₦airaland Forum

GreaterFuture:
You sure, is it not volatile like other coins too?
Recommend the best wallet to store it in

Oga stablecoin are not volatile, that's why I said do DYOR

As for wallet, TrustWallet, or TokenPocket

GreaterFuture:
Best wallet for USDT

Trust wallet is very much ok and decentralised (you will have your own private keys). Downloadable on Google play store etc.

BadNews:
GTBANK IS THE BEST FOR DOLLAR ACCOUNT

Could you state your reasons

DrLevi:
Could you state your reasons

They charge once In a year for bank charge

Truth234:
First, given the Nigeria's unstable economic situation and policymakers' fire brigade approach to foreign exchange and other economic matters. It is important to have a more stable savings account that can help curtail, manage and even profit from their recklessness or cluelessness.

Nigeria is a petrol-dollar economy. This simply means that Nigeria, Africa's largest economy with population of 200 million, have to sell crude oil to generate the US dollar needed to service her economy. Suggesting that any time OPEC or OPEC+ capped Nigeria's production or Millitants strike, the economy will suffer as the healthiness of the economy is directly tied to her foreign reserves (an account where all foreign revenues are kept for use).

However, the reason we suffer so much or why we have high forex volatility is because Nigeria is an import dependent economy. We import over 90 percent of what we consume due to our weak manufacturing sector. This, also explains the high unemployment rate of 33.33 percent since we export all of our jobs.

Now, here is how to mitigate the risk associated with this unpredictable nature of the Nigerian economy. Read one of my articles titled How to Save, Invest and Earn in US Dollar in Nigeria https://investorsking.com/2021/06/28/how-to-save-invest-and-earn-in-us-dollar-in-nigeria/

OPEN a Domicilary Account

Recently, I discovered a better and economically viable Domicilary Savings Account (FCMB, pls note this is purely for information purposes and not paid ads).

This account can be opened with just $10, Euro or Pound depending on your type of account.

Here is why I think this is better for people looking to start saving in USD, especially the youth.

Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
Allows for Foreign Currency Salary payments and cash lodgement.
Account can be operated either as an individual or a joint account
NO charge on cash withdrawal.
Offers Issuance of foreign currency denominated drafts
Free E-mail transaction notifications
Free monthly electronic statements

Requirements for Opening FCMB Domicilary Savings Account - the most straightforward I have seen

Completed account opening form
1 passport photograph
Minimum of 18 years-old and provide the following:
International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

To read more on FCMB Domicilary Savings Account click https://www.fcmb.com/domiciliary-savings-account

Any more question? Ask me.

Thank you very much!
Thanks

Winters23:
@samuelLoch if this advice you seek is from 10yrs ago I would have said open the dam account and change some naira to dollar.

But this is 2021 and the world have moved on from this kind of thinking except you plan to receive foreign currency on a regular basis through the account.

However, if you have some naira you want to secure from inflation I will advise you download trust wallet or metamask and get yourself a stable coin.

Nobody can access or close down your account like cb forking n just did to abokifx as long as you secure your keys.

Thanks a lot!
I would check Trust Wallet out

GreaterFuture:
Lol, @bolded, did he actually say that?

if I not mistaken, it is here on Nairaland. Maybe the link was fake back then, but it was here.

yetunsbay:
assume CBN roll out one unfavourable policy for dom acct thereby defeating ur tenet of opening such

Did you read my last sentence?

Truth234:
First, given the Nigeria's unstable economic situation and policymakers' fire brigade approach to foreign exchange and other economic matters. It is important to have a more stable savings account that can help curtail, manage and even profit from their recklessness or cluelessness.

Nigeria is a petrol-dollar economy. This simply means that Nigeria, Africa's largest economy with population of 200 million, have to sell crude oil to generate the US dollar needed to service her economy. Suggesting that any time OPEC or OPEC+ capped Nigeria's production or Millitants strike, the economy will suffer as the healthiness of the economy is directly tied to her foreign reserves (an account where all foreign revenues are kept for use).

However, the reason we suffer so much or why we have high forex volatility is because Nigeria is an import dependent economy. We import over 90 percent of what we consume due to our weak manufacturing sector. This, also explains the high unemployment rate of 33.33 percent since we export all of our jobs.

Now, here is how to mitigate the risk associated with this unpredictable nature of the Nigerian economy. Read one of my articles titled How to Save, Invest and Earn in US Dollar in Nigeria https://investorsking.com/2021/06/28/how-to-save-invest-and-earn-in-us-dollar-in-nigeria/

OPEN a Domicilary Account

Recently, I discovered a better and economically viable Domicilary Savings Account (FCMB, pls note this is purely for information purposes and not paid ads).

This account can be opened with just $10, Euro or Pound depending on your type of account.

Here is why I think this is better for people looking to start saving in USD, especially the youth.

Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
Allows for Foreign Currency Salary payments and cash lodgement.
Account can be operated either as an individual or a joint account
NO charge on cash withdrawal.
Offers Issuance of foreign currency denominated drafts
Free E-mail transaction notifications
Free monthly electronic statements

Requirements for Opening FCMB Domicilary Savings Account - the most straightforward I have seen

Completed account opening form
1 passport photograph
Minimum of 18 years-old and provide the following:
International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

To read more on FCMB Domicilary Savings Account click https://www.fcmb.com/domiciliary-savings-account

Any more question? Ask me.

Is d FCMB dorm acct savings or current. If savings is it for cash deposit or transfer or both?

Sure, why not...It will even help u earn more by investing it an investing bank.

Krismas:
Is d FCMB dorm acct savings or current. If savings is it for cash deposit or transfer or both?

savings and both to the other question.

[code][/code]

GreaterFuture:
Lol, @bolded, did he actually say that?

https://www.pulse.ng/news/local/buhari-says-you-can-leave-nigeria-if-you-want/47114mz

Just buy crypto.... And if u need just dollars biy usdt.... Why..cos with dom account you cant always have ur dollars whenever u need it. And if u want the naira equivalent maybe cos u cant wait for them to have dollars u will mostly get a very bad rate..

PerfectlyPerfect:
It'll be more beneficial to you to open a binance account and save your funds in USDT than putting it into any Nigerian bank

Noted amongst other options.
Thank you

Truth234:
First, given the Nigeria's unstable economic situation and policymakers' fire brigade approach to foreign exchange and other economic matters. It is important to have a more stable savings account that can help curtail, manage and even profit from their recklessness or cluelessness.

Nigeria is a petrol-dollar economy. This simply means that Nigeria, Africa's largest economy with population of 200 million, have to sell crude oil to generate the US dollar needed to service her economy. Suggesting that any time OPEC or OPEC+ capped Nigeria's production or Millitants strike, the economy will suffer as the healthiness of the economy is directly tied to her foreign reserves (an account where all foreign revenues are kept for use).

However, the reason we suffer so much or why we have high forex volatility is because Nigeria is an import dependent economy. We import over 90 percent of what we consume due to our weak manufacturing sector. This, also explains the high unemployment rate of 33.33 percent since we export all of our jobs.

Now, here is how to mitigate the risk associated with this unpredictable nature of the Nigerian economy. Read one of my articles titled How to Save, Invest and Earn in US Dollar in Nigeria https://investorsking.com/2021/06/28/how-to-save-invest-and-earn-in-us-dollar-in-nigeria/

OPEN a Domicilary Account

Recently, I discovered a better and economically viable Domicilary Savings Account (FCMB, pls note this is purely for information purposes and not paid ads).

This account can be opened with just $10, Euro or Pound depending on your type of account.

Here is why I think this is better for people looking to start saving in USD, especially the youth.

Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
Allows for Foreign Currency Salary payments and cash lodgement.
Account can be operated either as an individual or a joint account
NO charge on cash withdrawal.
Offers Issuance of foreign currency denominated drafts
Free E-mail transaction notifications
Free monthly electronic statements

Requirements for Opening FCMB Domicilary Savings Account - the most straightforward I have seen

Completed account opening form
1 passport photograph
Minimum of 18 years-old and provide the following:
International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

To read more on FCMB Domicilary Savings Account click https://www.fcmb.com/domiciliary-savings-account

Any more question? Ask me.

Can I make transfers using the bank app?
Access bank offers this function.

BadNews:
They charge once In a year for bank charge

That's good but is that enough to be the best?

earthstronaut:
Can I make transfers using the bank app?
Access bank offers this function.

Yes

DrLevi:
That's good but is that enough to be the best?

Google About Gtbank Dollar Master Card

tunde4top:
Good but not the best when you actually want to take the best advantage out of the constant inflation of Naira against the dollar

The same government through their banks will still determine the conversion rate of the saved dollar back to Naira which definitely will be lesser than the black market price.

The banks are wise. They buy dollar from you at Inter-bank rate and sell dollar for you at black market rate.

You will also be regulated on your own money. How much you can spend per time, etc. With the constant change in rules by the CBN, you can wake up tomorrow and hear that all your dollars has been automatically converted to Naira by the new CBN rule at 400 dollar.

The least you can do to best take advantage of the constant devaluation of Naira is to open a Stable coin wallet like USDT and save digital dollars there.

How do u open dis stable coin

niel63:
I just opened one with Fidelity Bank... going to collect my card and details tomorrow.

Requirements:
2 references
Any valid form of identification... NIN preferably.
Passport photograph
Proof of address (Nepa Bill, waste management, etc)
And your $100

I went with Uncle Fide for some reasons and they seem to be very flexible too...
Naira is becoming a Joke. I'd stop charging clients in Naira anyways...
Imagine collecting naira and you want to pay for any cloud service, na there better premium tears go dey flow...

Modified:
I practically used Barter to pay for most of my cloud based infrastructures until recently... just imagine, they provided me with a dollar $ account, I tried it... received just $100 in it... the next thing these people seized the money, prevented me from withdrawals and asked me to submit a picture of me holding my ID and told me to tell the client to snap the card they used in making the payment. Lol... I burst ... so furious I replied them with an answer they never expected and before you know it, they apologised and asked me to send whatsapp chat proof of the transaction and what it was meant for. Sigh... after doing their stupid KYC compliance last year.
These people are so clueless... Long story short, Las Las when they opened it after like 6days, they gave me #41,000 for $100 but would charge you #57,000 to load dollars... you see the scam.
I rush go open domiciliary account. So in retrospect, you need a dom account to have peace on mind first with USD transactions in 9ja.

I laughed after reading the text in your email.
Thanks a lot, for your contribution!

TenQ:
Why should you own a domiciliary account?
1. Do you buy things online?
With your Naira debit card, your maximum limit is $100 per month, however with your domiciliary account, there is no limit of how much you can spend.
2. With the depreciating Naira, your savings should be in dollars and not the Naira. With the way these politicians and APC is managing our economy, the Naira is going to fall to N700 to a dollar before it slows down
3. Do you intend to make money online? Your domiciliary account is your best bet to receive such funds.

Top-notch!
Thanks

No, Naira will not go extent. CBN will simply pass a new law converting all the monies in the domiciliary accounts to naira at the official exchange rate. OP, please I beg you, do download a binance wallet now and keep your money there to avoid stories that touch. With your domiciliary account in a Nigerian bank, you're really no different from someone who owns a naira savings account. You're just one regulation away from having your money lose immense value.

diamond88:
If everyone does.... Naira will extinct

Truth234:
First, given the Nigeria's unstable economic situation and policymakers' fire brigade approach to foreign exchange and other economic matters. It is important to have a more stable savings account that can help curtail, manage and even profit from their recklessness or cluelessness.

Nigeria is a petrol-dollar economy. This simply means that Nigeria, Africa's largest economy with population of 200 million, have to sell crude oil to generate the US dollar needed to service her economy. Suggesting that any time OPEC or OPEC+ capped Nigeria's production or Millitants strike, the economy will suffer as the healthiness of the economy is directly tied to her foreign reserves (an account where all foreign revenues are kept for use).

However, the reason we suffer so much or why we have high forex volatility is because Nigeria is an import dependent economy. We import over 90 percent of what we consume due to our weak manufacturing sector. This, also explains the high unemployment rate of 33.33 percent since we export all of our jobs.

Now, here is how to mitigate the risk associated with this unpredictable nature of the Nigerian economy. Read one of my articles titled How to Save, Invest and Earn in US Dollar in Nigeria https://investorsking.com/2021/06/28/how-to-save-invest-and-earn-in-us-dollar-in-nigeria/

OPEN a Domicilary Account

Recently, I discovered a better and economically viable Domicilary Savings Account (FCMB, pls note this is purely for information purposes and not paid ads).

This account can be opened with just $10, Euro or Pound depending on your type of account.

Here is why I think this is better for people looking to start saving in USD, especially the youth.

Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
Allows for Foreign Currency Salary payments and cash lodgement.
Account can be operated either as an individual or a joint account
NO charge on cash withdrawal.
Offers Issuance of foreign currency denominated drafts
Free E-mail transaction notifications
Free monthly electronic statements

Requirements for Opening FCMB Domicilary Savings Account - the most straightforward I have seen

Completed account opening form
1 passport photograph
Minimum of 18 years-old and provide the following:
International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

To read more on FCMB Domicilary Savings Account click https://www.fcmb.com/domiciliary-savings-account

Any more question? Ask me.

True yarnings..

Import don too much. Import don choke the economy..

Botking:
Oga stablecoin are not volatile, that's why I said do DYOR

As for wallet, TrustWallet, or TokenPocket

I have being goin true all your comment,

I don't knw if I can get some pasonal enlightenment from you

Please can you send me message on whatsapp

Zero 8 four 7 double 4 seven 3 two

Thanks in advance

Winters23:
@samuelLoch if this advice you seek is from 10yrs ago I would have said open the dam account and change some naira to dollar.

But this is 2021 and the world have moved on from this kind of thinking except you plan to receive foreign currency on a regular basis through the account.

However, if you have some naira you want to secure from inflation I will advise you download trust wallet or metamask and get yourself a stable coin.

Nobody can access or close down your account like cb forking n just did to abokifx as long as you secure your keys.

Thank you

Why asking

There's a rumour that FG may convert all monies in Dom accounts to Naira... No smoke without fire.

olametrix:
I have being goin true all your comment,

I don't knw if I can get some pasonal enlightenment from you

Please can you send me message on whatsapp

Zero 8 four 7 double 4 seven 3 two

Thanks in advance

Contract me on telegram @robotking1
Or digitalcryptocurrencies@gmail.com

owagbeba:
Yes, I am a bit of an old school.

But these crypto’s are quite unstable? A tweet from Tesla dude could make a crypto shed a few grands. Not stable at all

USDT are the most stable, it doesn't go up neither does it go down

olyrayy:
You need:

1. An ID document.

2. Referees from two people with a non-salary current account.

3. Some banks require you to have an initial deposit. I've used GTB and they don't require a pre-existing deposit.

4. Miscellanous.

You should get a domiciliary account to protect yourself from naija inflation. If you have a substantial amount, switch from a dom account to a stablecoin.

Emefiele is a mad man. He can seize all the funds from domiciliary accounts if he runs out of ideas.

haha please

tunde4top:
Good but not the best when you actually want to take the best advantage out of the constant inflation of Naira against the dollar

The same government through their banks will still determine the conversion rate of the saved dollar back to Naira which definitely will be lesser than the black market price.

The banks are wise. They buy dollar from you at Inter-bank rate and sell dollar for you at black market rate.

You will also be regulated on your own money. How much you can spend per time, etc. With the constant change in rules by the CBN, you can wake up tomorrow and hear that all your dollars has been automatically converted to Naira by the new CBN rule at 400 dollar.

The least you can do to best take advantage of the constant devaluation of Naira is to open a Stable coin wallet like USDT and save digital dollars there.

Good