You can’t really be looking for why you need to start making money in dollars in Nigeria right now.
Okay, okay I get…
Let’s say you mistakingly stumbled on this page or you clicked on something somewhere and somehow you found this content…
Am I right about that!
Dame! This ain’t no joke at all.
As one of my partners will always say “Dollar and Naira no be mate?
It is the same thing for other African countries.
If Naira was in secondary school, Dollars just completed its Master’s Degree… haha
Just compare the weight of these two currencies of the same value…
What do you think?
The idea behind this platform was not just for Nigeria, but for other African countries to start earning in dollars as well.
Nevertheless, in this article, I will be comparing the dollars with naira (only)… since I am a Nigerian myself who uses naira on a regular basis, so I have a better understanding of what I am writing about.
COMPARING DOLLARS TO NAIRA IN NIGERIA
What is 1 dollar to naira?
Today, according to NGNRates.com it sits above N500.
This is more than a 150% increase since the start of the year…
The naira is forecast to sink against the dollar because Nigeria has a deficit in its balance of payments, our oil is weakening on the international market, and COVID-19 has caused various economic disruptions.
According to EvolveDigital, The way the Naira is going, I will not be surprised if it shores up at N1,000 to a dollar.
If this happens, it will be a disaster for many businesses and families.
So, whatever your financial goals are, you have to make plans to insure yourself against the looming economic downturn by making money in dollars in Nigeria right now.
Thus, as the value of the naira depreciates, it’s important that we earn some income in US Dollars.
The platform is specifically designed to meet this need…
So if you don’t want to miss out on opportunities that will help you to start making money in dollars, consider subscribing to receive our recommendations
Read this: 17 New ways to make money online in Nigeria
WHY IS NAIRA DEPRECIATING?
The USD ($) to NGN (N) exchange rate influences the rise in the price of goods and products frequently in the country.
The major factors influencing the consistent decrease in naira value are linked to Nigerians obsession with foreign products and goods.
A simple summary of this is that when something is in high demand, its value will increase, and when it isn’t, its value will decrease.
This illustrates how Nigeria and most African countries import almost everything while producing less locally, thereby increasing the dollar’s demand unnecessarily;
To buy goods overseas, importers need American dollars, which leads to further devaluation of Nigeria’s currency.
According to The Vanguard…
Africans are poor primarily because of the capital flight of $203 Billion dollars which leaves the continent every year to other countries developing them while our citizens and our governments have no money to do anything.
MAKING MONEY IN DOLLARS IN NIGERIA – WHY IS A SOLUTION
According to the International Monetary Fund, the American dollar is still the most popular currency.
As at Q4 of 2019, it made up about 60% of all known central banks’ foreign exchange reserves.
Investing analyst Victoria Njimanze at a leading investment bank says this.
“Currently, more than 60% of foreign bank reserves are denominated in U.S dollars. It is also tagged as a haven currency as it is perceived to be less risky compared to holding local currencies (which during crises experience capital outflows) and often appreciates in a period of economic downturn.”
With the dollars very popular in the market, it is very essential for Africans to start earning In Dollars and spending their local currency.
By earning additional income in dollars, one can be protected from the devastation caused by inflation and currency devaluations prevalent in many African countries today.
To put it another way, because of the high exchange rates between the dollar and the naira…
Your life will change for the better if you start making money in dollars in Nigeria.
You will have more money to spend, save and INVEST if you make plans to earn in dollars.
CAN YOU START MAKING MONEY IN DOLLARS IN NIGERIA?
Is it possible to earn foreign currencies (US Dollars, Euros, or British Pounds Sterling) without leaving the shores of the country?
The advent of technology and global communication tools such as the internet has made it possible for anyone with the right skills and resources to earn foreign currencies.
You just need to do things that pay you in foreign currencies or, better yet, position your business to attract foreign clients.
Still looking out for the best ways and strategies to start making money in dollars as a Nigerian, Ghanaian, South African, etc.
Here are our TOP 10 TIPS to get started…
Your future matters, make smart decisions now.
Also check out these 14 Profitable Business Ideas in Nigeria
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