A lot of people say saving in dollars is the only way to stay out of the poverty line in Nigeria .

Others insist saving in dollars isn’t enough, earning in dollars is more recommended .

This two notions is the major use case of many fintech startups in Nigeria today and the reason behind the “ Japa” wave of professionals and youths from Nigeria to western countries .

Must one really save or earn in dollars to live a comfortable life in Nigeria today . Considering the economic situation where one doesn’t even earn enough to save in naira , how does one achieve this save in dollars advise . Is it even suitable to begin with ?

Cc lalasticlala

#Financialindependence #dollars

Don't get it all wrong, saving in dollars will not get you out of poverty. It has never gotten anyone out.

Investing is what gets you out of poverty.

Synord:
A lot of people say saving in dollars is the only way to stay out of the poverty line in Nigeria .

Others insist saving in dollars isn’t enough, earning in dollars is more recommended .

This two notions is the major use case of many fintech startups in Nigeria today and the reason behind the “ Japa” wave of professionals and youths from Nigeria to western countries .

Must one really save or earn in dollars to live a comfortable life in Nigeria today . Considering the economic situation where one doesn’t even earn enough to save in naira , how does one achieve this save in dollars advise . Is it even suitable to begin with ?

Synord:
A lot of people say saving in dollars is the only way to stay out of the poverty line in Nigeria .

Others insist saving in dollars isn’t enough, earning in dollars is more recommended .

This two notions is the major use case of many fintech startups in Nigeria today and the reason behind the “ Japa” wave of professionals and youths from Nigeria to western countries .

Must one really save or earn in dollars to live a comfortable life in Nigeria today . Considering the economic situation where one doesn’t even earn enough to save in naira , how does one achieve this save in dollars advise . Is it even suitable to begin with ?

The purpose of saving in dollar is not necessarily to get you out of poverty, the objective is to protect the value and purchasing power of your money so it does not become eroded by depreciation of the Naira

Cc lalasticlala, Dominique

Kobicove:


The purpose of saving in dollar is not necessarily to get you out of poverty, the objective is to protect the value and purchasing power of your money so it does not become eroded by depreciation of the Naira

Hmmn . You have a point ,

Cc lalasticlala, Seun , Dominique

CryptoGuide:
Don't get it all wrong, saving in dollars will not get you out of poverty. It has never gotten anyone out.

Investing is what gets you out of poverty.

What are the investment opportunities we can explore ?

Kobicove:


The purpose of saving in dollar is not necessarily to get you out of poverty, the objective is to protect the value and purchasing power of your money so it does not become eroded by depreciation of the Naira

I came to realize that saving in dollars does not protect store of value especially when there is local inflation

I might save $500 to protect myself against inflation in a DA in Gt bank, but what happens when I need that money for local consumption?, I noticed that when converted to naira, the value also decreases because of inflation

how about if I use my $500 to buy something online, with the rate of inflation in the US and other countries, I will have to spend more to get what I want.

i think the best way to protect your dollar is to make it work for you through investment, it is also similar logic for naira. Just saving money destroys it value

Okonandmary:


I came to realize that saving in dollars does not protect store of value especially when there is local inflation

I might save $500 to protect myself against inflation in a da in Gt bank, but what happens when I need that money for local consumption?, I noticed that when converted to naira, the value also decreases because of inflation



how about if I use my $500 to buy something online, with the rate of inflation in the US and other countries, I will have to spend more to get what I want.

i think the best way to protect your dollar is to make it work for you through investment, it is also similar logic for naira. Just saving money destroy it value

This make sense . A lot of sense

Cc lalasticlala, dominique

The best time to save in dollars is now

If you haven’t , you need to know NOW .

Naira to dollar rate is increasing everyday :

Saving in dollars to protect yourself against harsh economic conditions is not negotiable .

I have made over 350 dollars saving and investing on this foremost Nigerian app .

I am sure you must have heard of risevest ?

You can still start the new year on a bright note

Happy New Year Great People

CryptoGuide:
Don't get it all wrong, saving in dollars will not get you out of poverty. It has never gotten anyone out.

Investing is what gets you out of poverty.

Exactly. Investing is what gets you out of poverty, especially if the returns is enough to beat the inflation rate of the country’s currency that you holding your investment in.

As you invest with us, you are converting your money to dollar and we are also helping you to grow the dollar, and this is happening under a government licensed and regulated foreign exchange broker.

We have use our more that 14 years experience in the foreign exchange market as analyst/traders to set up one of the most secured investment platform in the forum. An investment platform that is operating under a government licensed and regulated foreign exchange broker, in which investors brokerage accounts are in their names, giving them exclusive/100% control of account deposits/withdrawals. We traders/investment company are only given access to only trade/manage the investors funds, and remember that this is happening under a government licensed and regulated environment. For more information about us, go through the link and pictures below.

https://www.nairaland.com/7349176/worlds-most-consistently-profitable-forex

Kobicove:


The purpose of saving in dollar is not necessarily to get you out of poverty, the objective is to protect the value and purchasing power of your money so it does not become eroded by depreciation of the Naira

The issue is even when you are saving in dollar your might still loss your purchasing power assuming you are planning to buy something in dollar or importing things in dollar or someone buying things imported in dollar will still pass the cost to you in the local goods he/she is selling to you, as currently the inflation rate in USA, the country that owns the dollar is high.

So the best way is to convert your money to dollar and also invest with us to help you to grow the dollar. Remember, this is happening under a government licensed and regulated foreign exchange broker.

We have use our more that 14 years experience in the foreign exchange market as analyst/traders to set up one of the most secured investment platform in the forum. An investment platform that is operating under a government licensed and regulated foreign exchange broker, in which investors brokerage accounts are in their names, giving them exclusive/100% control of account deposits/withdrawals. We traders/investment company are only given access to only trade/manage the investors funds, and remember that this is happening under a government licensed and regulated environment. For more information about us, go through the link and pictures below.

https://www.nairaland.com/7349176/worlds-most-consistently-profitable-forex

Synord:


What are the investment opportunities we can explore ?

We have use our more that 14 years experience in the foreign exchange market as analyst/traders to set up one of the most secured investment platform in the forum. An investment platform that is operating under a government licensed and regulated foreign exchange broker, in which investors brokerage accounts are in their names, giving them exclusive/100% control of account deposits/withdrawals. We traders/investment company are only given access to only trade/manage the investors funds, and remember that this is happening under a government licensed and regulated environment. For more information about us, go through the link and pictures below.

https://www.nairaland.com/7349176/worlds-most-consistently-profitable-forex

Okonandmary:


I came to realize that saving in dollars does not protect store of value especially when there is local inflation

I might save $500 to protect myself against inflation in a DA in Gt bank, but what happens when I need that money for local consumption?, I noticed that when converted to naira, the value also decreases because of inflation

how about if I use my $500 to buy something online, with the rate of inflation in the US and other countries, I will have to spend more to get what I want.

i think the best way to protect your dollar is to make it work for you through investment, it is also similar logic for naira. Just saving money destroys it value

Exactly. The issue is even when you are saving in dollar your might still loss your purchasing power assuming you are planning to buy something in dollar or importing things in dollar or someone buying things imported in dollar will still pass the cost to you in the local goods he/she is selling to you, as currently the inflation rate in USA, the country that owns the dollar is high.

So the best way is to convert your money to dollar and also invest with us to help you to grow the dollar. Remember, this is happening under a government licensed and regulated foreign exchange broker.

We have use our more that 14 years experience in the foreign exchange market as analyst/traders to set up one of the most secured investment platform in the forum. An investment platform that is operating under a government licensed and regulated foreign exchange broker, in which investors brokerage accounts are in their names, giving them exclusive/100% control of account deposits/withdrawals. We traders/investment company are only given access to only trade/manage the investors funds, and remember that this is happening under a government licensed and regulated environment. For more information about us, go through the link and pictures below.

https://www.nairaland.com/7349176/worlds-most-consistently-profitable-forex

Fxmanager:



Exactly. The issue is even when you are saving in dollar your might still loss your purchasing power assuming you are planning to buy something in dollar or importing things in dollar or someone buying things imported in dollar will still pass the cost to you in the local goods he/she is selling to you, as currently the inflation rate in USA, the country that owns the dollar is high.



So the best way is to convert your money to dollar and also invest with us to help you to grow the dollar. Remember, this is happening under a government licensed and regulated foreign exchange broker.

We have use our more that 14 years experience in the foreign exchange market as analyst/traders to set up one of the most secured investment platform in the forum. An investment platform that is operating under a government licensed and regulated foreign exchange broker, in which investors brokerage accounts are in their names, giving them exclusive/100% control of account deposits/withdrawals. We traders/investment company are only given access to only trade/manage the investors funds, and remember that this is happening under a government licensed and regulated environment. For more information about us, go through the link and pictures below.

https://www.nairaland.com/7349176/worlds-most-consistently-profitable-forex

Stop spamming the treads . Mods please

RiseVest

It really does. Easily in fact. My top reasons for saving in it are - Its a global currency, so its value remains more than it depreciates... It saves cost especially if you conduct a lot of international transactions.

This article gives some of the best reasons - https://blog.bitmama.io/reasons-why-you-should-save-in-dollars/

Chukatabra:
It really does. Easily in fact. My top reasons for saving in it are - Its a global currency, so its value remains more than it depreciates... It saves cost especially if you conduct a lot of international transactions.

This article gives some of the best reasons - https://blog.bitmama.io/reasons-why-you-should-save-in-dollars/

This is really nice . Well done