Alexxien:

Lol....Patriotic This currency, that currency, our currency, their currency; this thinking are old ideas. In this globalization era we are in, I am in complete support of the whole world having just a single currency; The dollar should be that currency as it as proven itself to be far superior against all other currencies.

With the way the dollar is crushing every other currency in the world non stop, If the idea of making the dollar the only currency in the world is been proposed; I am certainly sure this failed government and every other failed government out there will be glad to have it. As they have certainly, confidently, clearly, obviously, woefully, completely failed against it. It will be a way to burn evidence of their failure. Please throw patriotism away and stack the dollar as much as you can!!!! Stack it like your life depends on it.

Look at this learner. USD is only crushing other strong currencies right now. Euro (because of the Russia/Ukraine war) and pounds (because of their tax cuts) while investors are flocking to the US because of their high interest rates. And this is driving up the dollar.

Some years, like last year, the USD actually was the weakest. And if you are holding USD when it weakens, you are screwed. Trust me.

Of course Naira cannot be compared to these currencies but if you ask someone to keep all their money in USD, they may end up regretting it. Especially if they make a lot of transactions in various foreign currencies…

narite:

Are you subtly saying this is the End of the “Naira”?

It's far from that. Countries have seen much worse. We reap the consequences of our decisions.

jedisco:


It's far from that. Countries have seen much worse. We reap the consequences of our decisions.

This present administration just want to make sure they completely ruin things before they leave office. Clearly, this is a sabotage. If I may ask, when this Current regime leaves office; can the Naira still go back to the current bank rate 490-500?

jedisco:


It's far from that. Countries have seen much worse. We reap the consequences of our decisions.

Gbamsulotely, end of thread, the law of retributive justice always holding koboko to flog anyone, government or institutions that violates it, you can't plant maize and expect to reap cassava and you can't keep churning out Oluwole and burukutu economic policies and expect to Reap heavenly results

AngelicBeing:
Gbamsulotely, end of thread, the law of retributive justice always holding koboko to flog anyone, government or institutions that violates it, you can't plant maize and expect to reap cassava and you can't keep churning out Oluwole and burukutu economic policies and expect to Reap heavenly results

AngelicBeing:
Gbamsulotely, end of thread, the law of retributive justice always holding koboko to flog anyone, government or institutions that violates it, you can't plant maize and expect to reap cassava and you can't keep churning out Oluwole and burukutu economic policies and expect to Reap heavenly results

Well said

Labadi69:


Is that seriously something to celebrate when your currency is devaluing very sharply?

And so? At least one is investigating in naira. Biko free me oo

richforever123:


If you live in Nigeria you will still convert that dollar to buy things at an exorbitant rate, if you work in Nigeria, the future income you make will be worthless, this is short-term gratification for bigger problems, the problem with Nigeria is Nigerians from the Richest to the Peasant, we are all the same thing

Ding! It's shocking otherwise brilliant minds on this thread don't get it.

As long as one earns in naira, and spends in naira, whatever gains he/she makes will useless in long run as our currency continues to dip

bjtinz:


Ding! It's shocking otherwise brilliant minds on this thread don't get it.

As long as one earns in naira, and spends in naira, whatever gains he/she makes will useless in long run as our currency continues to dip

There’s real estate too.

bjtinz:


Ding! It's shocking otherwise brilliant minds on this thread don't get it.

As long as one earns in naira, and spends in naira, whatever gains he/she makes will useless in long run as our currency continues to dip

Okay. Compare it to leaving your money in Naira while prices keep increasing. Do you still feel like a brilliant mind?

chigo4u:

There’s real estate too.

I sold USD and some crypto in 2017 and invested in student housing around campus.
I have not only lost money due to devaluation but incessant ASUU strikes have decimated my rental income also (because students who are not in school don't pay rents).
To state the numbers, i have lost over 40% on that money in USD terms.
How has real estate in Nigeria helped you preserve your wealth?

Labadi69:


Not to talk of where person go keep the money (huge security risk to keep at home and keeping in dom account na real OYO)

This is the huge dilemma! Please any clues on a better hideaway?

CBN is continuing to print money for the government.
My theory is that as long as this reckless monetary expansion continues, Naira will keep losing value.

https://nairametrics.com/2022/11/04/ways-and-means-cbn-lends-government-additional-n749-billion-in-september/

seemples:


This is the huge dilemma! Please any clues on a better hideaway?

If you can open an account offshore, that’s the best traditional (old school) way. This is not easy for most people sha. Because of strict account opening regulations, especially for Nigerians. But nothing is impossible.

Bear in mind that you may pay fees/charges to maintain offshore current accounts and also when sending money to and fro your dom account in Naija. And this may end up eating into whatever gains you make.

Also, the interest rates for the USD in those accounts are poor when compared to what we get in Naija. Infact na just recently, the rates started increasing as the fed raised interest rates to curb inflation. You will be lucky if you get more than 0.5% for savings accounts and 2% for fixed deposits.

Lastly, many offshore accounts will ask for minimum of 100k USD and take forever to complete KYC for Nigerians (because of the country’s bad reputation).

All the best…

seemples:


This is the huge dilemma! Please any clues on a better hideaway?

You can open a US based bank account on Payoneer or Wise.
If you fully want to diversify, buy a property in Dubai and get a golden residency. You can then open a bank account. You will face tough times during KYC but if you have nothing to hide, then you are fine.
I have never been debited for any fees or charges (except transfer) on my personal accounts.

seemples:


This is the huge dilemma! Please any clues on a better hideaway?

Buy BUSD on Binance and keep it in Wallet like Metamask or TrustWallet

Labadi69:


If you can open an account offshore, that’s the best way. This is not easy for most people sha. Especially for Nigerians, but nothing is impossible.

Bear in mind that you may pay fees/charges to maintain offshore current accounts and also when sending money to and fro your dom account in Naija. And this may end up eating into whatever gains you make.

Also, the interest rates for the USD in those accounts are poor when compared to what we get in Naija. Infact na just recently, the rates started increasing as the fed raised interest rates to curb inflation. You will be lucky if you get more than 0.5% for savings accounts and 2% for fixed deposits.

Lastly, many offshore accounts will ask for minimum of 100k USD and take forever to complete KYC for Nigerians (because of the country’s bad reputation).

All the best…

Thank you so much.

Olaide1295:

You can open a US based bank account on Payoneer or Wise.
If you fully want to diversify, buy a property in Dubai and get a golden residency. You can then open a bank account. You will face tough times during KYC but if you have nothing to hide, then you are fine.
I have never been debited for any fees or charges (except transfer) on my personal accounts.

Thanks alot

richforever123:


Buy BUSD on Binance and keep it in Wallet like Metamask or TrustWallet

Many thanks sir

richforever123:


If you live in Nigeria you will still convert that dollar to buy things at an exorbitant rate, if you work in Nigeria, the future income you make will be worthless, this is short-term gratification for bigger problems, the problem with Nigeria is Nigerians from the Richest to the Peasant, we are all the same thing

I agree that there are bigger problems but which of us on this forum can solve that problem? Even the entire EU is facing weakening currency against the dollar. So na by investing 1m in tbills go solve the problems?

You guys on this forum always want to misconstrue my point.

Step 1.
Anyone that has a discretionary income of 500k can already start investing in USD even from today. I started buying AAPL shares when dollar was 320 to a dollar. With 500k discretionary, that was about $1562, today it can only get $588.

Step 2.
Have dollar income. Learn a skill if you're young, you will be paid global rates from Nigeria. E.g software development, product design, project management, writing e.t c

Step 3
Get dividends from your USD investment. Nothing sweet like earning a strong currency passively.

bjtinz:


Ding! It's shocking otherwise brilliant minds on this thread don't get it.

As long as one earns in naira, and spends in naira, whatever gains he/she makes will useless in long run as our currency continues to dip

How una they always talk this kind thing with confidence na??

See an example and tell me how the gains is useless.

Mr Local and Mr Global have a kid in Covenant university with school fees 1m per session.

Mr Global
Year 2021: He bought $2000 with the 1m
Year 2022: He only has to convert $1200 to pay the fees and has $800 kept.

Mr Local
Year 2021: He invested the 1m in tbills
Year 2022: He now has 1.08m. He pays 1m fees and has 80k saved.

Tobex4realTobex234:


How una they always talk this kind thing with confidence na??

See an example and tell me how the gains is useless.

Mr Local and Mr Global have a kid in Covenant university with school fees 1m per session.

Mr Global
Year 2021: He bought $2000 with the 1m
Year 2022: He only has to convert $1200 to pay the fees and has $800 kept.

Mr Local
Year 2021: He invested the 1m in tbills
Year 2022: He now has 1.08m. He pays 1m fees and has 80k saved.

What you are saying is wise and I have implemented such, but I won't come here celebrating an economical degradation, because if we reach the way of lebanon what you explained will happen but at a much greater loss

Tobex4realTobex234:


I agree that there are bigger problems but which of us on this forum can solve that problem? Even the entire EU is facing weakening currency against the dollar. So na by investing 1m in tbills go solve the problems?

You guys on this forum always want to misconstrue my point.

Step 1.
Anyone that has a discretionary income of 500k can already start investing in USD even from today. I started buying AAPL shares when dollar was 320 to a dollar. With 500k discretionary, that was about $1562, today it can only get $588.

Step 2.
Have dollar income. Learn a skill if you're young, you will be paid global rates from Nigeria. E.g software development, product design, project management, writing e.t c

Step 3
Get dividends from your USD investment. Nothing sweet like earning a strong currency passively.

I must say, these are great point, but note that I never said investing in Treasury Bills was the solution

What's the solution?

richforever123:


I must say, these are great point, but note that I never said investing in Treasury Bills was the solution

Gold

QuinModah:
What's the solution?

With the fall in the value of the Naira and the surging inflation rate, how do you preserve and grow your wealth?

You can diversify and invest with us through our forex fund management service in other to beat the high inflation rate, preserve/increase your purchasing power and at the same time build your wealth in an inflationary economy. Visit the link below.

https://www.nairaland.com/7349176/worlds-most-consistently-profitable-forex

richforever123:


What you are saying is wise and I have implemented such, but I won't come here celebrating an economical degradation, because if we reach the way of lebanon what you explained will happen but at a much greater loss

Not sure anybody here is rejoicing over what is happening in Nigeria as we are all Nigerians but there comes a time when one must look out for his/her personal interest.

The collapse of naira in the last 8 years means most people would be better off holding a strong currency rather than investing in any naira denominated instrument.

Open a Domiciliary account in Nigeria. Its quite simple and safe.

Labadi69:


If you can open an account offshore, that’s the best traditional (old school) way. This is not easy for most people sha. Because of strict account opening regulations, especially for Nigerians. But nothing is impossible.

Bear in mind that you may pay fees/charges to maintain offshore current accounts and also when sending money to and fro your dom account in Naija. And this may end up eating into whatever gains you make.

Also, the interest rates for the USD in those accounts are poor when compared to what we get in Naija. Infact na just recently, the rates started increasing as the fed raised interest rates to curb inflation. You will be lucky if you get more than 0.5% for savings accounts and 2% for fixed deposits.

Lastly, many offshore accounts will ask for minimum of 100k USD and take forever to complete KYC for Nigerians (because of the country’s bad reputation).

All the best…

Diversification e.g. convert anything above your local expenses to FX. Some might suggest real estate. However FX is liquid but real estate is not. Thus it depends on one's convertibility needs in future.

QuinModah:
What's the solution?

skydiver01:
Open a Domiciliary account in Nigeria. Its quite simple and safe.

Hahaha..wait until there is serious scarcity of dollars and see if you will still see your dollar savings waiting for you there in the dom account..and we are getting there.

Exchange control is actually the first policy the Central Bank enforces in a country that’s in a serious fx crisis. Only a fool converts all his money from Naira to usd and then keeps it all in a dom account.

Even now sef, many times man pikin go enter bank to withdraw dollars and the cashier go say dollar don finish. Come back next week. Or you will see them rationing dollars. Imagine wanting to withdraw money for your child’s school fees and hearing say your life savings dey lockdown?

Didn’t you read where I said ‘to and from your dom account in Naija’. For your mind, you go just think say all these ppl daft sha. Dem never hear about dom account? Hahaha

As you are reasoning this dom account, remember Lebanon. Government forced people to withdraw their dollars in the local currency at official rate. At a point, they even started rationing withdrawals to the extent that people were robbing banks for their own money.

May we not get to that point.

bjtinz:


And so? At least one is investigating in naira. Biko free me oo

Abeg how do you investigate in Naira? Just asking for a friend