Don't fall for that trap, the bank is not your friend and not a place to put all your savings

if a financial crisis, or Government defaults on foreign bonds happens, you will lose all your money even if they are in a dollar account, the government will freeze all your account especially the dollar account, steal your dollar, use your dollar to pay foreign debtors.

The best option is to have some of your money in Real estate (Lands), in stable coins (USDC or USDT) or in Gold, also have a little money in hand to protect yourself.

Saving all your money in a bank is a Big NO, Dont try it except if you are a certified fool

Na Mumu dey save.

thebosstrevor1:
Don't fall for that trap, the bank is not your friend and not a place to put all your savings

if a financial crisis, or Government defaults on foreign bonds happens, you will lose all your money even if they are in a dollar account, the government will freeze all your account especially the dollar account, steal your dollar, use your dollar to pay foreign debtors.

The best option is to have some of your money in Real estate (Lands), in stable coins (USDC or USDT) or in Gold, also have a little money in hand to protect yourself.

Saving all your money in a bank is a Big NO, Dont try it except if you are a certified fool

Pinned...@the emboldened.
So many Africans especially Nigerians ain't financially intelligent.

Zonefree:
Na Mumu dey save.

Kindly explain? Ability to save is a good one so I don't get you.

thebosstrevor1:


exactly, i was just reading about the financial crisis in Argentina, Lebanon, Greece and Cyprus

the first account the government confiscated was the dollar accounts of the people, then, the saving accounts of millions of people, they infact closed the banks, atm didnt work and bank didnt open.

many of the average people who thought they were doing good to the nation by saving their money in a bank all lost their savings

for instance, in Lebanon, many people started investing in real estate to preserve the value of their money

@the emboldened is key....and the only two ways to achieve that is either by property buying or investment process not by saving in banks.
Monies I put in the bank is for financial emergency purposes and travel purposes...nowadays I prefer using e-wallets.


@Seniorwriter

Seniorwriter:

Pinned...
So many Africans especially Nigerians ain't financially intelligent.


Kindly explain? Ability to save is a good one so I don't get you.


@Seniorwriter

exactly, i was just reading about the financial crisis in Argentina, Lebanon, Greece and Cyprus

the first account the government confiscated was the dollar accounts of the people, then, the saving accounts of millions of people, they infact closed the banks, atm didnt work and bank didnt open.

many of the average people who thought they were doing good to the nation by saving their money in a bank all lost their savings

one way Lebanese preserve their money was to invest in real estate and stable coins

Are people still saving in this con3?, majority of Nigerians use banks for transactions not probably for saving...Na mumu dey put all him egg inside one basket.

epondudu:
Are people still saving in this con3?, majority of Nigerians use banks for transactions not probably for saving...Na mumu dey put all him egg inside one basket.

apparently, many people in Nigeria do save all their life savings in a commercial bank

If someone have like 6m, how much will he put in bank.

Kenpaly:
If someone have like 6m, how much will he put in bank.

only put money meant for basic things in your bank account e.g food and payment of bills

i cant advise you on what to do but this is what most people do, They have a binance account but put all their money are in stable coins(usdc) on metamask, if you cant afford the ethereum gas fee, use USDT, anytime you need money, do express p2p transactions by selling your usdt , you will receive naira in your bank account. This is complicated but finance savvy people do this.

if you are wealthy, get an offshore account( you need a tax guy for this) and also buy foreign real estate in case of crisis in your home country, (the real estate doesn't have to be expensive).

if you wanna buy gold, my advise dont do it, about 99% of the gold vendors in Nigeria are selling fake gold, they wont allow you to weigh it especially the lebanese gold vendors, that is because it is fake.

Hmmmm this thread ain't for me

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