the combined performance of the two teams. The aim of the game is to predict whether there will be a higher or lower number.

For example, over/under 51.5 points scored in the game. If the score is 24-20, that’s a total of 44, which means bets on under would win.

Spreads

Point spread betting is a form of handicapping. Where one team is significantly better than the other, their odds will not be very attractive. So to bring the teams closer together, bookmakers will add a handicap to the underdog.

For instance, the spread may be +4, meaning that the underdog has an extra 4 points added to their team total. For the favorite to win, they now need to score at least 5 points more than their opponents.

How To Sign Up To Super Bowl Betting Sites in Canada

For most new users, getting through the registration process can be the hardest part about betting online. With that being said, the best Super Bowl betting sites make signing up for an account a quick and easy process. Most times, new users can create an account, add funds, and start betting within a few clicks.

Below, we’ll walk Canadians through the signup process at BetWhale, one of the best Super Bowl betting sites in Canada.

Step 1: Visit BetWhale

In order to begin the registration process, new users will have to open their web browser and visit BetWhale. For quick access, readers can simply click this BetWhale link.

Step 2: Sign Up

Once the main page has loaded members can click “Join” to proceed to the next step.

Step 3: Enter Personal Details

Since sports betting is subject to legal ramifications, new members will have to input and verify some of their personal information. New members will have to disclose their email, name, and date of birth. They will also be asked to set up account information, including a username, password, and four-digit security code.

Step 4: Complete Registration Process

Before signing up at BetWhale, members must agree to the terms and conditions, privacy policy, and rules. After entering accurate account information, members can check the appropriate boxes to agree to the terms and receive emails about bonuses or other promotions.

Step 5: Select Welcome Bonuses

Next, new members will be prompted to choose their welcome bonus offer. At Sports Interaction, new members can receive up to C$150 in free bets on their first deposit. To choose your bonus offer, simply click “Select this bonus”.

Step 6: Deposit Funds

After choosing the welcome bonus, Canadian members will be shown a list of accepted payment options. Simply select a payment method by clicking on the appropriate icon and type in the value of your deposit. Once members are ready to proceed, they can complete their transaction by clicking the “Deposit” button.

Where is the Super Bowl in 2024?

The Super Bowl will turn 58 in 2024, and it should be the biggest ever from a betting perspective. Here’s when and where to watch.

  • Date: Feb. 11, 2024
  • Kickoff: 6:30 p.m. ET
  • Location: Allegiant Stadium in Las Vegas, NV
  • Capacity: 72,000 for Super Bowl
  • Halftime: Usher
  • Broadcast/streaming: CBS

Conclusion

Thank you for reading our Best Super Bowl betting sites in Canada guide. We’ve covered a lot of ground and we hope that you’ve taken away some useful pearls of wisdom.

Now that you’re a fully-fledged expert in Super Bowl sports betting, it must surely be time to place a few bets. Head on over to our top-ranked sportsbook BetWhale to pick up a $1,000 welcome bonus.

Why Join BetWhale To Bet On The Super Bowl In Canada?

Canadians from coast to coast are entrusting BetWhale for their Super Bowl Sunday bets, and here’s why:

  • All adults aged 18+ are allowed to place bets.
  • winnings are Not taxed
  • Safe Betting
  • Crypto is available for bettors

 >>>Claim Your Bonuses Now<<<

How AI Threatens and Empowers Our Jobs

By
Adeniyi Odunayo David
-
0

Throughout history, humanity has witnessed the relentless march of technological progress, from the rudimentary tools of the Stone Age to the sophisticated algorithms of the Artificial Intelligence (AI) era. Each advancement has been met with skepticism and apprehension, with fears that innovation would render jobs obsolete and disrupt established norms. However, history also teaches us that these concerns have often been unfounded, as new technologies have consistently created more jobs and improved efficiency in various sectors.

The introduction of computers serves as a poignant example of how initial fears of job displacement gave way to a renaissance of opportunity. In the early days of computing, there were apprehensions that these machines would supplant human labor, making traditional tools and methods redundant. Yet, what transpired was a transformational shift where computers became indispensable tools, enhancing productivity across industries and spawning entirely new fields of employment.

Similar anxieties now surround the rise of AI technology. There is a prevailing narrative that AI will not only steal jobs but also pose existential threats to human ingenuity and autonomy. However, history suggests otherwise. Just as the advent of computers catalyzed innovation rather than stagnation, AI holds the promise of revolutionizing our approach to work and problem-solving.

The apprehension surrounding AI is understandable, given its potential to automate tasks that were previously performed by humans. Yet, what distinguishes AI from previous technologies is its capacity to augment human capabilities rather than replace them entirely. AI is not a monolithic force seeking to usurp human labor but a tool that empowers individuals to tackle complex challenges with greater efficiency and precision.

Critics argue that AI will exacerbate inequality and widen the gap between the technologically proficient and the digitally marginalized. While these concerns are valid, they fail to account for the transformative potential of AI in creating new avenues for employment and economic prosperity. As the world grapples with burgeoning population growth and escalating demands for food, healthcare, and infrastructure, AI offers a compelling solution to address these pressing needs.

The key to harnessing the full potential of AI lies in fostering collaboration between humans and machines. Contrary to popular belief, AI is not a self-sustaining entity but a product of human ingenuity and expertise. It requires human intelligence to design, implement, and refine its algorithms, thereby underscoring the symbiotic relationship between man and machine.

Moreover, the advent of AI necessitates the establishment of robust regulatory frameworks to mitigate potential risks and safeguard against misuse. Policies and laws must be enacted to govern the ethical use of AI and prevent its proliferation in the hands of malicious actors. By striking a balance between innovation and accountability, we can ensure that AI remains a force for good in the service of humanity.

Concerns have also been raised about the impact of AI on education and intellectual engagement. Skeptics argue that AI will foster complacency and stifle critical thinking skills, leading to a generation of passive learners. However, this assertion overlooks the transformative role of AI in democratizing access to knowledge and fostering collaborative learning environments.

Far from making students lazy, AI has the potential to revolutionize education by personalizing learning experiences and empowering students to explore new frontiers of knowledge. By leveraging AI-driven platforms and tools, educators can cultivate a culture of curiosity and innovation, where students are encouraged to think critically and problem-solve creatively.

As we stand on the precipice of a new era defined by AI, it is imperative that we embrace change and adapt to the evolving landscape of work and technology. The history of innovation is replete with examples of resilience and adaptability, where humans have leveraged technology to surmount seemingly insurmountable challenges.

AI is not the harbinger of obsolescence but the vanguard of progress, ushering in a new era of possibility and potential. Rather than succumbing to fear and apprehension, let us embrace the transformative power of AI to shape a future where human ingenuity knows no bounds. In the grand tapestry of history, the march of progress is inexorable, and it is our collective responsibility to seize the opportunities that lie ahead.

In conclusion, it’s important to embrace change when it arrives. Throughout history, humans have continually progressed in knowledge, evolving with each new age. AI technology represents our current era, yet even more advanced technologies will emerge in the future, likely sparking new fears. What truly matters, however, is looking beyond the present moment and focusing on the solutions these technologies offer. As we navigate the ever-changing landscape of innovation, let us remain open-minded and forward-thinking, ready to harness the transformative power of technology for the betterment of society.

Best Super Bowl Betting Promo Codes 2024 – Top 10 Promotions

By
TI Partners
-
0

Get ready to boost your Super Bowl betting experiences with the best Super Bowl betting promo codes. We’ve compiled a list of top betting sites and their offers, so you can compare the most generous football welcome offers available. Discover the best Super Bowl betting promo codes, understand how they work and how you can use them to make the most of your football betting experience.

10 Best Super Bowl Promo Codes 2024

Want to cash in on the best Super Bowl betting lines and win real money online?

For Americans who want to place bets on the Super Bowl in 2024, online sportsbooks are the best place to get started. As more sportsbooks become available in the US, citizens will have access to new betting markets, including Super Bowl props and live Super Bowl betting options.

To help NFL fans take it to the house, we’ll review the top US Super Bowl promo codes.

  1. BetWhale – Great Site For Super Bowl Betting Contests
  2. BetOnline – Great Sportsbook With Competitive NFL Futures Betting Odds
  3. EveryGame – The Best Site For Placing NFL Parlay Bets
  4. Bovada – The Top Online Sportsbook For Super Bowl Props Betting
  5. MyBookie – Excellent Betting Site For Super Bowl Betting Squares
  6. BetUS – The Best Site For Betting On The Super Bowl
  7. XBet  – Excellent Super Bowl Sportsbook With Great Odds and Contests
  8. BetNow – Sportsbook With Great Odds, Bonuses, and Sports Betting Contests
  9. BUSR – Early Super Bowl Betting Lines And Great Welcome Bonus Offer
  10. BC.Game – Super Bowl Sportsbook With Competitive Odds and Markets

Super Bowl Betting Promos

With so many Super Bowl betting promotions to choose from these days, it can be overwhelming to find the best bonuses. But fear not, as we’ve done the hard work for you and gathered the best bonuses available at trusted sites, so you can make an informed decision on where to play.

Sportsbook Sports Bonus Bonus Code
BetWhale 125% deposit bonus + free bets WHALECOME
BetOnline 50% up to $1,000 BET1000
Bovada 50% up to $1,000 NA
EveryGame 100% up to $250 3XBOOST250
XBet 50% up to $500 XBET50
BetUS 100% up to $2,500 JOIN125
BetNow 150% up to $500 BN100

 

What is a Super Bowl Betting Promo Code?

A football betting promo code is a special code provided by online sports betting websites and NFL betting apps as a way to offer special promotions, bonuses, or discounts. The code is typically entered when creating a new account or making a deposit, and it unlocks the associated bonus offer. Since using a promo code allows you to receive extra value, such as enhanced odds, free bets, or no deposit bonuses, it’s no wonder these special codes are so highly sought-after.

Bonuses Available at Super Bowl Betting Sites

Not all football betting sites offer the same bonuses, so it’s worth doing a comparison of the available options beforehand. To aid in this endeavor, we have put together all of the important information in the table below. With this information at your disposal, you’ll have the necessary details to make an informed comparison and determine the best option to suit your betting style.

Bonus Type About Best Brands
Welcome Bonuses ?     Bonuses offered by online sports betting platforms to encourage new users to join and make their first deposit.

?     Typically come in the form of bonus funds or free bets.

 Betwhale – 50% up to $1000
Existing Customer Promotions ?     Special offers and bonuses aimed at retaining and rewarding current customers.

?     Usually come as enhanced odds, cashback, free bets, and rebates.

?     Can include loyalty bonuses that reward regular players for reaching certain milestones.

 XBet – Get a 25% reload bonus up to $250 every time you fund your account
Free Bets ?     Free bet bonuses are promotions offered by sports betting sites, where users are given a specific amount of bonus funds to use as a bet, usually without the need to make a deposit.

?     These free bets can be used to place bets on specific football events, and the winnings generated from them are often awarded as real cash.

?     Most free bet bonuses come with specific terms and conditions, such as minimum odds requirements or a time limit for using the bonus funds.

 Everygame – win one of twenty $50 free bets weekly

Comparing Sign-Up Bonuses at The Super Bowl Betting Sites

In this section we compare the sign-up bonuses available at our list of Super Bowl betting sites to allow you to quickly weigh up which bonus you want to claim.

Sportsbook Sports sign-up bonus Promo code Minimum deposit Bitcoin accepted?
BetWhale 50% up to $1,000 BOL100 $20 Yes
BetOnline 50% up to $1,000 BOL100 $20 Yes
EveryGame 100% up to $250 3XBOOST250 $20 Yes
MyBookie 50% up to $1,000 Lens $50 Yes
XBet 50% up to $500 XB100 $45 Yes
BetUS 100% up to $2,500 JOIN125 $100 Yes
BetNow 150% up to $500 BN100 $20 Yes
BC.Game 50% up to $1,000 INSIDERS $100 Yes

Does Every Site Have a Bonus Code?

Super Bowl betting sites use promo codes as an effective way to attract new customers and incentivize existing ones to return. However, not all sites offer these codes, leading some sports bettors to believe they have limited options. The truth is, many betting sites offer lucrative bonuses and promotions without the need for a promo code. By simply clicking the links provided on our site and signing up for an account, you can access these offers in a matter of minutes.

It is important to note that while many betting sites do not require the use of a promo code, it is crucial to carefully review the terms and conditions of any bonuses or promotions before opting-in. This will help ensure you have a complete understanding of the requirements and expectations, and avoid any misunderstandings. In doing so, you can take full advantage of the offers and maximize your betting experience.

Why do Sportsbooks Offer Football Promo Codes?

Online sports betting sites offer football promo codes as a way to attract new customers and reward existing ones. This practice dates back to in-person sportsbooks and casinos, where complimentary items and deals were used to attract and retain customers.

Today, the same concept applies to the online sports betting industry, with sportsbooks offering promo codes as a way to compete in a highly competitive market. The use of promo codes allows sportsbooks to provide extra value to customers in the form of free bets, deposit match bonuses, and even no deposit bonuses.

This not only helps the sportsbook to stand out and attract attention, but also provides a way for bettors to increase their potential winnings. So, it’s a win-win situation for both the sportsbook and the bettor.

Super Bowl Promotion Codes

Super Bowl promo codes offer a wide range of bonuses for fans looking to place wagers on the National Football League Final. These codes come in various forms and can be used to enhance your overall betting experience. Some of the most common types of NFL sports betting promo codes include welcome bonuses, free bets, enhanced odds, increased parlays, and risk free bets.

When it comes to events to bet on, there are a variety of options available, including the Super Bowl. The Super Bowl is the biggest event in the NFL and attracts a huge amount of betting interest. Football sportsbook promo codes are often available specifically for this event, offering even more chances to win big.

So whether you’re looking to place a wager on the regular season, the playoffs, or the Super Bowl, there are plenty of sports betting promo codes available to help you take your betting experience to the next level.

How to Sign Up and Use a Promo Code for The Super Bowl

Ready to get in on the Super Bowl betting action and take advantage of epic sportsbook promo codes? We’ve got you covered. Here’s a step-by-step guide to help you sign up and use football betting promo codes using BetWhale as an example.

Step 1: Visit BetWhale 

The first step to signing up and using a promo code is to choose an online sportsbook that offers the type of betting options you are interested in. Do some research to find a reputable and trustworthy sportsbook that offers the sports and leagues you want to bet on.

Step 2.: Create a Sportsbook Account

Once you have chosen an online sportsbook, the next step is to sign up for an account. To do this, simply click on the “Sign Up” button to access the registration form. Fill out the form by providing essential details such as your name, address, email, as well as a username and password of your choice.

Additionally, you may be required to submit proof of age and identity to ensure that you meet the legal age requirement for betting. Carefully review the provided information for accuracy, familiarize yourself with the terms and conditions, and once you are satisfied, accept them and hit the “Create Account” button to complete the process.

Step 3: Deposit and Enter Promo Code

Before you complete the deposit, head to the promo code entry field and enter the football betting promotional code. By doing so, you can activate the corresponding bonus or promotion. The funds will typically be credited to your account balance automatically or applied to your next wager.

Step 4: Start Betting

After you have completed the above steps and have made your first deposit, you are now ready to start playing. Navigate to the sports or league you are interested in, select the game or event you wish to bet on, and place your wager. Be sure to keep an eye out for any additional promotions, bonuses, or special offers that may be available. Good luck, and have fun!

Get Started with Super Bowl Betting Promotions

In the fiercely competitive world of sports betting, operators are going the extra mile to attract and retain players by offering the best Super Bowl betting promo codes. These codes present substantial rewards for placing wagers on a variety of football betting options, including in-season matches, prop bets, college games, and the highly anticipated Super Bowl.

Ready to get started with the best Super Bowl sportsbook promos for 2024? You can claim all the best Super Bowl 58 betting promos by visiting those above betting sites. Currently, BetWhale promo code is leading the pack with its generous offer of a 125% deposit match welcome bonus, valued up to a maximum of $1,000.

FAQs

What is a Super Bowl betting promotion?

A Super Bowl betting promotion is a promo code or bonus designed to reward a bettor with improved odds or extra bonus bets for the upcoming Super Bowl. Possible Super Bowl betting promos include deposit matches, first-bet offers, bonus bets, odds boosts and more.

Can I use a Super Bowl sportsbook bonus?

As long as you are a new user with the sportsbook, you can sign up with any one of the betting sites listed on this page and claim an exclusive Super Bowl sportsbook bonus. Locate one of the featured BET NOW buttons on this page and click it to begin claiming up to seven Super Bowl betting bonuses. 

What sportsbooks have the best Super Bowl promos?

The sportsbooks that have the best Super Bowl promos include BetWhale, BetOnline Sportsbook, EveryGame, MyBookie, XBet and BetNow. Each one of these sportsbooks offer a unique Super Bowl betting bonus. You can sign up and register with all seven sportsbooks to maximize the amount of bonus bets you get for the Super Bowl. 

 >>>Claim Your Bonuses Now<<<

The Near Impossibility of Nigeria’s Central Bank Converting USD to Naira in Dorm Accounts

By
Ndubuisi Ekekwe
-
1

The big rumour: “There are strong indications that the Federal Government is mulling a policy that will result in the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise the national currency”.

My Response:  There is no basis to convert USD to Naira and no government can do that. If that should happen, Nigeria will become like Zimbabwe. Even if you convert USD to Naira, that does not solve the problem since most of these dollars are not in Nigerian bank vaults. I worked in the banking sector. Yes, you may not have access to USD in cash or other means to fix the forex challenges. 

Typically, they keep a few percent of FX holdings and warehouse the rest with their correspondent banks across the globe. That is why they may not have $200 to give you in cash even though they can do a wire of $20,000 for you on the same day. Why? No physical cash is in Nigeria – they’re in New York, London, etc.

So, if you think Nigeria can convert say $1 billion in a bank’s book and have access to $1 billion in US dollar cash, you are dreaming.  I worked in the bank as a young graduate and in the Systems Automation Unit, the most privileged unit in any bank in the world. I used to open the doors for the Treasury FX team to enter to have access to the FX vault area.

If you visit all the banks in Nigeria, their FX vaults do not have enough cash to cover up a percent of their dollar deposits. It makes sense since keeping physical dollars increases costs of insurance due to fire, theft, fraud, etc. So, the smart thing is to avoid that. 

So, anyone who tells you that Nigeria can convert the balance in your dorm account and exchange for Naira, and have access to your US dollar has not worked in banking. Banking is an industry where money is assumed to be everywhere but look deeper, they have transmuted that money to capital, and few money is everywhere, physically.

You can have a $1 billion USD deposit but the vault cannot accommodate $5 million in cash, and that fund is not with the central bank but scattered across the world in the form of capital since banks are designed to take money and build capital to make money. The $30 billion you may see in bank books in Nigeria could be with MTN, Unilever, Dangote Group, Airtel, etc as foreign denominated loans. That said, consult your senator as he/she is the best person to calm you down; I am just a village boy enjoying myself in this nice world.

Yet, Nigeria needs to innovate. If we have $30 billion in the dorm accounts, it does mean that Nigeria has not provided reasons for people to invest in the country. That is why I praise people like Dangote who despite all things take risks by building companies over warehousing funds in banks. The question is this: what can Nigeria do to make it exciting for people to invest those billions which are sitting idly in bank vaults? Many nations have answered that question and transitioned from invention to innovation economies.

 

Comment on LinkedIn Feed

Comment 1: What’s the difference between capital and money in this context?
I know I could have googled, but I’ve done so before and gotten different definitions.

My Response: You give a bank N1m in deposit as money. They invest that in a real estate project while making sure there’s liquidity in case you need your money. Specifically, that your money (N1m) is not idly in a bank vault. The bank believes on the faith that all depositors cannot come at the same time for their funds. So, it can keep just 20% of the money and convert the rest into capital via loans, investments, TB, bonds, etc.

That real estate firm can have a moneyman come to buy those loans, repackage them as debt assets and resell to investors, marking the percentages. Those investors are fund managers who represent family offices, etc. In an efficient system, you see N1m in your bank wallet but that money is now in real estate, debt buyers, etc. Simply, the bank has converted the N1m money into capital, unlocking massive opportunities along the way.

Money is a subset of Capital, and companies and nations which allow Money to rule over them underperform. Money does one thing: means to exchange goods and services. In short, the unit of Capital is money (i.e capital is measured in monetary terms). I explained further here

Beyond Reflective Electricity Tariffs, Nigeria MUST Still Subsidize Electricity for Industrial Customers

By
Ndubuisi Ekekwe
-
1

Question:  “Nigeria’s Minister of Power, Adebayo Adelabu, has expressed concerns over the poor electricity supply situation in the country caused by a plethora of issues including outstanding subsidy debts. One of his solutions is that Nigeria should migrate to a full cost-reflective tariff regime if the federal government cannot pay for subsidies owed. He noted that Nigeria pays the lowest tariff compared with Niger, Ghana and Ivory Coast. What is your comment?”

My Response: The Honourable Minister is correct that our electricity challenges are massive. But we know the solution. Recall that Nigeria privatized our electricity distribution (DISCO) with a juicy template on electricity rate. Many foreign investors came on that agreed rate which would have made the DISCOs profitable companies. But as soon as they completed the investment, some Nigerians went to court, and the court aborted the agreed new rates.

 With the new rates gone, DISCOs became like charities, unable to generate profits. Over time, most of them went bankrupt.  (Think of going to Court to force DSTv to show European Football for nothing, and as a result of that, over time, DSTv will not have funds to pay for  future rights). I explained these issues here in 2017 and they remain till today:

”The generation companies (gencos) do not see the pricing as optimal to waste their efforts generating power. The distribution companies (discos) do not even bother accepting all available electricity to sell to consumers. Discos think it makes no sense selling something at a loss. And the consumers do not want to see any increase because the past ones have not resulted in any improvement in power supply…Mr. President, if the court had struck the increased tariff, ask the Attorney General to support the Nigerian Electricity Regulatory Commission (NERC) which I understand is challenging the ruling in the court. Until we can fix this pricing issue, we will not make progress.”

(You can also add the reason why we do not have working water boards. In some states, water rates have not been updated for more than two decades, making such investments of no value).

So, I support increasing the electricity tariff but I also support energy subsidies. Nigeria provides gas to Ghana  and Ivory Coast to run their power plants. We also sell electricity to Niger at least before the ECOWAS sanctions. Simply, their cost of electricity should be more than Nigeria’s; that is expected.

Yet, in some of these countries, they have a strategy. There are 3 classes of electricity customers – Residential, Commercial and Industrial. You use reflective tariffs for residential (homes) and commercial (like bank offices) while you subsidize industrial (like cement, biscuit factories). In Ethiopia, Dangote Cement – an industrial customer – receives massive subsidies and runs on the national grid.  In Nigeria,  the company  is not connected to the grid and as they have an independent power plant. That creates a big problem for DISCOs – some of their best customers in Nigeria have alternatives to the national grid, and even if you invest and improve capacity, you are left with residential and low-tier commercial customers which to a large extent are challenging to serve and not as lucrative as the industrial.

Dangote Group uses about 40% of Nigeria’s total distributed energy capacity, and that is revenue lost by Discos, transmission companies and generating companies because the company has nothing to do with the national grid. Under that system, most investors do not want to invest especially in the distribution phase which remains challenging.

In summary: we can have reflective tariffs for residential and commercial customers even as we subsidize electricity and fossil fuels for productive industrial customers. 

Of course, this is wishful thinking as someone somewhere will go to court and one judge will strike down any reflective tariff since Nigeria has all the rights for cheap electricity to watch European football. If not, why should a minister be lamenting on the national media when he could effect this change himself? He knows that unless we reform the judiciary and the rascality we see everywhere, it is a waste of time. In my office in Owerri, we’re not connected to the national grid – we run on two generators and we have peace!

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