Due to the unstable nature of Naira and Nigeria's unpredictable political future, I have been searching for ways to convert all or 80% of my Savings to Dollars. Going through the banks is a No-No for reasons best known to all. I searched the internet for possible solutions and I came across Piggyvest Flex Dollars Savings and investment. I have gone through their website and read through their offerings and promises and I can say they are interesting. They even claimed that funds are insured and they are licensed Microfinance bank. I will appreciate an objective review of their claims by professionals here and long-standing customers. How well and how true are funds insured from bureaucratic and governmental fallouts?

I don't know about piggyvest but have u considered barter from Flutterwave?

Piggyvest is safe

wealthgoddess:
I don't know about piggyvest but have u considered barter from Flutterwave?

I have an account with them, I thought they were all about the virtual dollars card and not a long term saving instrument. I will look into them again. Thank you for your prompt feedback.

CollinsJacob1:
Piggyvest is safe

Yes they claimed that but how well and how true are funds insured from bureaucratic and governmental fallouts?

If you don't trust them you can convert your funds to Usdt and keep in your crypto wallet

Sharmeenator:

Yes they claimed that but how well and how true are funds insured from bureaucratic and governmental fallouts?

I like the idea of cryptocurrency but the speculative nature is not best for saving all ones fortune. What is Usdt by the way?

CollinsJacob1:
If you don't trust them you can convert your funds to Usdt and keep in your crypto wallet

wealthgoddess:
I don't know about piggyvest but have u considered barter from Flutterwave?

Does Barter and Flutterwave accept naira deposits in exchange for dollars withdrawal?

NobleRace:


Does Barter and Flutterwave accept naira deposits in exchange for dollars withdrawal?

yes they do

I just downloaded Piggyvest and checked their Flex dollars option. Here are my findings:

You will buy the dollars at 480 Naira and sell at 460 Naira.

If you intend to save 200k for instance, the dollar value will be $416.66.

If you decide to get your cash back in Naira, you will sell at 460 Naira. You will be getting 191,663.6 Naira back. That's a loss of over 8k.

But if you intend to save for a year without withdrawal, you will get a 7% ROI on your $416.66 which will give a total returns of $445.82 ($29.16 interest + $416.66). In Naira, you will be getting 205,080.052 Naira (@ 460 sell rate). That's a 5k profit after a year. But if you Naira depreciate, which is likely, u will be getting more.

Though risky, but it provides good cover against Nigeria's ever increasing inflation rate and Naira depreciation. I don't see any policy to drive down the exchange rate in the offing. But I still think the 20 Naira difference between the Buy and Sell rate is too much and not really encouraging.

Piggy vest is good alternative have using them for almost two years now, but if you don't trust them enough you can try risevest

Sharmeenator:
Due to the unstable nature of Naira and Nigeria's unpredictable political future, I have been searching for ways to convert all or 80% of my Savings to Dollars. Going through the banks is a No-No for reasons best known to all. I searched the internet for possible solutions and I came across Piggyvest Flex Dollars Savings and investment. I have gone through their website and read through their offerings and promises and I can say they are interesting. They even claimed that funds are insured and they are licensed Microfinance bank. I will appreciate an objective review of their claims by professionals here and long-standing customers. How well and how true are funds insured from bureaucratic and governmental fallouts?

My advise to you would be to just open a domiciliary account, convert the money to $ and save it in your account.

In my opinion this is a better option than saving in an online saving scheme which may not survive in the next 5 years

Kobicove:


My advise to you would be to just open a domiciliary account, convert the money to $ and save it in your account.

In my opinion this is a better option than saving in an online saving scheme which may not survive in the next 5 years

lol...piggybank is no ponzi or get rich scheme......

Aremolekunowo:
Piggy vest is good alternative have using them for almost two years now, but if you don't trust them enough you can try risevest

they are both safe

Kobicove:


My advise to you would be to just open a domiciliary account, convert the money to $ and save it in your account.

In my opinion this is a better option than saving in an online saving scheme which may not survive in the next 5 years

Banks would want you to source for Dollars from the BDC or black market to save into your Domiciliary account. I remember calling my bank to know if I could get dollars at their rate which was 391 Naira then, but the official said No. Let's assume for example I converted 1milion Naira to $2105 sourced from the black market at 475 Naira to a dollar. If I decided to save that sum in my Dom account, I will only be able to get it out at a far lesser rate which is the bank rate. Please correct me if I'm wrong. And with the policy flip-flop of the CBN, I might find it difficult to get the fund out when I needed it most.

USDT and BNB are not speculative they are stable coins exact replica of the dollar in crypto world

Sharmeenator:
I like the idea of cryptocurrency but the speculative nature is not best for saving all ones fortune. What is Usdt by the way?

CollinsJacob1:
USDT and BNB are not speculative they are stable coins exact replica of the dollar in crypto world

Thank you for the feedback. Now that banks have been stopped from honouring crypto transactions, how do one go about funding USDT and BNB?

Sharmeenator:


Banks would want you to source for Dollars from the BDC or black market to save into your Domiciliary account. I remember calling my bank to know if I could get dollars at their rate which was 391 Naira then, but the official said No. Let's assume for example I converted 1milion Naira to $2105 sourced from the black market at 475 Naira to a dollar. If I decided to save that sum in my Dom account, I will only be able to get it out at a far lesser rate which is the bank rate. Please correct me if I'm wrong. And with the policy flip-flop of the CBN, I might find it difficult to get the fund out when I needed it most.

There is nothing wrong in buying the dollar from he black market since the purpose is to save the money for the long term.

I can assure you that the CBN will never institute a policy that will restrict your access to forex in your bank account especially since you did not get is from the CBN at government rates

omotola90:
lol...piggybank is no ponzi or get rich scheme......

I know it's not a Ponzi scheme but he is going to pay the money into a bank account which is not controlled by him and hope that Piggyvest will be liquid enough to return the money to him when he wants it in about 20 or 30years

Don't be deceived by those dashboards they allow you to log into and view your balance and interest earned it is not directly linked to the bank account of the investment company!

Cc Sharmeenator

Sharmeenator:

Thank you for the feedback. Now that banks have been stopped from honouring crypto transactions, how do one go about funding USDT and BNB?

If you decide to go this route be ready to buy a cold storage wallet so you can store your Cryptos offline... if you leave it in an online wallet or with the exchange and hackers get to it your entire life savings will be stolen.

If you ever forget the password you will loose your savings because there is no way to recover it!

Kobicove:


I know it's not a Ponzi scheme but he is going to pay the money into a bank account which is not controlled by him and hope that Piggyvest will be liquid enough to return the money to him when he wants it.

Don't be deceived by those dashboards they allow you to log into and view you balance and interest, it is not directly linked to the bank account of the investment company!

Cc Sharmeenator

@sharmeenator, you see, due diligence is always vital or pivotal in carrying out or better put weighing up investment options.... A quick look out is are these companies recognised by SEC... Are there any good reviews about them... There are couple of investment houses like:
Investment one
Overwood
Risevest
These aforementioned investment houses are good to go.... N. B risevest trade in stock.. But carry due diligence in whatever option or decision you make.... Piggyvest is a good option for you(strict savings) and better intrest rate if you ask me.... Not forgetting investment one and overwood.... Emmasoft... Over to you sire

P2P on Binance

Sharmeenator:

Thank you for the feedback. Now that banks have been stopped from honouring crypto transactions, how do one go about funding USDT and BNB?

wealthgoddess:

yes they do

Thanks for the heads-up.

Please what's their exchange rate? Do the accept dollar deposits too for Naira withdrawal?

Thanks again.

Getting usd from the black market and saving dem is kind of a no brainier for me cos u buy from dem at a higher rate and sell to them at a lower rate.

Buh a lesser way of getting usd is if u have friends/family abroad.dey do a direct deposit/wire transfer into ur Dom acct and u give dem d naira equivalent.Dis is a business am into

Olu14993:
Getting usd from the black market and saving dem is kind of a no brainier for me cos u buy from dem at a higher rate and sell to them at a lower rate.

Buh a lesser way of getting usd is if u have friends/family abroad.dey do a direct deposit/wire transfer into ur Dom acct and u give dem d naira equivalent.Dis is a business am into

Can you Pls enlighten me on this?

Chat me up on 07026052814


Can you Pls enlighten me on this?

On Piggyvest right now, they offer 7%pa for their Flex dollar account. The USD Buy price is N525 and the sell price is N510. This results in an effective 3.9%pa ROI if Naira is stable and you decide to sell your dollar for Naira with Piggyvest after one year. However, if Naira depreciates, the ROI (in Naira terms) increases depending on the new rate. Effectively protecting you from Naira depreciation. There is also the option to directly transfer your dollars from your Flex Dollar account to your Nigerian USD Dom account (costs N3,500 per transaction) or your American USD bank Account (costs $45 per transaction)

The issue is I don't know the integrity of these young fintech promoters. The scheme is good but can it stay on in the next 5 years or greedy executive will wake up one day and convert the fund to personal use?.
I have account with them as well as others . My strategy is to distribute my dollar savings to different fintech to reduce losses in the event of any of them going distress.

civilserva:
The issue is I don't know the integrity of these young fintech promoters. The scheme is good but can it stay on in the next 5 years or greedy executive will wake up one day and convert the fund to personal use?.
I have account with them as well as others . My strategy is to distribute my dollar savings to different fintech to reduce losses in the event of any of them going distress.

it is the best thing to happen out there(piggyvest)

Is ot still working now?.
Nope!

omotola90:
it is the best thing to happen out there(piggyvest)