Hello investment gurus!!

A brother of mine came to meet me and as we were discussing about savings and investment , he said his monthly savings was 300k after expenses,but what he usually does,is that he converts the naira into dollars and saves it in a dollar domicilary account he opened with first bank.

He said his money grew when naira depreciated.

I have a few millions too,but in a savings account in naira.

Is it truly beneficial to save the money in dollars as one is not ready to use it yet?
Or is better in a fixed deposit account?

Which is the best way to save money one is not ready to use yet?

Fixed deposit Naira account is better.

Don't gamble your money with Naira devaluation / Dollar appreciation, it's 50:50

Cheers..

Fostercat:
Hello investment gurus!!

A brother of mine came to meet me and as we were discussing about savings and investment , he said his monthly savings was 300k after expenses,but what he usually does,is that he converts the naira into dollars and saves it in a dollar domicilary account he opened with first bank.

He said his money grew when naira depreciated.

I have a few millions too,but in a savings account in naira.

Is it truly beneficial to save the money in dollars as one is not ready to use it yet?
Or is better in a fixed deposit account?

Which is the best way to save money one is not ready to use yet?

You and your brother are very wise with money. Investment is one of the proven ways to sustain one's finances and enhance one's financial strength. Saving up in dollars may be risky because it is not totally impossible that the naira appreciates one day when the Nigerian government gets it right. When that happens, you can lose some money. A fixed deposit, on the other hand, is a very good investment but has too little ROI but it's stable and almost risk-free. Also, you get to know how much you are expecting as your ROI before you invest.

Both saving money up in dollars and investing in the fixed deposits are ok but I would recommend a better alternative to the two options: an investment company to grow your funds for you while you are relaxing. www.ukdioninvestment.com

UK-DION INVESTMENT LIMITED is an Asset management company that is registered with the Corporate Affairs Commission (CAC) and regulated by the Securities and Exchange Commission(SEC). Our philosophy is to provide our clients with the best independent advice on their investments and help them get the best value for their money.

They are a non-banking financial institution that is into the business of asset/wealth management. The company is built on a strong foundation of integrity and professional ethics and bound by law to put clients’ interests first.

They have quite interesting and beneficial investment plans you might want to consider. I'll recommend this one called Prime Capital Investment Plan. It is more like fixed deposit in nature but with higher interest rates and a minimum of N250,000.00 investment amount and minimum of 3 months investment tenor. https://ukdioninvestment.com/portfolio/view/2 check it out

You can contact me on o8o74452363 in case you need any explanation on the company and their investment products.

Good luck