Why Nigerians Should Make Money In US Dollars – Expert Advice

If you are looking for a guide on how to make dollars in Nigeria, here is my unbias analysis of reasons you should do that now and my 3 tips to get started.

You will agree with me that Nigerians are currently experiencing a hard time as prices of almost everything have gone beyond the roof with no assurance that it will reverse anytime soon.

As SaharaReporters puts it â€œNigeria’s economy is in crisis. The naira has fallen over 50% in the last year alone. Oil revenues, the mainstay of Nigeria’s foreign earnings are at their lowest in the last two decades.”

An ordinary man who is earning N100,000 monthly can’t maintain the standard of living he enjoyed 5-7 years back or even have at least N20,000 to save in a bank account for future planning. No thanks, to the inflation rate reported to have touched an all-time high of 18%.

Let’s do a simple calculation:

As at when I wrote this article, you could buy a bag of rice for N20,000 against N10,000 price level between 2010-2013, a surge by 100% caused by rising importation cost.

For someone earning N100,000 within those periods, that means, one could be left with N90,000 for other personal or household expenses. But now what happens? that net income has reduced by 11% to N80,000.

Hold on a bit! let’s extend our bag of rice to other expenses like daily transport to work, shopping, etc, what do you think will be left after incurring all these expenses? absolutely nothing.

Read Full Article Here: MakeMoneyInDollars.com