SITUATION:
With Current oil price deep and Iran Coming into the Oil market. There is likely to be a further devaluation of the naira exchange to dollar as JP Morgan and other Venture Capitals Firms in the U.S Forecast the Oil to sell within $10 - $28 within the coming weeks.

Many Importers or Online Consumers are presently partaking in what is tagged ''PANIC BUYING'' i.e Buying things they do not really want and storing them just in a bid to avoid a weak purchasing currency in the coming weeks ahead. Last few weeks I purchased online @ $1 to N270 now last week it was at $1 to N285.

SOLUTION:
Save your Naira with your PayPal account. Have an estimated Budget of the amount you are willing to spend on your foreign goods and save that estimated dollars in your PayPal account while the exchange is not yet as bad as it might be in the incoming weeks ahead do not Panic Buy as this will only affect the overall end cost to the customer because of the added cost of inventory.

Search online for more steps too be able to save with PAYPAL account.
The only disadvantage about using PayPal to save is when you want to make a deposit back to your National Bank account is has a daily limit of about $500

Hope you found this info useful.

thanks but not useful with Nigerian PayPal accounts.

yamz:
thanks but not useful with Nigerian PayPal accounts.

Yes it is, I use it with my Debit Cards

Saving with your PayPal Account does not apply to Nigeria.

As you cannot fund Nigerian PayPal account or even any PayPal account anymore. To send payments, PayPal takes money directly from your bank account via your Credit/Debit Card.

So this may apply to those with foreign accounts but definitely not Nigerian account. And if i am to understand you, you are saying we should buy lots of dollars now right? if that is the case, it can be done with a domiciliary account. Buy at any BDC and deposit.

And PayPal does not support Nigerian Bank Accounts for direct withdrawals.

MrAwePresident:
Yes it is, I use it with my Debit Cards

you store dollars in your Nigerian PayPal account?