This is for all those salary earners, retailers, remittance receiver and those who are not medium to big time traders.

What is the essence of saving part of your salary, income or remittance in dollar, if you are expecting dollar to increase against the naira? Even if dollar is 1000 in the next 3 years, how does it improves your income or financial status?

Imagine, you save 100 dollars every month ×12 = 1200, that is 606,000 using current exchange rate of 505, if dollars becomes 1000 naira in 3 years, that will be about 1.2 million knowing that inflation would have increase to almost 22%, that means your 1.2 million has already been devalued because of inflation.

No normal person will pray for naira to be 1000 naira against a single dollar in 3 years, it infact makes your dollar worthless except you are using it for international transactions or using it for business, you should be praying for the fall of dollar against the naira to make your naira worth it, logically when you look at it, just saving your dollar when naira is depreciating hurt you, you shouldn't do it.

Dollar can only be useful if it is doing business on your behalf and earning interest, even if at the end, the naira reaches 1000 against a dollar, you still benefit because it becomes a good leverage against inflation.

The real beneficiary of people saving their money in dollars are the big dogs of our society, they make dollar work on their behalf by trading and investing it in asset that bring interest and profit and not by just making it lie down in their save.

lol ok I should save it in Zimbabwe currency den so e can make sense....

U guys will dabaru the Economy finish nd still be looking for reasons why u did dat, always doing shalaye up nd down.....

Who are you?

And what in God’s name are you saying?

Ugh!

Where are you un-wise

inoki247:
lol ok I should save it in Zimbabwe currency den so e can make sense....

U guys will dabaru the Economy finish nd still be looking for reasons why u did dat, always doing shalaye up nd down.....

Don't mind the ignorant OP....but your response was even more savage than calling him a Zombie!

@SENIORWRITER

inoki247:
lol ok I should save it in Zimbabwe currency den so e can make sense....

U guys will dabaru the Economy finish nd still be looking for reasons why u did dat, always doing shalaye up nd down.....

We are not talking about Zimbabwe currency here.

You get piont and you no get point

Officialhorlah:
You get piont and you no get point

Where the place where i no make point?

If Dangote had saved his in dollar some 7 years ago(2014), he would be worth twice what he is now in dollars. His buying power would have been superior on the overall.

thebosstrevor1:


Where the place where i no make point?

To be sincere bro you gat point but where you no get point na your Title of this post

Sikena

CodeTemplar:
If Dangote had saved his in dollar some 7 years ago(2014), he would be worth twice what he is now in dollars. His buying power would have been superior on the overall.

That is dangote, he is a big player, his dollar isnt just lying down, it is earning interest and profit from his various business.

It is useless for the average joe to just say he want to save in dollar, of what benefit will it be to him if in the next 3 years a dollar becomes 1000 naira, if dollars becomes 1000 naira, inflation will increase and cost of living will also increase, his saved dollars, when converted at 1000 naira to a dollar, will be useless because inflation will destroy the value.

Then what happens when you save in naira and then inflation comes? Does it make the naira more valuable or does inflation also covers it all up?

Officialhorlah:


To be sincere bro you gat point but where you no get point na your Title of this post

Sikena

Ok, i understand what you are saying. I already explained who my message was for, for those average joe who just save their dollar thinking it is leverage against inflation.

thebosstrevor1:


We are not talking about Zimbabwe currency here.

Shey u sha know say if u save 100k in ur Naira account for d next 1 year maybe when the rate iz #500 wen u wan withdraw ur money in ur Naira account na ur 100k u go get.

Buh if u use ur 100k buy $200 when dollar dey 5h nd e enta 1k to $1 afta a year u ar getting 100 percent of ur savings..

instead of making the 100k in ur naira account valueless afta a year nd cant meet up with next year market price e beta u save in dollar so e can meet up with the present market value..

inoki247:
lol ok I should save it in Zimbabwe currency den so e can make sense....

U guys will dabaru the Economy finish nd still be looking for reasons why u did dat, always doing shalaye up nd down.....

lol ..you are rite,he is probably a member of apc

Inflation vs Deflation vs Depreciation.......

[img]https://media1./images/2b3c8f98e7b16989c27160109360e93d/tenor.gif?itemid=17290851[/img]

Shay am speechless,so it’s now better to safe money in worthless naira than dollar,if that’s so to save money in Zumba dollar go sure pass like someone mentioned above ; onye ara

FirstbornWds:
Then what happens when you save in naira and then inflation comes? Does it make the naira more valuable or does inflation also covers it all up?

It kills the naira when inflations comes, people should be hoping that the dollar falls because, it decreases inflation and also strengthen your naira when you convert your dollar.

Most average joe save in dollars to leverage against the dollar, but if naira continues to fall, it affect your dollar saving because it is just lying their, if the dollar was earning good income or interest, it benefits you.

Imagine your 500 dollars is just lying there, 500 ×505 ( current exchange rate) =252,500, if it does earn any income or interest, if in 3 years, naira becomes 1000 against the a dollar, in 3 year your 500×1000=500k, note inflation would have increase because of dollar increae, that means when you convert your dollar into naira for emergency, inflation will make it valueless.

The best way to save your money in dollar and leverage against inflation is to make it earn profit or interest, i am talking about big profit margins. The reality is that saving your income in dollar for the average joe does not add any benefit to him or her.

inoki247:


Shey u sha know say if u save 100k in ur Naira account for d next 1 year maybe when the rate iz #500 wen u wan withdraw ur money in ur Naira account na ur 100k u go get.

Buh if u use ur 100k buy $200 when dollar dey 5h nd e enta 1k to $1 afta a year u ar getting 100 percent of ur savings..

instead of making the 100k in ur naira account valueless afta a year nd cant meet up with next year market price e beta u save in dollar so e can meet up with the present market value..

It doesn't work like that, you need to think about future inflation.

100k ×200= 200k

100k ×500=500k in 3 years.

The price of goods and services would have increased because of the increase in the price of dollar from 200 to 500

Your 500k when dollar is worth 500 will be worth like 250k because of inflation.

Pointless Propaganda .... fulana bororo

thebosstrevor1:
This is for all those salary earners, retailers, remittance receiver and those who are not medium to big time traders.

What is the essence of saving part of your salary, income or remittance in dollar, if you are expecting dollar to increase against the naira? Even if dollar is 1000 in the next 3 years, how does it improves your income or financial status?

Imagine, you save 100 dollars every month ×12 = 1200, that is 606,000 using current exchange rate of 505, if dollars becomes 1000 naira in 3 years, that will be about 1.2 million knowing that inflation would have increase to almost 22%, that means your 1.2 million has already been devalued because of inflation.

No normal person will pray for naira to be 1000 naira against a single dollar in 3 years, it infact makes your dollar worthless except you are using it for international transactions or using it for business, you should be praying for the fall of dollar against the naira to make your dollar have more value and your naira worth it, logically when you look at it just saving your dollar when naira is depreciating hurt you, you shouldn't do it.

Dollar can only be useful if it is doing business on your behalf and earning interest, even if at the end, the naira reaches 1000 against a dollar, you still benefit because it becomes a good leverage against inflation.

The real beneficiary of saving their money in dollars are the big dogs of our society, they make dollar work on their behalf by trading it and also earning interest and profit from it and not just by making it just lie down in their save.

You are ranting

The issue is not one for quantitative analysis but for qualitative analysis which means facts and figures not opinions

The key issue is how does the rate of devaluation of naira against the dollar match inflation in Nigeria Also what is the interest rate you get if you save in dollars

If you have those figures then you can plot them and do analysis not wake up one evening, overdose yourself on Eba and start talking nonsense

XXXXTENTACION:
Pointless Propaganda ....
fulana bororo

Look at it from a logical point of view.

Do you know many rich people do not just make their dollar lie their, they use it to do business to earn more dollars or use it to buy art, wine, real estate and other asset that will appreciate in the future.

Just saving your dollar for saving sake does protect you against inflation

thebosstrevor1:


Look at it from a logical point of view.

Do you know many rich people do not just make their dollar lie their, they use it to do business to earn more dollars or use it to buy art, wine, real estate and other asset that will appreciate in the future.

Just saving your dollar for saving sake does protect you against inflation

Tell that to Abba Kyari who recieves his money in dollars from hushpuppi

aribisala0:
You are ranting

The issue is not one for quantitative analysis but for qualitative analysis which means facts and figures not opinions

The key issue is how does the rate of devaluation of naira against the dollar match inflation in Nigeria

If you have those figures then you can plot them and do analysis not wake up one evening, overdose yourself on Eba and start talking nonsense

Lol...we are not plotting any graph here.

I will make it easier for you.

Calculate the inflation rate when dollar was 200 against a naira and in 3 years time calculate the inflation rate of dollar against the naira when it becomes 500.

Let me ask you a simple question

When did the dollar and naira had value, was it when it it was 200 naira for a single dollar or when it increased to 500 naira for a single dollar?

XXXXTENTACION:
Tell that to Abba Kyari who recieves his money in dollars from hushpuppi

Ok

thebosstrevor1:


Lol...we are not plotting any graph here.

I will make it easier for you.

Calculate the inflation rate when dollar was 200 against a naira and in 3 years time calculate the inflation rate of dollar against the naira when it becomes 500.

Let me ask you a simple question

When did the dollar and naira had value, was it when it it was 200 naira for a single dollar or when it increased to 500 naira for a single dollar?

Sorry ehn.

What is your educational background and qualification?

Then what’s your occupation/line of business?

Plomo:


Sorry ehn.

What is your educational background and qualification?

Then what’s your occupation/line of business?

Answer my question

thebosstrevor1:


Lol...we are not plotting any graph here.

I will make it easier for you.

Calculate the inflation rate when dollar was 200 against a naira and in 3 years time calculate the inflation rate of dollar against the naira when it becomes 500.

Let me ask you a simple question

When did the dollar and naira had value, was it when it it was 200 naira for a single dollar or when it increased to 500 naira for a single dollar?

You have not done the work you are supposed to do

You do that calculation. FIRST

Do not just get up and start talking rubbish because it sounds good to YOU


Did I start the thread?

You are not stating any facts just YOUR opinion which has NO BASIS

aribisala0:

You have not done the work you are supposed to do

You do that calculation. FIRST

Do not just get up and start talking rubbish because it sounds good to YOU

Answer the simple question rather than ranting

thebosstrevor1:


Answer the simple question rather than ranting

You are not in a position to ask me questions

I did not state any opinions

Ei incumbio probatio non qui negat

The onus is on he who declares a thing to prove it not he who denies

thebosstrevor1:

Ok

Fulani urine drinker

Plomo:


Sorry ehn.

What is your educational background and qualification?

Then what’s your occupation/line of business?

He is a fulani herdsmen