There are so many reasons to Save your Naira in Dollars and this post intends to point you to several options. We would have dwelled so much on these reasons but the recent directive by the Central bank of Nigeria to stop the sale of FX to BDC has already heightened the scarcity of Dollars for certain users.
These and many more reasons call for proactive measures to protect your money; either to earn more in dollars or to save and invest in dollars using some of the methods that this post will always be updated to contain.
You can as well bookmark this page for future reference. We will continue reviewing trusted options ( banking apps, saving apps, investment platforms, etc) to help you earn in other currencies.
Why should I save my money in dollars?
Frankly speaking, the non-changing Naira devaluation may not even be the only reason why you should Save your Nigerian Naira in Dollars (USD) as businesses and individuals. But an apparent purpose and preparedness might save one a lot of losses regarding the current trends.
No Nigerian is unaware of the fact the oil has been the bedrock of the Nation’s economy; the rise and fall of the prices of some of these core national resources may translate to the rise and fall of the values of Naira (in multiple markets).
And with the several recent economic developments in Nigeria, it has become critical for users to reconsider saving in lower or higher currencies.
Start Saving Now! Learn How to Save Naira in Dollars and Also Earn Interest
There is a number of fintech apps in Nigeria designed to make savings very easy for you. And with some of these apps you can earn descent interest from your savings.
Downloading any of these apps keeps you in line with automated savings to live above continues Naira Devaluation.
Countless financial reporters and reliable economic teams have always warned against the over-dependency on Oil. But it has become an uncontrollable reality the global drop in oil prices is piling pressure on Naira to be evaluated.
This is a result of the depleting export returns which continue to attack the foreign exchange reserves. But in case one is unsure of how these factors contribute to the Naira devaluation, it prevents and soils the central bank’s ability to support the currency.
What Devaluates a Currency?
The study of national economic histories, the implications of exports strengths and central banking systems reveal certain factors behind the continued devaluation of Naira, and other currencies around the world.
Currency devaluation is a deliberate financial adjustment against another currency, carried out by the country’s monetary authority; this is usually done in order to support the export strengths of a country and when the products and services of a national decline in value.
In the case of Naira crashing to dollars (USD), the mainstay of the economy (Oil) has continued to show general weakness, and it’s customary that her currency devaluates to support these declines.
By Definition: devaluation implies measures by monetary institutions, to improve what’s known as the country’s trade balance. This is always done to scale up the export movement of the country in times when lower trade values bring backwardness to the country’s economy.
For example, the total value of imports into Nigeria is outweighing the absolute benefits of our export as a country. These include shipping of both services and products in every aspect.
Experts have warned that unless such deficiencies are tackled, the value of Naira against the USD will continue to dwindle; and there will be no hope to salvage the worth of Naira without a deliberate national strategy.
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