What Do People Mean When They Say Save Your Money In Dollars? - Romance

What Do People Mean When They Say Save Your Money In Dollars? - Romance - Nairaland

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What Do People Mean When They Say Save Your Money In Dollars? by durentboi(op): 3:09pm On Oct 25, 2024

Is it by putting in crypto or how do you save in dollars?.

I heard putting money in bank is not advisable due to exchange rate stuff and depreciation.

How do I save in dollars?

Re: What Do People Mean When They Say Save Your Money In Dollars? by CodeTemplarr: 4:24pm On Oct 25, 2024

They are enemies of their fatherland and lovers of USA.

1 Like

Re: What Do People Mean When They Say Save Your Money In Dollars? by nazzyon(m): 5:01pm On Oct 25, 2024

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Re: What Do People Mean When They Say Save Your Money In Dollars? by Esthered: 5:09pm On Oct 25, 2024

CodeTemplarr:
They are enemies of their fatherland and lovers of USA.

Lover of our fatherland, how do you hedge against the volatility of naira to secure the value of your funds?

Re: What Do People Mean When They Say Save Your Money In Dollars? by durentboi(op): 5:14pm On Oct 25, 2024

Esthered:
Lover of our fatherland, how do you hedge against the volatility of naira to secure the value of your funds?

thanks for ur response. Please how do I save my funds in dollars

1 Like

Re: What Do People Mean When They Say Save Your Money In Dollars? by CodeTemplarr: 5:20pm On Oct 25, 2024

Esthered:
Lover of our fatherland, how do you hedge against the volatility of naira to secure the value of your funds?

volatility of naira is best navigated by Ephesians 4:28.
As you offer needed services and goods continuously, you command an income thats adjustable to the current Naira value. A person selling rice will adjust prices immediately there is an increase because he know everyone needs food two times minimum daily. Same for the farmer. Same for the transporter because either goods or people must move.
Can a person selling bleaching cream or selling sure odds for betting do same? Never.

Those speculators of yesteryear who bought dollar at maybe around N1000, they havent doubled their money up until now and the gains they even made was largely down to floating of the Naira.
Another wise man who is hustling actively, and not just storing dollar then hoping for badluck on the economy, will have trippled his investment after 18 months.

2 Likes

Re: What Do People Mean When They Say Save Your Money In Dollars? by Nazgul: 5:29pm On Oct 25, 2024

durentboi:
Is it by putting in crypto or how do you save in dollars?.

I heard putting money in bank is not advisable due to exchange rate stuff and depreciation.

How do I save in dollars?

By opening a dollar account and transferring your money there to save.

Imagine if you had 100k in 2021, and someone had $100 in his dollar account. as at that time, the dollar conversion rate was $400. So the value of his $100 was 40k.

Today, the conversion rate is about N1,700. So the value of the person's $100 is now 170k. Whereas you that had 100k in your account would keep witnessing it loose value year in year out.

That's why most top earners prefer to open a dollar account and save their money there. Cos the dollar is stable so your money wouldn't loose value.

7 Likes 1 Share

Re: What Do People Mean When They Say Save Your Money In Dollars? by durentboi(op): 5:31pm On Oct 25, 2024

Nazgul:
By opening a dollar account and transferring your money there to save.

Imagine if you had 100k in 2021, and someone had $100 in his dollar account. as at that time, the dollar conversion rate was $400. So the value of his $100 was 40k.

Today, the conversion rate is about N1,700. So the value of the person's $100 is now 170k. Whereas you that had 100k in your account would keep witnessing it loose value year in year out.

That's why most top earners prefer to open a dollar account and save their money there. Cos the dollar is stable so your money wouldn't loose value.

Now. S

thanks. I use gtbank and zenith bank. Can I open dollars account with these banks?

Re: What Do People Mean When They Say Save Your Money In Dollars? by Nazgul: 5:31pm On Oct 25, 2024

durentboi:
thanks. I use gtbank and zenith bank. Can I open dollars account with these banks?

Sure you can.

Just walk into any of their branches and they'll put you through on how to open it.

2 Likes 1 Share

Re: What Do People Mean When They Say Save Your Money In Dollars? by CodeTemplarr: 5:32pm On Oct 25, 2024

Nazgul:
By opening a dollar account and transferring your money there to save.

Imagine if you had 100k in 2021, and someone had $100 in his dollar account. as at that time, the dollar conversion rate was $400. So the value of his $100 was 40k.

Today, the conversion rate is about N1,700. So the value of the person's $100 is now 170k. Whereas you that had 100k in your account would keep witnessing it loose value year in year out.

That's why most top earners prefer to open a dollar account and save their money there. Cos the dollar is stable so your money wouldn't loose value.

Now. S

Now imagine someone else was trading with that equivalent since 2021 and growin it at 5% every month.

Re: What Do People Mean When They Say Save Your Money In Dollars? by Nazgul: 5:38pm On Oct 25, 2024

CodeTemplarr:
Now imagine someone else was trading with that equivalent since 2021 and growin it at 5% every month.

Obviously the person would be in money.

Re: What Do People Mean When They Say Save Your Money In Dollars? by Esthered: 5:55pm On Oct 25, 2024

CodeTemplarr:
volatility of naira is best navigated by Ephesians 4:28.
As you offer needed services and goods continuously, you command an income thats adjustable to the current Naira value. A person selling rice will adjust prices immediately there is an increase because he know everyone needs food two times minimum daily. Same for the farmer. Same for the transporter because either goods or people must move.
Can a person selling bleaching cream or selling sure odds for betting do same? Never.

Those speculators of yesteryear who bought dollar at maybe around N1000, they havent doubled their money up until now and the gains they even made was largely down to floating of the Naira.
Another wise man who is hustling actively, and not just storing dollar then hoping for badluck on the economy, will have trippled his investment after 18 months.

You mean that they should always increase prices to match inflation and what if it makes their goods not affordable to most of their customers who will either abandon the product or seek cheaper alternatives?
Increasing prices at every slight market shake is not sustainable in my opinion.
I'd prefer USD based investment than holding just cash assets in USD.

1 Like

Re: What Do People Mean When They Say Save Your Money In Dollars? by ahmedio2017(m): 8:20pm On Oct 25, 2024

CodeTemplarr:
Now imagine someone else was trading with that equivalent since 2021 and growin it at 5% every month.

Wow I love this response

1 Like

Re: What Do People Mean When They Say Save Your Money In Dollars? by Nazgul: 10:46am On Oct 26, 2024

Esthered:
You mean that they should always increase prices to match inflation and what if it makes their goods not affordable to most of their customers who will either abandon the product or seek cheaper alternatives?
Increasing prices at every slight market shake is not sustainable in my opinion.
I'd prefer USD based investment than holding just cash assets in USD.

Sadly there aren't any USD based investment here in Nigeria. Unless you want to go into crypto trading.

1 Like

Re: What Do People Mean When They Say Save Your Money In Dollars? by nazzyon(m): 10:47am On Oct 26, 2024*

Re: What Do People Mean When They Say Save Your Money In Dollars? by Esthered: 11:32am On Oct 26, 2024

Nazgul:
Sadly there aren't any USD based investment here in Nigeria. Unless you want to go into crypto trading.

I've heard of apps that allows one to buy foreign stocks. I don't know if people yield reasonable returns on them.

Re: What Do People Mean When They Say Save Your Money In Dollars? by Nazgul: 11:38am On Oct 26, 2024

Esthered:
I've heard of apps that allows one to buy foreign stocks. I don't know if people yield reasonable returns on them.

Most of those apps are run by Nigerians, Indians or Chinese people. And they're mostly scam designed as ponzi schemes.

2 Likes

Re: What Do People Mean When They Say Save Your Money In Dollars? by goran3310(m): 11:49am On Oct 26, 2024

Take your money and buy dollars or euros. The best thing to do is to buy Swiss francs. Keep your money in cash with you. You just hide it and don't tell anyone. I guess there are exchange offices, if there aren't then there must be street dealers. Or buy from a bank. Find the best exchange rate. The Swiss franc is the most stable currency and has the lowest inflation. It is the most valued. It is the least available because it is not a global currency. After gold, the Swiss franc, then the euro, then the US dollar. For long-term savings, it is best to buy investment gold. But if you buy it, you must not sell it for at least 5 years. Because you will lose on the difference between the purchase and sale price.

1 Like

Re: What Do People Mean When They Say Save Your Money In Dollars? by Obnoxious2001(m): 11:54am On Oct 26, 2024

durentboi:
thanks for ur response. Please how do I save my funds in dollars

There are lot of apk and outlet that allows you save in usd.

Mind you the idea of the saving in usd is to avoid depreciation. So you can save in naira as well, but you have to ensure your naira savings or investment is able to yield 30%+( a yield over the present inflation rate).

Re: What Do People Mean When They Say Save Your Money In Dollars? by goran3310(m): 11:55am On Oct 26, 2024

There are a lot of counterfeit dollars and you have to pay close attention. The Swiss franc cannot be facified. Banknotes are made of polymer and have trademarks everywhere. You can see from 10 meters away that the banknote is real.
https://www.snb.ch/en/the-snb/mandates-goals/cash/new-banknotes/security-concept

Re: What Do People Mean When They Say Save Your Money In Dollars? by goran3310(m): 11:59am On Oct 26, 2024

https://www.snb.ch/en/the-snb/mandates-goals/cash/all-series/series-9#t15
Valid Swiss franc banknotes. 9th series only!

Re: What Do People Mean When They Say Save Your Money In Dollars? by goran3310(m): 12:03pm On Oct 26, 2024

Obnoxious2001:
There are lot of apk and outlet that allows you save in usd.

Mind you the idea of the saving in usd is to avoid depreciation. So you can save in naira as well, but you have to ensure your naira savings or investment is able to yield 30%+( a yield over the present inflation rate).

How realistic is that? In conditions of inflation, banks often fail. What will happen to your deposit then?

Re: What Do People Mean When They Say Save Your Money In Dollars? by Esthered: 12:10pm On Oct 26, 2024

Nazgul:
Most of those apps are run by Nigerians, Indians or Chinese people. And they're mostly scam designed as ponzi schemes.

Re: What Do People Mean When They Say Save Your Money In Dollars? by Nobody: 12:51pm On Oct 26, 2024

durentboi:
Is it by putting in crypto or how do you save in dollars?.

I heard putting money in bank is not advisable due to exchange rate stuff and depreciation.

How do I save in dollars?

You might not make profit but they it helps maintain the value of your money.

1 Like 1 Share

Re: What Do People Mean When They Say Save Your Money In Dollars? by Esthered: 2:20am On Oct 27, 2024

Nazgul:
Most of those apps are run by Nigerians, Indians or Chinese people. And they're mostly scam designed as ponzi schemes.

I never knew.

Re: What Do People Mean When They Say Save Your Money In Dollars? by Nobody: 4:16am On Oct 27, 2024

DeFi or nothing

Re: What Do People Mean When They Say Save Your Money In Dollars? by Obnoxious2001(m): 6:39am On Oct 27, 2024

goran3310:
How realistic is that? In conditions of inflation, banks often fail. What will happen to your deposit then?

Your regular bank is different from an investment bank or asset management.
Some examples of this investment banks are cowry asset manager ,Stanbic IBTC Capital etc them plenty.

To answer your questions, in case of inflation, if the inflation rate is higher than your interest (the return) nothing you can do your money is devalued.

By the way there are other was to curb inflation via commodities etc

Re: What Do People Mean When They Say Save Your Money In Dollars? by nazzyon(m): 10:23am On Oct 27, 2024*

1 Reply

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