₦airaland Forum

A friend needs an advice...

He has 30k usd invested. He gets 5% annually as interest in usd...
5% interest on 30,000 annually is 1500usd
1500 * 740 = 1,110,000 in naira

He then noticed that if he had converted the money to naira, his interest would have been much better because the interest on naira is around 10% - 14%...
30000 * 740 = 22,200,000
10% interest on 22,200,000 annually is 2,220,000

Now, he's contemplating on whether to convert his money to naira for fast growth or leave it in usd. And at the same time, he is scared of naira devaluation. Anyone?

Kobicove:
If he has no immediate need for the money then it;s best to leave it in US$ since it's value is more stable

Usminous:
He /she should leave it in dollars because it's more stable than Naira or he can invest half of that money agriculture food chain business in Nigeria...N.B not perishable foods oooo and if he knows about e commerce business....then that money will tripple before the end of the year

Kobicove:
If he has no immediate need for the money then it's best to leave it in US$ since it's value is more stable

Kasdat5:
What if Tinubu , after swearing in devices mechanisms to crash dollar price in Nigeria ?

Kasdat5:
What if Tinubu , after swearing in devices mechanisms to crash dollar price in Nigeria ?

Tiwasvibe:
You don’t crash dollar prices by words of mouth. You crash dollar prices by increasing overall production level across different sectors.

Almost all the containers that come into the country returns empty . This just means our productive capacity is low. Until that changes and we can generate foreign exchange as against over reliance on imports, the dollar would continue to gain.

And when dollar price do crash, you would have seen it in the state of the economy first. It won’t happen overnight.
With our national debt? It might not happen in the president’s first 4years. (This statement is regardless of who is president).

Kasdat5:
I said "WHAT IF he initiates mechanisms to crash dollar price " ??

Tiwasvibe:
Very possible, but it won’t happen over night, and all your friend needs to do is stay reactive. Upon such sightings, he simply adjusts

Kasdat5:
Everything is a grdual process, & who's the friend you talking about ?
We all should start thinking positive about Nigeria, @ least for once , regardless...

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Tiwasvibe:
You don’t crash dollar prices by words of mouth. You crash dollar prices by increasing overall production level across different sectors.

Almost all the containers that come into the country returns empty . This just means our productive capacity is low. Until that changes and we can generate foreign exchange as against over reliance on imports, the dollar would continue to gain.

And when dollar price do crash, you would have seen it in the state of the economy first. It won’t happen overnight.
With our national debt? It might not happen in the president’s first 4years. (This statement is regardless of who is president).