I was old enough to know when a Dollar was exchanging for 110 Naira and then 120 under Obasanjo.

Under Jonathan, 1 dollar will fetch you 150, and then 190.

Towards the end of his tenure it rose to 210 Naira.

Buhari came. Dollar became 250, then 320. Next stop was 380.

Early this year 410. Later on 1 dollar became 450, then 480.

As at yesterday when a colleague wanted to change some cash

The Aboki dollars said its 568 Naira per dollar.

But just so we patronize him he will give us at 570 Naira/Dollar.

What this means is simply that Naira is not a good store of value for long term cash

In less than 1 year it lost around 30 percent of its value.

It was after the aboki dollars encounter that it actually rose to my consciousness and I did some calculation

Presently 1 million Naira is currently equal to 1,755 dollars.

Early this year 1 million Naira was equivalent to 2,440 dollars.

In other words if you left 1 million Naira in your Nigerian bank account early this year

You have lost about 700 dollars within January and October.

So I now I decided to look at options to preserve my long term cash.

I won't be leaving any longterm savings lying around in my account just for the bank to give me 0.1 percent interest.

The small ajo (monthly contribution) I am doing presently - from next year it is cancelled.

Unless they find a way for us to be doing it in dollars I will not continue

I must make sure to put that monthly contribution in dollars one way or another

That is what I have promised myself.

And these are my options.

1. Foreign bank account

Having a foreign bank account is my long term goal.

It is not cheap.

And I don't have the kind of money to open or maintain one yet.

But I will get there.

2. Domiciliary account

I honestly don't know much about this.

However, by monday I am walking into the bank so they educate me on the benefits, costs and requirements.

If it is something I fancy, then domiciliary account here we go.

But I am not putting all my eggs inside the basket of a dorm account

Because

from the little I know, governement can assign itself the power to convert all foreign exchange in Dorm accounts into Naira.

Its extreme. But its possible.

It has happened in Argentina before. It can happen in Nigeria.

3. Save in Cryptocurrency and Cryptocurrency dollars (USDT)

I have already started doing this in a small way.

I have small money in USDT and I hope to increase it.

Thanks to my colleague who encouraged me to take Binance and crypto serious

But the issue is, it is easily accessible

because USDT (or electronic dollars as I like to call it) can easily be converted to Naira.

Anyways, more discipline is needed on my part.

Another option is to buy and hold Bitcoin. That is the only Crypto I trust.

Because over a long period of time it has proven to always increased in value.

In this Nigeria one has to be smart with the way he handles his finances.

By next year we will enter the early period of election season.

And historically elections has been the period the Naira falls very fast.

Because of the high demand for dollars during this period.

Anyways, this is my plan.

2nd bro

Good

Good morning

Na now u wake up

Leave the domicilary account option. The way this country is going, one day, FG will convert everyone’s $ into Naira and there’s absolutely nothing we can do about it. We’ll rant on Twitter and that will be all.

I’d advise crypto. You don’t even need to buy any coin. Just leave it in USDT and rest your mind.
If it’s crypto you you eventually choose, make sure your preferred app is Binance

"nice one bro...but option #2..never heard of it b4..plex can u brief me about dat bitcoin stuff..if u dnt mind...thanks!!!!

Gynn:
I was old enough to know when a Dollar was exchanging for 110 Naira and then 120 under Obasanjo.

Under Jonathan, 1 dollar will fetch you 150, and then 190.

Towards the end of his tenure it rose to 210 Naira.

Buhari came. Dollar became 250, then 320. Next stop was 380.

Early this year 410. Later on 1 dollar became 450, then 480.

As at yesterday when a colleague wanted to change some cash

The Aboki dollars said its 568 Naira per dollar.

But just so we patronize him he will give us at 570 Naira/Dollar.

What this means is simply that Naira is not a good store of value for long term cash

In less than 1 year it lost around 30 percent of its value.

It was after the aboki dollars encounter that it actually rose to my consciousness and I did some calculation

Presently 1 million Naira is currently equal to 1,755 dollars.

Early this year 1 million Naira was equivalent to 2,440 dollars.

In other words if you left 1 million Naira in your Nigerian bank account early this year

You have lost about 700 dollars within January and October.

So I now I decided to look at options to preserve my long term cash.

I won't be leaving any longterm savings lying around in my account just for the bank to give me 0.1 percent interest.

The small ajo (monthly contribution) I am doing presently - from next year it is cancelled.

Unless they find a way for us to be doing it in dollars I will not continue

I must make sure to put that monthly contribution in dollars one way or another

That is what I have promised myself.

And these are my options.

1. Foreign bank account

Having a foreign bank account is my long term goal.

It is not cheap.

And I don't have the kind of money to open or maintain one yet.

But I will get there.

2. Domiciliary account

I honestly don't know much about this.

However, by monday I am walking into the bank so they educate me on the benefits, costs and requirements.

If it is something I fancy, then domiciliary account here we go.

But I am not putting all my eggs inside the basket of a dorm account

Because

from the little I know, governement can assign itself the power to convert all foreign exchange in Dorm accounts into Naira.

Its extreme. But its possible.

It has happened in Argentina before. It can happen in Nigeria.

3. Save in Cryptocurrency and Cryptocurrency dollars (USDT)

I have already started doing this in a small way.

I have small money in USDT and I hope to increase it.

Thanks to my colleague who encouraged me to take Binance and crypto serious

But the issue is, it is easily accessible

because USDT (or electronic dollars as I like to call it) can easily be converted to Naira.

Anyways, more discipline is needed on my part.

Another option is to buy and hold Bitcoin. That is the only Crypto I trust.

Because over a long period of time it has proven to always increased in value.

In this Nigeria one has to be smart with the way he handles his finances.

By next year we will enter the early period of election season.

And historically elections has been the period the Naira falls very fast.

Because of the high demand for dollars during this period.

Anyways, this is my plan.

With wema alat app you can get the domiciliary account done without visiting the bank

No sane person holds their savings in naira anymore.

SocialJustice:
No sane person holds their savings in naira anymore.

soo u don't have money in banks shey

house10s:
soo u don't have money in banks shey

Not in naira. There's barely enough to save self, most times everything is spent.

SocialJustice:
Not in naira. There's barely enough to save self, most times everything is spent.

i hear u

USDT will not survive the coming bear market. DYOR.
Buy USDC instead.

Gynn:
I was old enough to know when a Dollar was exchanging for 110 Naira and then 120 under Obasanjo.

Under Jonathan, 1 dollar will fetch you 150, and then 190.

Towards the end of his tenure it rose to 210 Naira.

Buhari came. Dollar became 250, then 320. Next stop was 380.

Early this year 410. Later on 1 dollar became 450, then 480.

As at yesterday when a colleague wanted to change some cash

The Aboki dollars said its 568 Naira per dollar.

But just so we patronize him he will give us at 570 Naira/Dollar.

What this means is simply that Naira is not a good store of value for long term cash

In less than 1 year it lost around 30 percent of its value.

It was after the aboki dollars encounter that it actually rose to my consciousness and I did some calculation

Presently 1 million Naira is currently equal to 1,755 dollars.

Early this year 1 million Naira was equivalent to 2,440 dollars.

In other words if you left 1 million Naira in your Nigerian bank account early this year

You have lost about 700 dollars within January and October.

So I now I decided to look at options to preserve my long term cash.

I won't be leaving any longterm savings lying around in my account just for the bank to give me 0.1 percent interest.

The small ajo (monthly contribution) I am doing presently - from next year it is cancelled.

Unless they find a way for us to be doing it in dollars I will not continue

I must make sure to put that monthly contribution in dollars one way or another

That is what I have promised myself.

And these are my options.

1. Foreign bank account

Having a foreign bank account is my long term goal.

It is not cheap.

And I don't have the kind of money to open or maintain one yet.

But I will get there.

2. Domiciliary account

I honestly don't know much about this.

However, by monday I am walking into the bank so they educate me on the benefits, costs and requirements.

If it is something I fancy, then domiciliary account here we go.

But I am not putting all my eggs inside the basket of a dorm account

Because

from the little I know, governement can assign itself the power to convert all foreign exchange in Dorm accounts into Naira.

Its extreme. But its possible.

It has happened in Argentina before. It can happen in Nigeria.

3. Save in Cryptocurrency and Cryptocurrency dollars (USDT)

I have already started doing this in a small way.

I have small money in USDT and I hope to increase it.

Thanks to my colleague who encouraged me to take Binance and crypto serious

But the issue is, it is easily accessible

because USDT (or electronic dollars as I like to call it) can easily be converted to Naira.

Anyways, more discipline is needed on my part.

Another option is to buy and hold Bitcoin. That is the only Crypto I trust.

Because over a long period of time it has proven to always increased in value.

In this Nigeria one has to be smart with the way he handles his finances.

By next year we will enter the early period of election season.

And historically elections has been the period the Naira falls very fast.

Because of the high demand for dollars during this period.

Anyways, this is my plan.

Trust me,there are ways you can become recession proof in Nigeria. There are ways your 'Naira' can be above whatever level of recession. And,this is coming from a banker of over a decade. It depends on what you know,who you know, your experience and your level of exposure.

Check my posts/thread for more details.

Following.

Edibles20:
Leave the domicilary account option. The way this country is going, one day, FG will convert everyone’s $ into Naira and there’s absolutely nothing we can do about it. We’ll rant on Twitter and that will be all.

I’d advise crypto. You don’t even need to buy any coin. Just leave it in USDT and rest your mind.
If it’s crypto you you eventually choose, make sure your preferred app is Binance

FG accessing people's dorm account is exactly my fear

I'm going to give it very serious thought before I make a decision after visiting the bank.

I'm already doing crypto and the going is good so far.

judinho07:
"nice one bro...but option #2..never heard of it b4..plex can u brief me about dat bitcoin stuff..if u dnt mind...thanks!!!!

About Cryptocurrency and Bitcoin? yeah sure.

Cryptocurrency is classified into 2:

Bitcoin is one and is considered the main Cryptocurrency so to speak

All other cryptocurrency that is not bitcoin are called alternative coins or Altcoins for short.

People mostly buy Bitcoin to hold their wealth.

And one of the main reason for this is that over a long period of time, Bitcoin always appreciates in value.

Altcoins are mostly traded (bought and sold) for relatively quick profits. And the profits can be crazy (so can the losses)

For you to buy and sell Cryptocurrency you need to be registered in what is called a Cryptocurrency exchange.

Just consider a crypto exchange like the normal stock exchange but for crypto.

The most popular crypto exchange is Binance and you can download the app on Google play store to get started with crypto.

But there's a learning curve so don't expect to get the hang of it quickly

There's a whole lot more to but this is just the basic summary.

Hope I answered your question

Ynix:

With wema alat app you can get the domiciliary account done without visiting the bank

Oh okay. Thanks

MrLucifer:
USDT will not survive the coming bear market. DYOR.
Buy USDC instead.

Why do you say so.

Care to share?

STOP WASTIN YA TIME,NAIRA WIL BOUNCE BACK ONCE BUHA LIVES. ZIMBABWE WAS IN FAR WORST CONDITION DURING MOGABE,AS SOON MOGABE LEFT ZIMBEBWE REGAIN THEIR CURRENCY STRENTH,TODAY THEY ARE 500% BETTER OFF.

I have some coins in USDT, baby doge, and I hope the baby doge appreciates someday.

Having a million pieces, one can only imagine the profit in the next 5years.

You get sense

mocipe:
I have some coins in USDT, baby doge, and I hope the baby doge appreciates someday.

Having a million pieces, one can only imagine the profit in the next 5years.

babydoge ko. Sister doge ni. Advice, if you want to make money, move to eth. Bsc is for broke boyz. Moonboiz lives on eth. Checkout.. Klee, Saitama, shib.

Gynn:


About Cryptocurrency and Bitcoin? yeah sure.

Cryptocurrency is classified into 2:

Bitcoin is one and is considered the main Cryptocurrency so to speak

All other cryptocurrency that is not bitcoin are called alternative coins or Altcoins for short.

People mostly buy Bitcoin to hold their wealth.

And one of the main reason for this is that over a long period of time, Bitcoin always appreciates in value.

Altcoins are mostly traded (bought and sold) for relatively quick profits. And the profits can be crazy (so can the losses)

For you to buy and sell Cryptocurrency you need to be registered in what is called a Cryptocurrency exchange.

Just consider a crypto exchange like the normal stock exchange but for crypto.

The most popular crypto exchange is Binance and you can download the app on Google play store to get started with crypto.

But there's a learning curve so don't expect to get the hang of it quickly

There's a whole lot more to but this is just the basic summary.

Hope I answered your question

Oga. Dex is the future. If you want to sleep well at night, you money shouldnt be sleeping in a Cex.

sammirano3:

babydoge ko. Sister doge ni. Advice, if you want to make money, move to eth. Bsc is for broke boyz. Moonboiz lives on eth. Checkout.. Klee, Saitama, shib.

Put me through, I no get u.

Ynix:

With wema alat app you can get the domiciliary account done without visiting the bank

how to fund and spend?

odysey:
how to fund and spend?

Chat me up on Whatsapp 08089456258

Gynn:
I was old enough to know when a Dollar was exchanging for 110 Naira and then 120 under Obasanjo.

Under Jonathan, 1 dollar will fetch you 150, and then 190.

Towards the end of his tenure it rose to 210 Naira.

Buhari came. Dollar became 250, then 320. Next stop was 380.

Early this year 410. Later on 1 dollar became 450, then 480.

As at yesterday when a colleague wanted to change some cash

The Aboki dollars said its 568 Naira per dollar.

But just so we patronize him he will give us at 570 Naira/Dollar.

What this means is simply that Naira is not a good store of value for long term cash

In less than 1 year it lost around 30 percent of its value.

It was after the aboki dollars encounter that it actually rose to my consciousness and I did some calculation

Presently 1 million Naira is currently equal to 1,755 dollars.

Early this year 1 million Naira was equivalent to 2,440 dollars.

In other words if you left 1 million Naira in your Nigerian bank account early this year

You have lost about 700 dollars within January and October.

So I now I decided to look at options to preserve my long term cash.

I won't be leaving any longterm savings lying around in my account just for the bank to give me 0.1 percent interest.

The small ajo (monthly contribution) I am doing presently - from next year it is cancelled.

Unless they find a way for us to be doing it in dollars I will not continue

I must make sure to put that monthly contribution in dollars one way or another

That is what I have promised myself.

And these are my options.

1. Foreign bank account

Having a foreign bank account is my long term goal.

It is not cheap.

And I don't have the kind of money to open or maintain one yet.

But I will get there.

2. Domiciliary account

I honestly don't know much about this.

However, by monday I am walking into the bank so they educate me on the benefits, costs and requirements.

If it is something I fancy, then domiciliary account here we go.

But I am not putting all my eggs inside the basket of a dorm account

Because

from the little I know, governement can assign itself the power to convert all foreign exchange in Dorm accounts into Naira.

Its extreme. But its possible.

It has happened in Argentina before. It can happen in Nigeria.

3. Save in Cryptocurrency and Cryptocurrency dollars (USDT)

I have already started doing this in a small way.

I have small money in USDT and I hope to increase it.

Thanks to my colleague who encouraged me to take Binance and crypto serious

But the issue is, it is easily accessible

because USDT (or electronic dollars as I like to call it) can easily be converted to Naira.

Anyways, more discipline is needed on my part.

Another option is to buy and hold Bitcoin. That is the only Crypto I trust.

Because over a long period of time it has proven to always increased in value.

In this Nigeria one has to be smart with the way he handles his finances.

By next year we will enter the early period of election season.

And historically elections has been the period the Naira falls very fast.

Because of the high demand for dollars during this period.

Anyways, this is my plan.

I and my team are working on a cryptocurrency project, smart contract already deployed on polygon, web will be open on 25th of October, 2021. First week of November we will begin the process of listing on coinmarketcap and Coingecko.
If you are interested in coming on board chat me up on 08089456258

Gynn:


About Cryptocurrency and Bitcoin? yeah sure.

Cryptocurrency is classified into 2:

Bitcoin is one and is considered the main Cryptocurrency so to speak

All other cryptocurrency that is not bitcoin are called alternative coins or Altcoins for short.

People mostly buy Bitcoin to hold their wealth.

And one of the main reason for this is that over a long period of time, Bitcoin always appreciates in value.

Altcoins are mostly traded (bought and sold) for relatively quick profits. And the profits can be crazy (so can the losses)

For you to buy and sell Cryptocurrency you need to be registered in what is called a Cryptocurrency exchange.

Just consider a crypto exchange like the normal stock exchange but for crypto.

The most popular crypto exchange is Binance and you can download the app on Google play store to get started with crypto.

But there's a learning curve so don't expect to get the hang of it quickly

There's a whole lot more to but this is just the basic summary.

Hope I answered your question

Storing your coins either btc or usdt on exchange doesn't sit well with me ..
Its never yours .

I think blockchain and trustwallet are the best as you own your private keys

It good idea to earn and earn in dollars cos naira is going to depreciate the more.

For your banned/block funds

[quote author=Gynn post=107019031]

About Cryptocurrency and Bitcoin? yeah sure.

Cryptocurrency is classified into 2:

Bitcoin is one and is considered the main Cryptocurrency so to speak

All other cryptocurrency that is not bitcoin are called alternative coins or Altcoins for short.

People mostly buy Bitcoin to hold their wealth.

And one of the main reason for this is that over a long period of time, Bitcoin always appreciates in value.

Altcoins are mostly traded (bought and sold) for relatively quick profits. And the profits can be crazy (so can the losses)

For you to buy and sell Cryptocurrency you need to be registered in what is called a Cryptocurrency exchange.

Just consider a crypto exchange like the normal stock exchange but for crypto.

The most popular crypto exchange is Binance and you can download the app on Google play store to get started with crypto.

But there's a learning curve so don't expect to get the hang of it quickly
""yeap,thank's bro..i will take 4rm here

SocialJustice:
Not in naira. There's barely enough to save self, most times everything is spent.

Save now, the next minutes you are spending the whole amount.