Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,783 members, 7,810,044 topics. Date: Friday, 26 April 2024 at 07:15 PM

How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) - Investment - Nairaland

Nairaland Forum / Nairaland / General / Investment / How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) (10757 Views)

Let Me Be Your Surest Exchanger For All Your Foreign Currencies / Should I Invest My 3000 Dollars Or Leave It To Appreciate (I Need Your Advice) / Nigerians Shun Naira For Foreign Currencies To Protect Wealth (2) (3) (4)

(1) (2) (Reply) (Go Down)

How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by Nobody: 4:58pm On Apr 22, 2021
This thread hit me so hard - https://www.nairaland.com/6518971/nigerians-shun-naira-foreign-currencies

I operate one of these savings accounts that you are not expected to withdraw from after some period of time. Mine is 5 years...2020-2025

But looking at the way things are going in Nigeria; especially how the Naira is jealously losing value with nothing concrete being done about it, prices of basic items skyrocketing, inflation, no meaningful interest paid on our small small savings, not being sure of what will become of this country, etc. I am seriously thinking of saving money in a more meaningful foreign currency.

Fact is: what N100k can buy in April 2021, come December 2021, that same 100k can't afford the same item.

So I want to ask...is there a way I can convert my naira into dollars and save the same in any of the commercial banks we have around here. Or is there any way at all I can be saving money in a foreign currency while being in Nigeria?

1 Like 1 Share

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by wisedon83: 5:05pm On Apr 22, 2021
Best way to save your money is to convert it to cryptocurrency
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by OlawaleBammie: 5:14pm On Apr 22, 2021
wisedon83:
Best way to save your money is to convert it to cryptocurrency
how do one convert money to crypto sef
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by wisedon83: 5:19pm On Apr 22, 2021
Chat me up on watapp so I can put you through 0 eight 0 three 4 eight 8 two 7 two 2
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by Nobody: 5:24pm On Apr 22, 2021
wisedon83:
Best way to save your money is to convert it to cryptocurrency
Which cryptos do you advise someone to buy and hold now?
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by Nobody: 5:40pm On Apr 22, 2021
Bubewilson:
Which cryptos do you advise someone to buy and hold now?
Convert the money to a stable coin called USDT and leave it there. USDT is tied to the dollar so your technically saving your money in dollars.

If you want to use the money to trade (risky) other than just saving, then you can convert the USDT to any cryptocurrency of your choice and go from there.

Hope this answers your question.

4 Likes

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by SavageResponse(m): 7:26pm On Apr 22, 2021
OlawaleBammie:
how do one convert money to crypto sef

Bubewilson:
Which cryptos do you advise someone to buy and hold now?


In my opinion cryptocurrency is not an advisable way to store your entire wealth.

The value will not continue to rise forever, at some point it will experience a correction and prices will start to fall!

Apart from this there are a lot of scams in the crypto space. If you don't know anything about crypto it will be foolish for you to go and dump your entire life saving there unless you want to cry premium tears.

My advise to you is to open a US$ dom account with a Tier 1 bank in Nigeria viz GTBank, Zenith Bank, First Bank, UBA, Access Bank and keep your money there.

Note...don't chat up anyone here to discuss your finances. By doing so you have exposed your identity and put yourself at risk because the person now has your phone number.

Anyone who wants to give you assistance regarding the process of conversion to cryptocurrency can list out the procedure here on Nairaland

40 Likes

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by fidelitystrs: 7:33pm On Apr 22, 2021
Please BEWARE OF SCAMMERS Nairaland is their market place.

9 Likes

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by OlawaleBammie: 8:14pm On Apr 22, 2021
SavageResponse:





In my opinion cryptocurreency is not an advisable way to store your entire wealth.

The value will not continue to rise forever, at some point it will experience a correction and prices will start to fall!

Apart from this there are a lot of scams in the crypto space. If you don't know anything about crypto it will be foolish for you to go and dump your entire life saving there unless you want to cry premium tears.

My advise to you is to open a US$ dom account with a Tier 1 bank in Nigeria viz GTBank, Zenith Bank, First Bank, UBA, Access Bank and keep you money there.

Note...don't chat up anyone here to discuss your finances. By doing so you have exposed your identity and put yourself at risk because the person now has your phone number.

Anyone who wants to give you assistance regarding the process of conversion to cryptocurrency can list out the procedure here on Nairaland

Respect to you elder, so apt.
Thanks

4 Likes

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by Miraj22(f): 1:07am On Apr 23, 2021
Please has anyone used rally trade before, are they safe??
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by Isuachrist: 1:45am On Apr 23, 2021
Yes, it is. You can learn a bit from this site: https://www.iwillteachyoucrypto.com/lessons
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by greenalwaz: 9:56am On Apr 23, 2021
SavageResponse:





In my opinion cryptocurreency is not an advisable way to store your entire wealth.

The value will not continue to rise forever, at some point it will experience a correction and prices will start to fall!

Apart from this there are a lot of scams in the crypto space. If you don't know anything about crypto it will be foolish for you to go and dump your entire life saving there unless you want to cry premium tears.

My advise to you is to open a US$ dom account with a Tier 1 bank in Nigeria viz GTBank, Zenith Bank, First Bank, UBA, Access Bank and keep your money there.

Note...don't chat up anyone here to discuss your finances. By doing so you have exposed your identity and put yourself at risk because the person now has your phone number.

Anyone who wants to give you assistance regarding the process of conversion to cryptocurrency can list out the procedure here on Nairaland
Indeed ds is savage response to the OP... kudos
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by jesmond3945: 2:48pm On Apr 23, 2021
SavageResponse:





In my opinion cryptocurrency is not an advisable way to store your entire wealth.

The value will not continue to rise forever, at some point it will experience a correction and prices will start to fall!

Apart from this there are a lot of scams in the crypto space. If you don't know anything about crypto it will be foolish for you to go and dump your entire life saving there unless you want to cry premium tears.

My advise to you is to open a US$ dom account with a Tier 1 bank in Nigeria viz GTBank, Zenith Bank, First Bank, UBA, Access Bank and keep your money there.

Note...don't chat up anyone here to discuss your finances. By doing so you have exposed your identity and put yourself at risk because the person now has your phone number.

Anyone who wants to give you assistance regarding the process of conversion to cryptocurrency can list out the procedure here on Nairaland
the price movement cannot be compared to foreign exchange. The benefits of crypto outweighs benefits of dorm. Even if prices fall, the subsequent price increase would cancel the effect.
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by ciencee(m): 2:54pm On Apr 23, 2021
Activist001:

Convert the money to a stable coin called USDT and leave it there. USDT is tied to the dollar so your technically saving your money in dollars.

If you want to use the money to trade (risky) other than just saving, then you can convert the USDT to any cryptocurrency of your choice and go from there.

Hope this answers your question.
how can i now buy the USDT, considering the FG ban on crypto.
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by lastmessenger: 3:21pm On Apr 23, 2021
I'm seriously going to consider opening a dorm account and save my money in dollars.

2 Likes

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by srrrr(m): 3:46pm On Apr 23, 2021
Activist001:

Convert the money to a stable coin called USDT and leave it there. USDT is tied to the dollar so your technically saving your money in dollars.

If you want to use the money to trade (risky) other than just saving, then you can convert the USDT to any cryptocurrency of your choice and go from there.

Hope this answers your question.
How much do you buy usdt. It's 500 on Binance
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by PhollyPearl: 5:40pm On Apr 23, 2021
If you stay abroad or earn in Dollars and you're not investing in Real Estate in Nigeria, You're shooting yourself in the leg... $1=N505 now!

www.oxfordbuildvest.com remains the best plug for you.

At Oxford International Group, Our Real Estate Investment Packages includes:

BUILDVEST :- 35%ROI , Duration : 12Months
MORTGAGEVEST:- 48% ROI, Duration : 16Months.

All transactions comes with Deed of Agreement and Postdated Cheque.

Contact: 08167679590 for more information.

www.oxfordgroupafrica.com
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by Nobody: 5:50pm On Apr 23, 2021
srrrr:

How much do you buy usdt. It's 500 on Binance

ciencee:

how can i nox buy the USDT, considering the FG ban on crypto.

Buy via P2P on Binance. Easy and scam free. wink
https://www.youtube.com/watch?v=Si_KLSbNSZ8
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by Zamantu(m): 6:53pm On Aug 09, 2021
Miraj22:
Please has anyone used rally trade before, are they safe??

As far as I can tell, yes. I used to trade with them at my early stage of trading but not anymore.
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by oscarvicto(m): 9:16pm On Aug 09, 2021
SavageResponse:

Well said.

U can also have in physical gold bars or online gold merchant s





In my opinion cryptocurrency is not an advisable way to store your entire wealth.

The value will not continue to rise forever, at some point it will experience a correction and prices will start to fall!

Apart from this there are a lot of scams in the crypto space. If you don't know anything about crypto it will be foolish for you to go and dump your entire life saving there unless you want to cry premium tears.

My advise to you is to open a US$ dom account with a Tier 1 bank in Nigeria viz GTBank, Zenith Bank, First Bank, UBA, Access Bank and keep your money there.

Note...don't chat up anyone here to discuss your finances. By doing so you have exposed your identity and put yourself at risk because the person now has your phone number.

Anyone who wants to give you assistance regarding the process of conversion to cryptocurrency can list out the procedure here on Nairaland
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by calculator123(m): 2:31pm On Sep 06, 2021
Activist001:

Convert the money to a stable coin called USDT and leave it there. USDT is tied to the dollar so your technically saving your money in dollars.

If you want to use the money to trade (risky) other than just saving, then you can convert the USDT to any cryptocurrency of your choice and go from there.

Hope this answers your question.

Great Idea. I converted some Naira to USDT but I want to be sure that the Binance account is safe. Is it?
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by showafrica(m): 1:18am On Sep 07, 2021
Bubewilson:
This thread hit me so hard - https://www.nairaland.com/6518971/nigerians-shun-naira-foreign-currencies

I operate one of these savings accounts that you are not expected to withdraw from after some period of time. Mine is 5 years...2020-2025

But looking at the way things are going in Nigeria; especially how the Naira is jealously losing value with nothing concrete being done about it, prices of basic items skyrocketing, inflation, no meaningful interest paid on our small small savings, not being sure of what will become of this country, etc. I am seriously thinking of saving money in a more meaningful foreign currency.

Fact is: what N100k can buy in April 2021, come December 2021, that same 100k can't afford the same item.

So I want to ask...is there a way I can convert my naira into dollars and save the same in any of the commercial banks we have around here. Or is there any way at all I can be saving money in a foreign currency while being in Nigeria?

Just use the money buy usdt or if you want take small risk buy bitcoin. Bitcoin goes up and down but and finally goes up therefore in the next five years you may have 5x the value. Naira is dead and buried... Its gonna get worst in few years time

1 Like

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by showafrica(m): 1:27am On Sep 07, 2021
lastmessenger:
I'm seriously going to consider opening a dorm account and save my money in dollars.

No try am oo, bank go finish your money. They were taken my 10$ every 6 months before i hala them. Don't do any business in this UAR organization, start leaving in spirit even if you no get visa. This country is so bad.. Goto binance, buy usdt and store in your trust wallet. If you wont be needing the money in 5yrs time.. Buy btc or etherium. I repeat, don't store any money in UAR, you will lose it oo

4 Likes

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by peejay03: 10:53am On Sep 07, 2021
Instead of the buy this and buy that or opening a dorm account in Nigeria, why not register on piggyvest and save your money in dollar. By that, you don't need to worry about one bank deducting your hard earned money or bitcoin falling. The good part about piggyvest is, your savings begin to yield interest immediately. Check out the link to their site below and register. Save yourself the unnecessary headache.

https://www.piggyvest.com/?newref=1&ref=22dabb86eb0720


Bubewilson:
This thread hit me so hard - https://www.nairaland.com/6518971/nigerians-shun-naira-foreign-currencies

I operate one of these savings accounts that you are not expected to withdraw from after some period of time. Mine is 5 years...2020-2025

But looking at the way things are going in Nigeria; especially how the Naira is jealously losing value with nothing concrete being done about it, prices of basic items skyrocketing, inflation, no meaningful interest paid on our small small savings, not being sure of what will become of this country, etc. I am seriously thinking of saving money in a more meaningful foreign currency.

Fact is: what N100k can buy in April 2021, come December 2021, that same 100k can't afford the same item.

So I want to ask...is there a way I can convert my naira into dollars and save the same in any of the commercial banks we have around here. Or is there any way at all I can be saving money in a foreign currency while being in Nigeria?
Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by ThinkDigitally1: 12:06pm On Sep 07, 2021
SavageResponse:





In my opinion cryptocurrency is not an advisable way to store your entire wealth.

The value will not continue to rise forever, at some point it will experience a correction and prices will start to fall!

Apart from this there are a lot of scams in the crypto space. If you don't know anything about crypto it will be foolish for you to go and dump your entire life saving there unless you want to cry premium tears.

My advise to you is to open a US$ dom account with a Tier 1 bank in Nigeria viz GTBank, Zenith Bank, First Bank, UBA, Access Bank and keep your money there.

Note...don't chat up anyone here to discuss your finances. By doing so you have exposed your identity and put yourself at risk because the person now has your phone number.

Anyone who wants to give you assistance regarding the process of conversion to cryptocurrency can list out the procedure here on Nairaland
if you don't know about Crypto.... You shut your gob!

Learn before earning

1 Like

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by ThinkDigitally1: 12:11pm On Sep 07, 2021
Activist001:

Convert the money to a stable coin called USDT and leave it there. USDT is tied to the dollar so your technically saving your money in dollars.

If you want to use the money to trade (risky) other than just saving, then you can convert the USDT to any cryptocurrency of your choice and go from there.

Hope this answers your question.
This is the best reply so far. In face it is an investment idea.

Just convert all to usdt....


But if you want to learn about Crypto trading, learn first.

Understand how it works. It will be foolish to invest on what you ignorant of...

Learn from educative blog and YouTube.

Remember the strategy...

When the price has crashed or is low, you buy with USDT.

When the price is the moon, you convert to usdt...


NOT A FINANCIAL ADVICE: DO YOUR OWN RESEARCH.



I'm off

1 Like

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by SenecaTheYonger: 3:27pm On Sep 07, 2021
showafrica:


No try am oo, bank go finish your money. They were taken my 10$ every 6 months before i hala them. Don't do any business in this UAR organization, start leaving in spirit even if you no get visa. This country is so bad.. Goto binance, buy usdt and store in your trust wallet. If you wont be needing the money in 5yrs time.. Buy btc or etherium. I repeat, don't store any money in UAR, you will lose it oo


$10 every six month is bad?

1 Like

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by SenecaTheYonger: 3:30pm On Sep 07, 2021
ThinkDigitally1:
This is the best reply so far. In face it is an investment idea.

Just convert all to usdt....


But if you want to learn about Crypto trading, learn first.

Understand how it works. It will be foolish to invest on what you ignorant of...

Learn from educative blog and YouTube.

Remember the strategy...

When the price has crashed or is low, you buy with USDT.

When the price is the moon, you convert to usdt...


NOT A FINANCIAL ADVICE: DO YOUR OWN RESEARCH.



I'm off

USDT or USDC? Lol the day USDT bubble will burst haha. 1 USDT has been found to be pegged to 3 cents (United states). Even BUSDis better

1 Like

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by showafrica(m): 3:42pm On Sep 07, 2021
SenecaTheYonger:



$10 every six month is bad?

Yes, if you keep quiet and they will increase it according to your balance. When I started, it was yearly, suddenly, every 6 months and suddenly they start taking it from my Naira accounts... About N4800. So waiting concern my dollar account with my Naira. I come hala them, they stop am. Banks are cooperate thieves.

4 Likes 1 Share

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by Romanticzigzag: 4:32pm On Sep 07, 2021
SavageResponse:





In my opinion cryptocurrency is not an advisable way to store your entire wealth.

The value will not continue to rise forever, at some point it will experience a correction and prices will start to fall!

Apart from this there are a lot of scams in the crypto space. If you don't know anything about crypto it will be foolish for you to go and dump your entire life saving there unless you want to cry premium tears.

My advise to you is to open a US$ dom account with a Tier 1 bank in Nigeria viz GTBank, Zenith Bank, First Bank, UBA, Access Bank and keep your money there.

Note...don't chat up anyone here to discuss your finances. By doing so you have exposed your identity and put yourself at risk because the person now has your phone number.

Anyone who wants to give you assistance regarding the process of conversion to cryptocurrency can list out the procedure here on Nairaland

Appreciate your comment, but remember you can't save in local currencies in your domiciliary accounts, you can only save in the corresponding currency it was opened..

So how does one save?

1 Like

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by SavageResponse(m): 11:30pm On Sep 10, 2021
ThinkDigitally1:
if you don't know about Crypto.... You shut your gob!

Learn before earning

It would have been better for you to disprove what I said with superior argument instead of opening that oversized orifice you call a mouth prove how idi0tic you are!

7 Likes

Re: How Can I Be Saving My Money In US Dollars (or Other Foreign Currencies) by SavageResponse(m): 11:32pm On Sep 10, 2021
Romanticzigzag:


Appreciate your comment, but remember you can't save in local currencies in your domiciliary accounts, you can only save in the corresponding currency it was opened..

So how does one save?

If you want to save then just buy forex and pay it into your dom accounts, that's what I do

1 Like

(1) (2) (Reply)

Money Lending: 8 Essential Things You Must Know. / Stock Market Tips For Nigerians / Brexit Is Shaking The Markets. Volatility Cash Outs

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 79
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.