The rise in the dollar has wholly affected the economy in Nigeria. You can be earning averagely, but the way things are priced makes you feel like you’re not earning enough to cater for yourself. Naira has little or no value, and with the look of things, it’ll take time for it to get back to normal. Now you ask yourself, “How do you take advantage of the rise in the dollar?”
This is a daunting time for most people. However, there are some that rejoice with each rise in the dollar. Those are the people that earn in dollars. There are countless ways to make money in dollars that have been reviewed on this website, ranging from forex trading to synthetic indices and how to trade them.
Those little money in dollar are significantly big amount in naira.
Nigerians who bet against the local currency by transferring some of their naira savings into dollars at the beginning of the year are today in money. You can choose to save your dollars in a domiciliary account. A domiciliary account is like a bank account you can save foreign currencies.
Dollar at N565
On December 31, 2021, the parallel market’s closing exchange rate was around N565 to $1. The black-market exchange rate has already dropped to N720 to $1 due to the naira’s sharp decline in recent months.
According to CBN data, as of Q4 2021, an estimated $20 billion was placed into domiciliary accounts of Nigerian banks. The CBN valued that sum at N8.5 trillion using its official exchange rate, while the black market would have valued it at N11.3 trillion.
This saved money when converted to naira with every rise in dollars is a whooping amount of money. This set of people take great advantage of the rise which makes life way easier for them to navigate financially.