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Thursday, April 25, 2024

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    Naira Is No Longer A Good Store Of Value

    If you live outside Nigeria, do NOT save any money you’ve got in naira. Naira is depreciating by the day.

    Even if you need to fund any project in Nigeria, you could always sell off your foreign currencies and buy naira. You could sell off your $, $CAD, Euros and £s and buy naira.

    If you’ve any savings in Nigeria, I don’t think you have any money, yet.

    A friend whose permission has been sought to post this had N20m saved in some mutual funds. Despite the interest she was getting yearly at 9-10%, the money has depreciated thoroughly.

    Today, Naira to CAD is now 1355 which means her money is now about $14.7K
    as against when naira to CAD was 707 ($28.8K), when I told her to change it. She was hoping naira would get better. She’s lost almost half of her money. If she doesn’t change this N2Om today, there are no guarantee that she would even get up to $10K in the coming days.

    Please, DO NOT SAVE money in naira. This exclude those who live and work in Nigeria.

    Just two days days ago, naira to CAD was 1235, now it’s 1355. At this rate, it’s sinking deeper.

    It’s not going to get better. Your 10naira today would be 5naira tomorrow and become 1 naira soon. Your 100million naira is going to be 60 million naira in few days and less in more days to come.


    Take all your money out and change it NOW. Forget about what you’ve lost if you had done this sooner. If you wait any longer, you’ll lose more money.

    Please spread this gospel by sharing. Please.

    ACT NOW!

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